Modular Construction Market size worth $ 139.97 Billion, Globally, by 2030 at 5.81% CAGR: Verified Market Research®
Verified Market Research • 20 November 2023 - 16:45
SubjectMarket Research Reports
The "Global Modular Construction Market Size By Type, By Material, By End-Use Sector, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Modular Construction Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Nov. 20, 2023 /PRNewswire/ -- The Global Modular Construction Market is projected to grow at a CAGR of 5.81% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 84.18 Billion in 2021 and is expected to reach USD 139.97 Billion by the end of the forecast period.
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Browse in-depth TOC on "Modular Construction Market"
202 - Pages
126 – Tables
37 – Figures
Modular Construction Market Revolutionizes Global Building Landscape
Modular Construction Market Overview
In a transformative stride towards modern construction practices, the Modular Construction Market is reshaping the global building landscape. This groundbreaking method involves the assembly of prefabricated structures, aligning with traditional design principles and utilizing conventional materials.
Driving Forces of Market Expansion
The surge in industrialization, urbanization, and the demand for cost-effective yet sophisticated structures is propelling the Modular Construction Market to unprecedented heights. This evolution is further accelerated by the industry's commitment to sustainable construction techniques and the escalating construction activity in emerging economies. Supportive government regulations and policies are instrumental in fostering an environment conducive to market expansion.
Meeting Varied Demands through Affordable Solutions
The Modular Construction Market responds dynamically to the burgeoning demand for essential services such as housing, infrastructure, and social amenities. The industry's adoption of affordable modular construction technologies, ensuring uniform quality, resonates with the market's growth trajectory. Embracing economies of scale, accelerated project timelines, and heightened quality control, modular construction presents a compelling alternative with reduced waste output compared to traditional methods.
Global Expansion Opportunities
Rapid industrialization and urbanization in emerging economies, including India, Vietnam, and China, are key catalysts driving infrastructure investments and propelling the modular construction market. Commercial spaces witness a surge in investments, as exemplified by a 30% growth in commercial property leasing in India during the first quarter of 2019, totaling an estimated 60 million sq ft.
Government Initiatives and Environmental Focus
Governments worldwide are championing modular construction, promoting eco-friendly practices and waste reduction. Notably, in Singapore, government-owned property developments mandate the inclusion of prefabricated components. Subsidies further incentivize enterprises to embrace modern construction techniques, contributing to the market's sustained growth. Despite promising prospects, challenges persist.
Modular Construction Market Challenges and Limitations
Challenges such as a shortage of skilled labor, mobility issues, and knowledge gaps pose obstacles to the full realization of the market's potential. Consumer perceptions, financing difficulties, and volatility in transportation costs present additional challenges. Yet, the market remains resilient, buoyed by factors like population growth, urbanization, and untapped opportunities in emerging economies.
Modular Construction Market Regional Focus: Asia Pacific's Dominance
The Asia Pacific region emerges as a powerhouse, boasting the highest Compound Annual Growth Rate (CAGR) from 2020 to 2025. Abundant raw materials, a skilled labor force, and technological advancements contribute to the region's economic development. China and Japan, ranking as the world's second and third-largest economies, underscore the region's significance.
Modular Construction Market Key Players in the Global Landscape
Major contributors to the Global Modular Construction Market include Skanska, Balfour Beatty PLC, ACS Actividades de Construcción y Servicios S.A., Red Sea Housing Services, Laing O'rourke, Atco, Bouygues Construction, Vinci, Fluor, Algeco Scotsman, Kleusberg GmbH & Co. Kg, Kef Katerra, Lendlease Corporation, and Cimc Modular Building Systems Holding. The competitive landscape section provides insights into key development strategies, market share, and global rankings of these influential players.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Modular Construction Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Modular Construction Market into Type, Material, End-Use Sector, And Geography.
- Modular Construction Market, by Type
- Modular Construction Market, by Material
- Precast Concrete
- Modular Construction Market, by End-Use Sector
- Modular Construction Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
- North America
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