Global Modular Construction Market By Overview
Modular construction is the technology, where buildings are constructed by using prefabricated individual sections and are assembled as substantial elements of a building. Modular construction is emerging technology as a benchmark for quality construction. Modular construction technology is effectively used in various end-use applications in residential, commercial, and infrastructure construction. Permanent modular construction (PMC) can be carried out with a variety of building materials, such as concrete, steel, or wood, and can also include provision for adding windows, power supplies, water and sewage pipes, telecommunications, air conditioning and more. There are several benefits of modular construction such as saves times, no possibility of weather delay, low labor costs etc. The modular homes constructed have a maximum life span of approx. 60 years. The modular construction market accounted for US$ 130.92 billion in 2020 and is estimated to be US$ 267.36 billion by 2030 and is anticipated to register a CAGR of 7.5%.
Global Modular Construction Market By Drivers & Restraints
Rapid Industrialization and Boost in Construction Industry
Increasing demand for modular construction due to technological advancements in construction practices such as shorter project schedule, reduced wastage of material, and fastest onsite installation are driving growth of the modular construction market. In addition, increasing consumer spending capacities on modular construction since this construction is safe and eco-friendly is another factor supporting growth of the modular construction market.
However, modular constructed buildings comparatively have a shorter life and cannot sustain due to natural calamities, which is a major restraining factor for the modular construction market. Growing popularity towards modular and panelized housing across the globe provides an opportunity to the modular construction market in future.
Global Modular Construction Market By Segmentations & Regional Insights
The modular construction market is segmented based on material type, construction, product type, application, and region.
On the basis of material type, the target market is classified into concrete, steel, plastic, wood, and others. Based on construction, the global market is classified into permanent modular and relocatable modular. On the basis of product type, the target market is bifurcated into walls, roofs and floor, columns and beams, and others. On the basis of application, target market is categorized into residential, commercial, and industrial.
Regional Insights:
The modular construction market accounted for US$ 130.92 billion in 2020 and is estimated to be US$ 267.36 billion by 2030 and is anticipated to register a CAGR of 7.5%. On region the modular construction market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America modular construction market is expected to account for major revenue share in the target market over the forecast period. This is attributed to changing consumer preferences for green building, along with sustained investment in the countries of this region. Asia Pacific region also shows significant growth and expected to register lucrative growth rate over the forecast period. This is attributed to increasing foreign direct investment (FDI) inflows in construction in the countries of the region has led to increased construction projects and real-estate developments. Europe region is an important market for the global modular construction and expected to account significant share in the global market in terms of revenue over the forecast period. This is attributed to increasing their up gradation of the existing infrastructure, rising environmental concerns, growing interest in energy saving, and cost benefit construction in this region
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Billion & CAGR from 2020 – 2030 |
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Market Segmentation |
By Material Type- Concrete, Steel, Plastic, Wood, and Others By Construction– Permanent Modular and Relocatable Modular By Product Type- Walls, Roof and Floor, Columns and Beams, and Others By Application– Residential, Commercial, and Industrial |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the modular construction market report based on material type, construction, product type, application, and region.
Modular Construction Market, By Region:
- North America
- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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-
- U.S.
- Canada
- Middle East & Africa
Global Modular Construction Market By Competitive Landscape & Key Players
The key players operating in the modular construction market includes ACS Group Inc., Skanska AB, Komatsu Ltd., L&T Ltd., Kiewit Corporation, Taisei Corporation, Red Sea Housing Services Ltd., System House R & C Co. Ltd., Bouygues Construction, KEF Infra Pvt Ltd., and Others.
Global Modular Construction Market By Company Profile
- ACS Group Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Skanska AB
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Komatsu Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- L&T Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Kiewit Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Taisei Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Red Sea Housing Services Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- System House R & C Co. Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Bouygues Construction
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- KEF Infra Pvt Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
Global Modular Construction Market By Highlights
FAQs
The Global Modular Construction market is segmented into basis of material type, construction, product type, application, and region.
The rise of urbanisation and industrialization in developing countries is propelling the worldwide modular building market forward.
By region, Europe dominated the modular construction market and accounted for the largest revenue share in 2020. This was due to the growing efforts of the governments in the region to adopt modular construction.
The Key players operating in the global Modular Construction market include ACS Group Inc., Skanska AB, Komatsu Ltd., L&T Ltd., Kiewit Corporation, Taisei Corporation, Red Sea Housing Services Ltd., System House R & C Co. Ltd., Bouygues Construction, KEF Infra Pvt Ltd., and Others.