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Modular Construction Market Size, Growth, Analysis & Statistics by 2025

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Modular Construction Market Size, Growth, Analysis & Statistics by 2025

January 21
21:09 2020
Modular Construction Market Size, Growth, Analysis & Statistics by 2025

Browse 90 market data Tables and 36 Figures spread through 151 Pages and in-depth TOC on “Modular Construction Market”
Modular Construction Market by Type (Permanent, Relocatable), Material (Steel Precast Concrete, Wood, Plastic), End-Use Sector (Housing, Commercial, Education, Healthcare, Industrial), and Region

The study “Modular Construction Market by Type (Permanent, Relocatable), Material (Steel Precast Concrete, Wood, Plastic), End-Use Sector (Housing, Commercial, Education, Healthcare, Industrial), and Region – Global Forecast to 2023” indicates that there will be an increase in construction activity and inclination of new methods of modern technique, thus, driving market growth. This created an opportunity for the global modular construction market size to grow at a 6.9% CAGR to increase from USD 112.4 billion in 2018 to USD 157.2 billion by 2023.

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Increase in concerns about work-zone safety and the need for lower environmental impacts, supportive government initiatives, and the need for reduced construction time & cost the growth of the market for modular construction. The increase in population and rapid urbanization, translating to a large number of new construction projects, and the adoption of modular construction by multinationals create growth opportunities for the market. However, the lack of awareness and volatility in transportation charges act as a challenge to the growth of the global modular construction industry.

Steel was the most extensively used material accounting for the maximum portion of the global modular construction market share in 2017 and the trend is expected to continue along with the highest gains over the forecast period. The design flexibility, strength, structural integrity, durability, security & fire resistance, reducing the need for repairs & maintenance throughout the building’s lifespan, have contributed towards the extensive usage of steel in modular construction. The low weight of steel in comparison to other wall materials allows building structures created from steel to be craned and transported efficiently, resulting in less disturbance to the local area and reducing costs. Its popularity in relocatable buildings further contributes to the leading share of steel in the modular construction industry.

The modular construction market, by type, is projected to be led by the permanent segment during the forecast period. A rise in the need for affordable & time-saving housing solutions, and high-quality control in comparison to on-site construction is likely to play a vital role in driving the growth of the segment. Permanent modular construction is implemented in numerous sectors comprising residential, office and administrative space, K-12 education, retail & hospitality, healthcare, higher education student housing, and publicly-funded facilities. These factors propel the demand for this construction technique.

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The housing segment was the largest end-user in the global modular construction market in 2017. Countries are turning towards the adoption of modular construction methods to meet the rising demand for housing that is eco-friendly and cost-effective due to efficient in-factory processes and reduced waste. However, preconceived notions that modular buildings have a comparatively shorter life and cannot sustain natural calamities hampers the growth of the modular construction industry in the housing sector.

In 2017, Asia Pacific was the largest market for modular construction, of which China was the leading market in the region. A growing number of new housing projects and increasing infrastructure spending is expected to drive the demand for modular construction in this region. Additionally, there are tremendous opportunities available in the construction sector in countries such as China, Australia, India, Japan, Korea, Thailand, Vietnam, and Indonesia.

Red Sea Housing (Saudi Arabia), Laing O’Rourke (UK), ATCO (Canada), VINCI (France), Bouygues Construction (France), Skanska AB (Sweden), KLEUSBERG GmbH & Co. KG (Germany), Algeco Scotsman (US), Lendlease Corporation (Australia), and KEF Katerra (India), are some of the leading modular construction market players. These companies have an extensive portfolio of modular solutions and a marked presence across regions.

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