Ability to Complete Projects Quickly Compared to Traditional On-Site Buildings Drives the North America Modular Construction Market Growth

Modular construction has been utilized for a long time in the construction of residential and many other commercial product types due to the quick delivery times for the assigned project. Modular buildings are constructed off-site in modules and brought to the site in flat-packed panels, ready to build. Therefore, the North America modular construction market is estimated to increase rapidly shortly.

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Data Bridge Market Research analyzes that the North America Modular Construction Market is expected to grow at a CAGR of 6.0% from 2023 to 2030 and is expected to reach USD 20,410,223.24 Thousand by 2030. The expansion in the construction industry on a global level is expected to drive market growth.

Ease of disassembling, refurbishment, and relocation of modular constructions is expected to drive market growth

Modular construction is a process that involves constructing prefabricated buildings in off-site factories and transporting them to a worksite for installation. With modular construction, there is an opportunity to include a "plug and play" flexibility that allows molecular buildings to be easily modified for different purposes. Ease of disassembling helps to deconstruct into parts and can be reconstructed or redistributed to incorporate into various other projects. Molecular buildings designed for disassembly would be easier to remove in a more controlled way, causing less environmental harm than building constructed and demolished using traditional construction methods. Modular projects are designed in such a way as to maximize sustainability or to meet a project requirement for future relocation.

Report Scope and Market Segmentation

Segment Analysis:

The North America modular construction market is segmented into three notable segments based on type, material, and end-user

• On the basis of type, the North America modular construction market is segmented into permanent and relocatable.

In 2023, the permanent segment is expected to dominate the North America modular construction market

In 2023, the permanent segment is expected to dominate the market owing to the growth of expansion in the construction industry. This segment is expected to reach the highest CAGR of 6.2% in 2023-2030.

• On the basis of material, the North America modular construction market is segmented into wood, steel, concrete, and others. In 2023, the wood segment is expected to dominate the North America modular construction market with a 55.01% market share. It is expected to reach USD 11,160,759.94 thousand by 2030, growing with a CAGR of 5.9% from 2023 to 2030
• On the basis of end-user, the North America modular construction market is segmented into residential, hospitality, healthcare, education, retail and commercial, office, and others. In 2023, the residential segment is expected to dominate the North America modular construction market with a 37.27% market share. It is expected to reach USD 7,593,742.28 thousand by 2030, growing with the highest CAGR of 5.9% from 2023 to 2030

Major Players

Data Bridge Market Research recognizes the following companies as the major modular construction market players in the North America modular construction market are Bechtel Corporation (U.S.), Skanska (U.S.), Fluor Corporation (U.S.), ATCO LTD. (Australia), Westchester Modular Homes (U.S.), CUSTOM SHIPPING CONTAINERS AND MODULAR BUILDINGS (Canada), Guerdon, LLC. (U.S.), HONOMOBO (Canada), KOMA MODULAR (Czech Republic), Modular Engineering (U.S.), Northgate Industries Ltd. (Canada).

Market Development

• In October 2022, Skanska and its joint venture partner, New Jersey-based Railroad Construction Company, were selected by the Metropolitan Transportation Authority (MTA) to make improvements on the Flushing Line in New York, New York, for USD 200 million
• In October 2022, Fluor Corporation was awarded a reimbursable front-end engineering and detailed design, engineering, and procurement services contract for Imperial. With this contract, the company plans to develop a world-class renewable diesel complex at its Strathcona refinery near Edmonton, Alberta, Canada. The new complex will be Canada's largest renewable diesel production facility and is expected to produce approximately 20,000 barrels per day
• In April 2022, The Government of Canada awarded Nasittuq Corporation (Nasittuq), a partnership between ATCO Frontec (part of the ATCO Group) and the Pan Arctic Inuit Logistics Corporation (PAIL), a seven-year contract to operate and maintain the North Warning System. Under the contract, Nasittuq will operate and maintain 47 remote NWS sites in the Canadian Arctic and three facilities in Ontario. This will enhance the company's operations
• In January 2022, ATCO Frontec, part of the ATCO Group, was awarded a facility operations and maintenance contract for 15 Department of National Defence (DND) sites in Alberta, including armories, training camps, and Military Museums. Defense Construction Canada (DCC). The contract is valued at USD 25 million over the first five years. The contract begins in April 2022 (with two three-year option extensions) and will be performed by Frontec's new business unit, ATCO Facility Solutions
• In August 2022, Skanska signed a binding Stock Purchase Agreement for the ownership of Industrial Contractors Skanska (ICS), the wholly-owned construction management and development subsidiary of Skanska USA Civil. In 2011, ICS was acquired by Skanska along with Professional Consultants Inc. (PCI Skanska). The sale of ICS is a key part of Skanska's strategy to focus on its core civil construction operations in the U.S.
• In February 2020, an investor group led by Mr. Lad Dawson, Mr. Mike Bowers, and Innovatus Capital Partners, LLC announced that it had formed Guerdon, LLC, and a Delaware company. This newly formed Guerdon had acquired all the assets of Guerdon Enterprises, LLC. Innovatus provide working capital alongside equity capital with the founders for this acquisition

Regional Analysis

Geographically, the countries covered in the North America modular construction market are North America (U.S., Canada, and Mexico)

As per Data Bridge Market Research analysis:

U.S. region is the dominant region in the North America modular construction market during the forecast period 2023 - 2030

In 2023, the U.S. is dominating the North America modular construction market growth of the construction industry in the region. The U.S. will continue to dominate the market in terms of market share and revenue and flourish its dominance during the forecast period.

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