The global modular construction market size was evaluated at $90.99 billion in 2023 and is slated to hit $175.92 billion by the end of 2032 with a CAGR of nearly 7.60% between 2024 and 2032.
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Modular construction is the process of constructing prefabricated infrastructural structures or residences using the same raw materials and design standards as those used to construct traditional infrastructural complexes and facilities. Smart construction includes structures built using modular construction methods. Buildings are constructed in modular units that reflect the original building’s exact design. The modular components used to construct infrastructure constructions may consist of highly serviced units such as whole rooms, lifts, or restrooms.
The worldwide modular construction industry is expected to increase rapidly in the next years as a result of rising urbanization in developing nations such as China and India. Modular construction is most commonly used in industrialized countries to renovate existing buildings and replace them. According to the World Construction Network, modular construction accounts for roughly 3% of North American building. Furthermore, the multiple benefits of modular buildings over traditional buildings are projected to boost market growth.
For example, modular structures produce less heat and temperature, so contributing less to global warming. Modular construction also saves time. Government initiatives and legislation promoting sustainability and the green environment will further drive market expansion in the future years. However, a shortage of skilled workers may impede market development in the next years.
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The Global Modular Construction Market is segmented based on product, application and region
Global Modular Construction Market: Product Segment Analysis
● Permanent
● Re-Locatable
Global Modular Construction Market: Application Segment Analysis
● Industrial
● Education
● Housing
● Commercial
● Healthcare
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The global Modular Construction market profiles key players such as:
● Red Sea Housing
● Bouygues Construction
● Skanska AB
● KLEUSBERG GmbH
● Lendlease Corporation
● Laing O’Rourke
● ATCO
● VINCI
● Algeco Scotsman
● KEF Katerra
Modular Construction Market: Regional Insights
The regional sector comprises historical and projected demand for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Asia Pacific had a significant share of the global modular construction market in 2018 and is likely to maintain its regional dominance in the future years. This can be linked to the region’s fast expanding construction activity, which is driven by rapid industrialization and urbanization. Furthermore, increased investments in the construction industry for infrastructural development throughout the region would drive the growth of this regional market.
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