Fortune business insights recently published a detailed market research study focused on the “The Modular Construction Market Report by 2024” delivering key insights and providing a competitive advantage to clients through a detailed report. This report delves deeply into segmentation and definition, providing a clear understanding of market components and drivers.
"Modular Construction Market Size, Share & Industry Analysis, By Type (Permanent Modular Construction and Relocatable Modular Construction), By Material (Wood, Steel and Concrete) By Application (Commercial, Healthcare, Education & Institutional, Hospitality, and Others), and Regional Forecast, 2023-2030"
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The global modular construction market size was USD 79.92 billion in 2022 and is projected to grow from USD 84.48 billion in 2023 to USD 131.58 billion by 2030, exhibiting a CAGR of 6.5% during the forecast period. The Asia Pacific dominated the modular construction market with a share of 45.34% in 2022. Increasing demand for speed, cost savings, sustainability, and quality control to boost the growth of modular construction market globally.
The competitive landscape of the market for modular construction market is determined by assessing the major industry participants, production capacity, production capacity utilization rate, modular construction market’s production chain, pricing by each manufacturer and the revenue generated by each manufacturer in the modular construction market globally.
Top key players of modular construction market:
Guerdon Modular Buildings (U.S.)Laing O'Rourke (U.K.)ATCO (Canada)Red Sea International Company (Saudi Arabia)Bouygues Construction (France)VINCI Construction Grands Projets (U.K.)Skanska AB (Sweden)Algeco (U.K.)KLEUSBERG GmbH & Co. KG (Germany)Katerra (U.S.)Lendlease Corporation (Australia)
Market atributes:
Report ComponantAspectsForecast Period2022-2030Projected market valuve 2022USD 79.92 billionForecasted market valuve 2030USD 131.58 billionCompound Annual Growth Rate6.5Get a quote -https://www.fortunebusinessinsights.com/enquiry/get-a-quote/101662
Drivers and restraints:
Driver: Growing Demand for Faster Construction
The increasing need for rapid construction and project completion drives the adoption of modular construction, which allows for faster assembly and reduced on-site construction time.
Driver: Cost EfficiencyModular construction offers cost savings through reduced labor, shorter construction timelines, and decreased waste, making it an attractive option for both residential and commercial projects.
Driver: Enhanced Quality ControlManufacturing modules in a controlled factory environment improves quality control and consistency, leading to higher standards of construction compared to traditional methods.
Restraint: Design LimitationsModular construction can be constrained by design limitations and standardization requirements, potentially limiting customization and flexibility in building design and layout.
Restraint: Transportation and Logistics ChallengesTransporting large modular units to the construction site can pose logistical challenges and increase costs, especially in urban areas or locations with restricted access.
Regional analysis:
North America (By Type, By Material, By Application and By Country)U.S. (By Application)Canada (By Application)Europe (By Type, By Material, By Application and By Country)U.K. (By Application)Germany (By Application)France (By Application)Italy (By Application)Spain (By Application)Rest of Europe (By Application)Asia Pacific (By Type, By Material, By Application and By Country)China (By Application)India (By Application)Japan (By Application)Australia (By Application)South East Asia (By Application)Rest of Asia Pacific (By Application )Middle East & Africa (By Type, By Material, By Application and By Country)GCC (By Application) South Africa (By Application)Rest of Middle East and Africa (By Application)South America (By Type, By Material, By Application and By Country)Brazil (By Application)Mexico (By Application)Rest of LATAM (By Application)
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