Modular Construction Market By Type (Permanent, Re-locatable), By Material (Steel, Wood, Concrete, Others), By End User (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031
The modular construction market was valued at $131.6 billion in 2021 and is projected to reach $234.6 billion by 2031, registering a CAGR of 6.1% from 2022 to 2031. Modular construction is a process in which modules are prefabricated and engineered, which are then generated at offsite and then assembled and shifted on site for construction purpose. Modular construction is best suitable for applications such as mobile offices, cafes, mobile homes, power plant, and restrooms. It includes materials such as steel, wood, concrete, and many others. It uses galvanizes steel material, which has features such as rigid, robust, and long durability, thereby driving the growth of the modular construction market.
Surge in population and matured urbanization in developing countries, such as India, Brazil, and others, increase the need for new residential and commercial construction. In addition, factors, such as time required for construction and upsurge in demand for new construction and modularized construction, drive the growth of the modular construction market.
However, lack of reliability on modular construction in earthquake prone regions and dearth of skilled labor and infrastructure in developing countries are anticipated to restrict for growth of the modular construction market.
However, construction, manufacturing, hotel, and tourism industries were majorly affected, during the outbreak of the COVID-19 pandemic. Manufacturing activities were halted or restricted. This led to decline in manufacturing of various equipment as well as their demand in the market, thereby restraining the growth of the market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of companies at their full-scale capacities, that helped the market to recover by end of 2021.
On the contrary, increase in investment in infrastructural activities is anticipated to provide lucrative opportunities for the growth of the modular construction market.
The modular construction market is segmented on the basis of type, material, end user and region. On the basis of type, the market is bifurcated into permanent and relocatable. The permanent segment dominated the market in 2021. On the basis of material, the market is classified into steel, wood, concrete, and others. The steel segment generated the highest revenue in 2021. On the basis of end user, the market is divided into residential, commercial, and industrial. The residential segment generated the highest revenue in 2021. By region, the modular construction market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).North America was the highest contributor to the global modular construction market share in 2021, and LAMEA is anticipated to secure a leading position during the forecast period.
COMPETITION ANALYSIS
Key companies profiled in the modular construction market report include ATCO, Anderco Pte. Ltd, Giant Containers Inc, Bechtel Corporation, Lendlease Corporation, SG Blocks Inc, Skanska AB, Speed House Group of Companies, Supertech Industries LLC, Fluor Corporation, and Modulaire Group.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the modular construction market analysis from 2021 to 2031 to identify the prevailing modular construction market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the modular construction market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global modular construction market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
Permanent
Re-locatable
By Material
Steel
Wood
Concrete
Others
By End User
Residential
Commercial
Industrial
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Skanska AB
Supertech Industries
Tempohousing
Giant Containers Inc.
SG Blocks, Inc.
Honomobo Corporation
Bechtel Corporation
ATCO Ltd.
Lendlease Corporation
Speed House Group of Companies
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