Modular Construction Market Share, Industry Size, Growth, Opportunities, And Industry Forecast To 2023

Global modular construction market is expected to reach a valuation of USD 154.8 Mn by the end of 2023. It also indicates that the market is poised to expand at a CAGR of 5.95% during the forecast period.

Urban migration is the main factor responsible for intensifying housing demand. The accelerating economic growth has further backed the demand with purchasing power for expediting the growth of the construction sector. Although the demand is increasing, time and cost constraints are likely to check the expansion of the construction industry. Thus, modular construction market has gained quick mileage in a short span of time owing to its time & cost benefits. Modular houses require at least 30% lesser time to build at a lower price. The minimization of on-site labor coupled with reduced wastage is anticipated to favor the growth of the modular construction market.

Relocatable modular construction has led to the diversification of revenue systems in the real estate business by facilitating lease, sub-lease, and reuse. It is expected to catalyze the proliferation of the modular construction market over the next couple of years. Furthermore, the builders emphasize on quality and durability for capitalizing on the long-term demand. It is prognosticated to have a positive influence on the expansion of the market in the foreseeable future.

Market Segmentation:

By Material, the global modular construction market has been segmented into concrete, steel, plastic, wood, and others.

By Construction, the modular construction market has been segmented into permanent modular, and relocatable modular.

By Product, the global modular construction market has been segmented into walls, roofs & floor, columns & beams and others.

By Application, the modular construction market has been segmented into residential, commercial, industrial, and others.

Regional Insights:

By region, the global modular construction market has been segmented into global North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific held the highest share of the market in 2016 which accounted for 46.3% share. The market is expected to witness a booming growth over the next couple of years primarily due to an increase of FDI in the construction sector of the region. Other factors projected to influence the market expansion positively include the favorable policies framed by the governments, rapid developments in the Chinese modular construction market, etc.

North America is the second-largest market for modular construction. The growing demand for sustainable and green buildings is likely to drive the proliferation of the modular construction market in the region. Furthermore, increasing awareness has led to the generation of massive demand in recent years. This trend is presumed to perpetuate in the forthcoming years.

Modular Construction Companies:

Some of the prominent global leaders profiled in this report are ACS Group (Spain), Komatsu Ltd (Japan), L&T (India), Skanska AB (Sweden), Kiewit Corporation (U.S.), Red Sea Housing Services (Saudi Arabia), System House R & C Co. Ltd (Japan), Taisei Corporation (Japan), Bouygues Construction (France), and Balfour Beatty Plc. (U.K.).

Modular Construction News:

In February 2019, NEWRY-based mac-group has ventured with a US modular construction firm for tapping growing housing market.

In February 2019, Oakland’s grandest modular housing project has kicked off leasing.

In January 2019, a leader in sustainable modular construction, Kuvella Modular Designs, has partnered with Z Modular, a leader in modular steel construction for streamlining the modular construction process and broadening product availability in North America.

In January 2019, Morgan Sindall Construction & Infrastructure has received a contract of 5 Mn pound for a modular primary school.

In January 2019, BAM, based in Ballyjamesduff, has acquired Irish modular home specialist, Modern Homs Ireland (MHI).