Modular & Prefabricated Construction Market Size By Type (Permanent, Relocatable), By Material (Steel, Wood, Concrete), By Application (Single Family Residential, Multi-family Residential, Office, Hospitality, Retail, Healthcare), COVID-19 Impact Analysis

Modular & Prefabricated Construction Market Size By Type (Permanent, Relocatable), By Material (Steel, Wood, Concrete), By Application (Single Family Residential, Multi-family Residential, Office, Hospitality, Retail, Healthcare), COVID-19 Impact Analysis, Regional Outlook, End-user Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030

The global modular & prefabricated construction market is expected to grow at an exponential rate through 2030 owing to prominent product demand in construction activities.

Recently, escalating integration of innovative technologies in the construction industry has been favorable for industry growth. For instance, precast construction has gained massive popularity and is being used in some of the biggest urban development projects in Europe to build structures that are both effective and sustainable. Precast concrete accounts for a significant percentage of the prefabrication business, which has fostered product outlook in key regions worldwide.

The modular & prefabricated construction market has been categorized in terms of type, material, application, and region.

With respect to type, the industry has been divided into permanent and relocatable. In 2021, the permanent segment garnered a market share of around 51.8% and is expected to develop at a steady rate through the forecast timespan. Meanwhile, the relocatable segment is speculated to record positive growth over the review timeline due to the burgeoning trend of providing housing options to migrant blue-collar workers employed in large industrial and construction projects.

Based on material, the modular & prefabricated construction market has been classified into steel, wood, concrete, and others. The steel segment is set to proliferate at a CAGR of over 6.7% through 2030. The wood segment is stipulated to depict a CAGR of more than 6.5% over the forthcoming years.

On the other hand, the concrete segment held a revenue share of nearly 10.9% in 2021 and is primed to expand at a robust rate over 2022-2030. Furthermore, in 2021, the others segment was valued at approximately $4.71 billion and is foreseen to garner a sizeable market share over the projected timeline.

Under application, the modular & prefabricated construction market has been segmented into multi-family residential, single-family residential, office, retail, hospitality, healthcare, and others. In 2021, the single-family residential segment accounted for a market share of more than 11.9% and is poised to observe strong development up to 2030. The office segment was valued at roughly $2.81 billion in 2021.

The hospitality segment is slated to register a CAGR of nearly 6.9% over the projected timeframe. The retail segment is estimated to accumulate a market share of above 1.5% by 2030. The healthcare segment is anticipated to showcase roughly 7.1% CAGR over the review time period. The others segment, in 2021, attained a valuation of about $4.50 billion and is expected to exhibit sizable growth by 2030.

From the regional perspective, the North America modular & prefabricated construction market is forecast to record a CAGR surpassing 6.7% through the study timespan. Europe registered a valuation of approximately $57.32 billion in 2021 and is set to witness robust expansion by 2030.

In 2021, the APAC region exceeded a valuation of about $26.36 billion and is calculated to expand at a substantial pace over 2022-2030. The LATAM market is estimated to develop at a CAGR of above 5.8% over the forthcoming years. Meanwhile, the MEA modular & prefabricated construction industry is projected to record notable progress at a CAGR of approximately 6.3% between 2022 and 2030.