The global modular construction market size is projected to grow from USD 82.3 billion in 2020 to USD 136 billion by 2027, at a CAGR of 7.4% from 2020 to 2027. Growing demand for affordable housing coupled with increasing investments in the development of healthcare and commercial infrastructure is anticipated to positively impact market growth.
The building is built in modules and reflects the identical design, when put together, specifications of most sophisticated of site building facility without any negotiation. The modular units could be in the form of highly serviced units such as lifts or toilets, complete rooms, or parts of a room. The collection of distinct modular units usually constructs a self-supporting structure in its own or for tall buildings which may rely on an independent structural framework.The factory-controlled process of modular construction creates fewer site disturbances, and generates less waste. The construction process of modular buildings is faster than the conventional process since it occurs concurrently with site work, allowing the projects to be completed in half the time. Furthermore, other advantages associated with modular construction includes greater flexibility and reuse, less material waste, improved air quality, reduced construction schedule, safer construction, unlimited design opportunities, and better engineered building.
Rising demand for complex structures at affordable rates, rapid industrialization and urbanization is expected to spur the industry growth over the forecast period. Furthermore, growing inclination toward sustainable construction methods and rising construction activities in emerging countries are subsequently creating opportunities for the industry. Also, rising support from government regulations and policies is also anticipated to drive the modular construction market growth. However, factors such as mobility and lack of awareness and marketing across the supply chain may hinder the industry growth over the forecast period.
The prominent players in the modular construction include ACS Group (Spain), Skanska AB (Sweden), Komatsu Ltd (Japan), L&T (India), Balfour Beatty Plc. (U.K.), Kiewit Corporation (U.S.), Taisei Corporation (Japan), Red Sea Housing Services (Saudi Arabia), System House R & C Co. Ltd (Japan), Bouygues Construction (France) and others.
The regional segmentation of the modular construction market includes North America, Europe, Asia Pacific, Middle East & Africa, and South America. Increasing urbanized population, rising industrialization, and growing spending capacity are the factors spurring the growth in the Asia Pacific region. China is expected to lead the regional modular construction market over the forecast period.
Additionally, increasing government support and demand for sustainable and eco-friendly construction are further projected to fuel the modular construction growth over the forecast period. North America region is expected to hold the major share after Asia Pacific. The growth is driven by various factors which include sustained investments in commercial real estate and growing consumer preference for green buildings. Europe is also another important region for the modular construction market which is expected to grow significantly due to various factors including increasing environmental concerns, upgrades of existing structures, and developing interest in cost benefit and energy saving construction.
The building is built in modules and reflects the identical design, when put together, specifications of most sophisticated of site building facility without any negotiation. The modular units could be in the form of highly serviced units such as lifts or toilets, complete rooms, or parts of a room. The collection of distinct modular units usually constructs a self-supporting structure in its own or for tall buildings which may rely on an independent structural framework.The factory-controlled process of modular construction creates fewer site disturbances, and generates less waste. The construction process of modular buildings is faster than the conventional process since it occurs concurrently with site work, allowing the projects to be completed in half the time. Furthermore, other advantages associated with modular construction includes greater flexibility and reuse, less material waste, improved air quality, reduced construction schedule, safer construction, unlimited design opportunities, and better engineered building.
Rising demand for complex structures at affordable rates, rapid industrialization and urbanization is expected to spur the industry growth over the forecast period. Furthermore, growing inclination toward sustainable construction methods and rising construction activities in emerging countries are subsequently creating opportunities for the industry. Also, rising support from government regulations and policies is also anticipated to drive the modular construction market growth. However, factors such as mobility and lack of awareness and marketing across the supply chain may hinder the industry growth over the forecast period.
The prominent players in the modular construction include ACS Group (Spain), Skanska AB (Sweden), Komatsu Ltd (Japan), L&T (India), Balfour Beatty Plc. (U.K.), Kiewit Corporation (U.S.), Taisei Corporation (Japan), Red Sea Housing Services (Saudi Arabia), System House R & C Co. Ltd (Japan), Bouygues Construction (France) and others.
The regional segmentation of the modular construction market includes North America, Europe, Asia Pacific, Middle East & Africa, and South America. Increasing urbanized population, rising industrialization, and growing spending capacity are the factors spurring the growth in the Asia Pacific region. China is expected to lead the regional modular construction market over the forecast period.
Additionally, increasing government support and demand for sustainable and eco-friendly construction are further projected to fuel the modular construction growth over the forecast period. North America region is expected to hold the major share after Asia Pacific. The growth is driven by various factors which include sustained investments in commercial real estate and growing consumer preference for green buildings. Europe is also another important region for the modular construction market which is expected to grow significantly due to various factors including increasing environmental concerns, upgrades of existing structures, and developing interest in cost benefit and energy saving construction.
- Aerospace and Defense
- Agriculture
- Automotive and Transportation
- Business and Finance
- Chemical and Materials
- Consumer Goods and Retails
- Electronics and Semiconductor
- Energy and Power
- Food and Beverages
- Machinery and Equipment
- Manufacturing and Construction
- Medical Devices
- Pharmaceuticals and Healthcare
- Service and Software
- Technology, Media and Telecommunications
- Travel and Tourism
