IMARC Group has recently released a new research study titled “Modular Construction Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the modular construction market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the modular construction market?
The global modular construction market size reached US$ 81.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 114.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.
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What is modular construction?
Modular construction is a building technique where individual sections or modules of a structure are manufactured in a controlled factory environment before being transported to the construction site. These pre-fabricated modules are then assembled and integrated on-site to complete the building. This method differs from traditional construction, where the entire structure is built on-site from the ground up. Modular construction offers several advantages such as reduced construction time, cost-effectiveness, and minimal waste generation. It is highly adaptable and can be used for various types of buildings, including residential, commercial, and industrial structures. The technique is particularly beneficial in scenarios requiring rapid construction and in locations where environmental conditions might hinder traditional building methods.
What are the emerging trends in the modular construction market?
Modular construction typically shortens construction timelines by 30% to 50% as compared to traditional methods, which represents one of the key factors driving the growth of the market across the globe. The controlled factory environment minimizes waste and makes optimal use of materials, which reduces overall construction costs. In line with this, rapid urbanization demands faster and more efficient construction methods, thus making modular construction increasingly relevant. Innovations like building information modeling (BIM) and 3D printing are complementing modular construction techniques, which makes planning and execution more efficient, thereby boosting the growth of the market.
In addition to this, governments and regulatory bodies are encouraging sustainable building practices, which indirectly promote modular methods. Apart from this, the adaptability of modular construction to various building types from residential to commercial and healthcare facilities is propelling the growth of the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
Modular Construction Key Companies:
- Algeco
- Balfour Beatty plc
- Bouygues
- Etex Group
- Guerdon LLC
- KLEUSBERG GmbH & Co KG
- Laing O'Rourke
- Larsen & Toubro Limited
- Lendlease Corporation
- Red Sea International
- Skanska AB
- Taisei Corporation
Key Market Segmentation:
Breakup by Type:
- Permanent
- Relocatable
Breakup by Module Type:
- Four Sided
- Open Sided
- Partially Open Sided
- Mixed Modules and Floor Cassettes
- Modules Supported by a Primary Structure
- Others
Breakup by Material:
- Steel
- Concrete
- Wood
- Plastic
- Others
Breakup by End Use:
- Residential
- Commercial
- Education
- Retail
- Hospitality
- Healthcare
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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