North America Modular Construction Market, By Type (Permanent and Relocatable), Material (Wood, Steel, Concrete, and Others), End-User (Residential, Hospitality, Healthcare, Education, Retail and Commercial, Office, and Others) - Industry Trends and Forecast to 2030.
North America Modular Construction Market Analysis and Insights
North America modular construction market is expected to gain significant growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.0% from 2022 to 2030 and is expected to reach USD 20,410,223.24 million by 2030. The major factor driving the growth of the modular construction market is the 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.
The North America modular construction market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief. Our team will help you create a revenue-impact solution to achieve your desired goal.
2023 to 2030
2021 (Customizable to 2019 - 2014)
Revenue in USD Thousand
By Type (Permanent and Relocatable), Material (Wood, Steel, Concrete, and Others), By End-Use (Residential, Hospitality, Healthcare, Education, Retail and Commercial, Relocatable buildings, Permanent modular, Office, and Others)
U.S., Canada, and Mexico
Market Players Covered
Bechtel Corporation, Skanksa, Fluor Corporation, ATCO LTD., Westchester Modular Homes, CUSTOM SHIPPING CONTAINERS AND MODULAR BUILDINGS, Guerdon, LLC., HONOMOBO, KOMA MODULAR, Modular Engineering, and Northgate Industries Ltd.
Modular construction is a process in which a building is constructed off-site. The building is constructed under controlled conditions using the same design and materials to the same codes and standards as usually built facilities but in around half the time. Buildings are manufactured in "modules" that, when put together on site, and specifications of the most sophisticated site-built facility reflect identical design intent without compromise.
North America Modular Construction Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
- ABILITY TO COMPLETE PROJECTS QUICKLY COMPARED TO TRADITIONAL ON-SITE BUILDINGS
Construction off-site is transforming the construction process for schools, commercial buildings, hospitals, and other industries, ensuring better construction quality management and quicker delivery times. 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.
- INCREASE IN PER CAPITA INCOME AND EASY AVAILABILITY OF FINANCES AND LOANS
Growing urbanization and industrialization has led to the growth of the economies. The advantage of using modular and off-site construction as compared with the traditional construction methods are numerous due to its efficiency in delivery, shorter schedules, lower cost, higher quality, and better safety. Modular construction provides a solution to this shortage by enabling more automation. New technologies such as artificial intelligence can help to increase off-site prefabrication—modular construction cuts costs by 20 to 30 percent.
- RISE IN INVESTMENTS AND GROWING DEMAND FOR NEW HOUSING, COMMERCIAL, AND INDUSTRIAL STRUCTURES
The industrialists shifted in preference towards maximizing modular design constructed to create affordable housing. In addition, the real estate sector is among the most globally recognized sectors. It comprises four sub-sectors - housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth in the corporate environment, the demand for office space, and urban and semi-urban accommodation. Therefore, the real estate sector has witnessed high growth recently with a rise in demand for office and residential spaces.
- RENEWED FOCUS ON UPGRADING HEALTHCARE INFRASTRUCTURE
Modular construction provides clean and noise-free construction, one factor the healthcare industry is shifting to modular construction for facility space expansion. Most of the buildings are done off-site because the modules are constructed in a manufacturing facility, so there will be less noise at the medical facility, and the patients will face no disturbance. More than ever, owners of hospitals and other healthcare facilities are turning to modular construction for their expansion needs.
- SHORTAGE OF SKILLED LABOR IN THE MODULAR CONSTRUCTION INDUSTRY
The major challenge faced by the global modular construction market is the lack of skilled labor in the industry, which hampers the growth of the market to a larger extent. An unskilled labor force negatively impacts project performance. The focus should be on improving and enhancing labor skills, as the construction sector is highly demanding. Performance in any industry is very important in achieving measures to ensure sustainability and competitiveness.
- FLUCTUATING TRANSPORTATION COSTS FOR PREFABRICATED MODULES
Modular-constructed buildings are fast becoming the construction method choice across the world. People worldwide shifted to modular construction due to cost-effectiveness, efficient construction, and safety associated with the workers. The transportation of prefabricated modular building sections requires lots of space. Also, the restriction on manufacturing and transportation can limit the size of modular units used for construction, which impacts the desirable room sizes. Changing transportation costs for prefabricated modules can significantly restrain the market's growth.
- In February 2021, according to Forbes, traditionally constructed houses can take up to four to six months to build, whereas modular-constructed houses take between six and ten weeks
North America Modular Construction Market Scope
North America modular construction market is categorized based on type, product, material, and end-user. The growth amongst these segments will help you analyze major industry growth segments and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Based on type, the North America modular construction market is classified into two segments permanent and relocatable.
Based on material, the North America modular construction market is classified into four segments, wood, steel, concrete, and others.
- Relocatable buildings
- Permanent modular
Based on end-use, the North America modular construction market is classified into residential, hospitality, healthcare, education, retail and commercial, relocatable buildings, permanent modular, office, and others.
North America Modular Construction Market Regional Analysis/Insights
North America modular construction market is segmented based on type, material, and end-use.
The countries in this report are U.S., Canada, and Mexico.
The U.S. is expected to dominate the North America modular construction market in terms of market share and revenue due to the growing characteristics of modular construction in the region.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends, porter's five forces analysis, and case studies are some pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Modular Construction Market Share Analysis
North America modular construction market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points only relate to the companies focusing on the North America modular construction market.
Some of the prominent participants operating in the North America modular construction market are Bechtel Corporation, Skanksa, Fluor Corporation, ATCO LTD., Westchester Modular Homes, CUSTOM SHIPPING CONTAINERS AND MODULAR BUILDINGS, Guerdon, LLC., HONOMOBO, KOMA MODULAR, Modular Engineering, and Northgate Industries Ltd.