The global modular construction market size is projected to be US$ 229.4 billion in 2023, according to a new report by GlobalData Plc. The increasing demand for housing and commercial spaces across the globe is estimated to drive market growth during the forecast period.
Global Modular Construction Market Share By Type, 2020 – 2030 (%)
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Modular Construction Market FAQs
- What will be the modular construction market size in 2023?
The modular construction market size will be valued at $229.4 billion in 2023.
- What is the estimated modular construction market size in 2030?
The modular construction market size is estimated to be valued at $373.0 billion in 2030.
- What is the modular construction market growth rate?
The modular construction market is expected to grow at a CAGR of 7.1% over the forecast period (2023-2030).
- What is the key modular construction market driver?
The increasing population, rising demand for early access to the required residential or commercial space, and the bolstering demand for temporary spaces are some of the major factors driving the modular construction market growth.
- What are the key modular construction market segments?
Type Segments: Permanent Modular Construction (PMC), Relocatable buildings (RB)
Application Segments: Commercial Construction, Residential Construction, Industrial Construction, Institutional Construction, and Others
- Which are the major modular construction companies?
The major modular construction companies are Bechtel Corporation, Fluor Corporation, Volumetric Building Companies (VBC), Plant Prefab, Inc., Prescient Co Inc., Red Sea International, Skanska AB, Turner Construction Company, WillScot, and Lendlease Corporation.
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Modular Construction Market Dynamics
The rising global population is creating a demand for more housing, commercial spaces, institutes, and manufacturing facilities to cater to the rising need for living and working environments. The growing concept of urbanization coupled with more people shifting to cities and upgrading their lifestyles is further creating opportunities for modern structures that fit into urban lifestyles. Above all this, modular construction provides benefits over traditional construction practices such as time efficient building process, easy customization, less raw material wastage, ability to relocate the complete building from one location to another are estimated to support the growth of the modular construction market worldwide over the forecast period.
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Modular Construction Market Report Highlights
- The global modular construction market is reaching an approximate value of more than 373.0 billion with a CAGR of 7.1% from 2023 to 2030. The increasing awareness about the benefits associated with modular construction, which can meet the growing demand for residential and other buildings worldwide are supporting the modular construction market growth across the globe.
- In 2022, the permanent modular construction (PMC) segment captured the largest share and is expected to grow at a CAGR of 6.6% from 2023 to 2030. The segment is leading the market on account of its shorter completion timelines, eco-friendly construction practice, and scope of customization during and after completion of the project without much energy or material loss.
- By type segmentation, relocatable buildings is forecast to show the highest compounded annual growth rate of 8.0% over the forecast period. The growing focus on its ability to easily relocate to different locations makes it a suitable choice for temporary solutions like road-side construction offices, temporary hospital extensions & laboratories, and institutes for a shorter period among others. This will support the highest segmental growth over the forecast period.
- The institutional segment is expected to gain prominence in the modular construction market. The increasing demand for environment-friendly and temporary solutions across educational buildings, research facilities, healthcare buildings, and libraries is contributing to its fastest growth over the forecast period.
- The COVID-19 pandemic has positively impacted the modular construction market due to the increasing demand for isolation wards and ICU units for coronavirus-infected people across the globe. This has increased awareness about modular construction due to the completion of major healthcare projects in shorter timelines.
- North America accounted for significant share in 2023 owing to increasing adoption of modular construction in the US and Canada. These countries are exhibiting numerous design & manufacturing developments through their advanced infrastructure across the modular construction market.
- The key modular construction market vendors analyzed as part of this report include Bechtel Corporation, Fluor Corporation, Volumetric Building Companies (VBC), Plant Prefab, Inc., Prescient Co Inc., Red Sea International, Skanska AB, Turner Construction Company, WillScot, and Lendlease Corporation.
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Modular Construction Market Scope
GlobalData Plc has segmented the modular construction market report by type, application, and region:
Global Modular Construction Type Outlook (Revenue, US$ Million, 2020-2030)
- Permanent Modular Construction (PMC)
- Relocatable Buildings (RB) Plastic
Global Modular Construction Application Outlook (Revenue, US$ Million, 2020-2030)
- Commercial Construction
- Residential Construction
- Industrial Construction
- Institutional Construction
Modular Construction Regional Outlook (Revenue, US$ Million, 2020-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Central & South America
- Rest of Central & South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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