According to the latest report by IMARC Group, titled "Modular Construction Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
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.
What is modular construction?
Modular construction, also known as prefabricated construction or off-site construction, is a method of building structures where the construction process takes place in a controlled factory environment. The concept involves the manufacturing of pre-engineered building components or modules that are then transported to the construction site for assembly. These modules, which can be anything from individual rooms to entire building sections, are manufactured with precision and adhere to rigorous quality standards. Once delivered, they are efficiently assembled to create a complete structure. Compared to traditional on-site construction, modular techniques enable faster project completion due to parallel manufacturing and on-site assembly, resulting in reduced labor costs and earlier revenue generation.
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What are the emerging trends in the modular construction market?
The global market is primarily driven by the increasing demand for affordable and sustainable housing solutions. Additionally, the growing adoption of prefabricated modules in controlled factory conditions leading to higher quality control and minimized construction delays is propelling the product demand. Moreover, the rising need for quick and efficient construction with tight project deadlines in response to rapid urbanization and population growth is fueling the market. In addition to this, the increasing focus on sustainability and environmental responsibility is propelling the adoption of modular construction in the numerous infrastructure development projects.
Furthermore, the augmenting need for improved safety standards, reduced accidents, and enhanced worker well-being in the construction industry is also providing an impetus to the market. Furthermore, technological advancements and digitalization such as building information modeling (BIM), 3D printing, robotics, and automation in construction processes to optimize design, manufacturing, and assembly processes is creating lucrative opportunities in the market.
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.
About Us
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.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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