Global Modular Construction Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Modular Construction Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Modular construction is a process in which a building is constructed off-site, under controlled plant conditions, using the same materials and designing to the same codes and standards as conventionally built facilities in about half the time. These buildings are made in modules or small parts, which are transported to the construction site and assembled. Modular construction is becoming more popular mainly due to its quick completion, cost-effectiveness,and efficiency.

Market Overview:

The latest research study on the global Modular Construction market finds that the global Modular Construction market reached a value of USD 104293.9 million in 2022. It’s expected that the market will achieve USD 140083.56 million by 2028, exhibiting a CAGR of 5.04% during the forecast period.

Modular Construction Market Drivers

Modular Construction can shorten the construction time. Manufacturers build modules in indoor facilities that are not affected by the weather. At the same time, dismantling, excavation and foundation construction can be carried out on site. This can translate into shorter delivery times, more savings, faster occupancy and faster return on investment.

Modular Construction can control costs. Modular Construction's construction efficiency and ability to control costs, labor, schedule and delivery are stronger, which means that compared with traditional on-site construction, builders can control costs by using modular construction.

Modular Construction is manufactured in a controlled environment and contributes to quality control. Permanent modular buildings need to meet the same building codes and requirements as on-site structures. The modules are manufactured in climate control facilities to protect materials from destructive weather conditions. Precision manufacturing equipment and software, coupled with continuous supervision of the production process, help ensure consistent product quality.

Modular Construction makes the workforce optimized and safe. Construction projects are labor-intensive, and the industry faces ongoing challenges in attracting enough skilled workers. The labor shortage is a long-term problem that will increase the time and cost of many projects. Modular construction helps to optimize the workforce of the project. Fewer work activities and workers are required on- site, while in the factory, the use of assembly- line methods and techniques simplifies the process and increases worker productivity. Since the prefabrication is carried out in a quality control factory equipped with professional equipment, it can be considered a safer working environment than on-site construction, and there are fewer labor injuries.

Region Overview:

Asia-Pacific had the highest growth rate of all regions.

Company Overview:

The top three companies are Clayton Homes Inc., Laing O-Rourke and Bouygues Construction with the revenue market share of 3.40%, 1.95% and 1.47% in 2020.

Clayton Homes Inc.

Clayton Homes (or Clayton) is the largest builder of prefab and modular houses in the United States. Clayton now builds and sells traditional site-built homes and off-site built homes-including manufactured homes, modular homes, CrossMod™ homes, Designer Cottages and PMRVs.

Laing O-Rourke

Laing O'rourke PLC. provides construction services. The Company designs and constructs commercial and industrial properties, road, rail systems, airfields, and marine support facilities.

Segmentation Overview:

By type, Permanent segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Residential segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Modular Construction market covered in Chapter 3:

Nordic Modular Group
Clayton Homes Inc.
Bouygues Construction
Sekisui House
Danwood
Cavco Industries, Inc.
WeberHaus
Premier Interlink
KLEUSBERG GmbH & Co. KG
Laing O-Rourke
Deutsche Fertighaus Holding
JL Modular Inc.
Skanska AB
Champion Home Builders
Red Sea Housing

In Chapter 4 and Chapter 14.2, on the basis of types, the Modular Construction market from 2018 to 2029 is primarily split into:

Permanent
Relocatable

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Modular Construction market from 2018 to 2029 covers:

Residential
Commercial
Industrial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)