Modular Construction Market Expected to Reach USD139.03 Billion by 2029, Growing at 6.20% CAGR

The Modular Construction Market is poised for growth, driven by cost efficiency, faster build times for sustainable and flexible building solutions.

LUTON, BEDFORDSHIRE, UNITED KINGDOM, September 4, 2024 /EINPresswire.com/ -- 𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐦𝐨𝐝𝐮𝐥𝐚𝐫 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐢𝐳𝐞 𝐢𝐬 𝐔𝐒𝐃 𝟖𝟐.𝟑𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟎 𝐚𝐧𝐝 𝐢𝐬 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐠𝐫𝐨𝐰 𝐭𝐢𝐥𝐥 𝐔𝐒𝐃 𝟏𝟑𝟗.𝟎𝟑 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟐𝟗, 𝐚𝐭 𝐚 𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝𝐞𝐝 𝐚𝐧𝐧𝐮𝐚𝐥 𝐠𝐫𝐨𝐰𝐭𝐡 𝐫𝐚𝐭𝐞 (𝐂𝐀𝐆𝐑) 𝐨𝐟 𝟔.𝟐𝟎%. This growth is linked to the growing demand for affordable housing coupled with the increasing investment in the development of healthcare and commercial infrastructure around the globe.

Modular construction innovatively disrupts conventional construction practices where buildings are assembled from pre-fabricated standard modules or parts that are manufactured in factories under optimal environment and then transported and joined on site to form the complete construction. This concept is beneficial in many ways such as the quick project duration, low cost of construction and quality assurance. Also, mainly because it makes use of pre-fabricated parts and components, allows efficient control of wastage and energy usage, thereby making it environmentally friendly when compared to traditional construction practices. It makes it possible for one to design various styles of building to include; homes, business buildings, schools and even hospitals. Thus, modular construction has received wide attention because of the benefits that it has in the current construction industry in terms of effectiveness, cost, and sustainability.

𝐆𝐞𝐭 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐫𝐞𝐩𝐨𝐫𝐭 𝐭𝐨𝐝𝐚𝐲@:

https://exactitudeconsultancy.com/reports/6197/modular-construction-market/#request-a-sample

𝐖𝐡𝐚𝐭 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐝𝐨𝐞𝐬 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐜𝐨𝐧𝐭𝐚𝐢𝐧?

Historical data coverage: Growth Projections: 2024 to 2030.

Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.

6-year performance forecasts: major segments covering applications, top products and geographies.

Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Competitive Landscape:

Laing O’Rourke, Red Sea Housing, Atco Ltd., Skanska AB, Kleusberg GmbH, Guerdon, XtreeE, Boxabl

𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬

In May 2023, Guerdon, a modular construction company, revealed its acquisition of Champion Homes, another player in the modular construction industry, to expand its footprint in the residential housing market.

In March 2023, XtreeE, a construction technology firm, disclosed its collaboration with New Living, a modular construction company, to co-create 3D-printed modular housing solutions.

In January 2023, Boxabl, a modular construction company, declared securing $50 million in fresh funding to aid the advancement of its expandable modular homes.

𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐨𝐝𝐮𝐥𝐚𝐫 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 @:

https://exactitudeconsultancy.com/reports/6197/modular-construction-market/

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

𝐃𝐫𝐢𝐯𝐞𝐫

Rise in urbanization and industrialization with an increase in the speed of construction and high efficiency Modular construction home and business building technique is modern and newly popular method which is says to be revolutionary.

With rising level of urbanization and industrialization, various economies have been propelled forward and this has ensured that there is high demand for modular buildings.

These structures are favored as they take lesser time to build than conventional structures, therefore halting the accumulation of more construction costs.

Currently, populations in regions such as Asia, Latin America, and Africa are expanding rapidly coupled with the expanding urbanization hence a sharp increase in the rates of housing, infrastructural, and social service outcomes. Modular construction enables a designer to pick components that can function effectively hence reducing the amount of time and funds spent.

Thanks to its efficiency and durability, its use is demanded by specialists, therefore, the Modular Construction market is gradually increasing. According to a study by Society Africa published in May of 2023, Africa leads the urbanization trend in the world. Jean-Michel Boss. Despite the fact that majority of people living in Africa are in the rural areas, the continent is now charting the growth of urbanization.

𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭

Unreliability in the areas prone to the earthquakes and scarcity of skilled labor:

As already aforementioned the modular construction involves construction easier and lighter module units making it vulnerable to the forces of an earthquake.

Precast frame panels may not be effectively responding to very strong earthquakes and the roofs and walls constructed with light material such as timber or aluminum may easily bend and twist. In turn, the construction of modular buildings does not gain the popularity needed when it comes to zones with earthquake frequency phenomena.

Market limitation also arise from the factors like, fear of technology and this also leads to other problems like logistical problems.

Larger construction projects such as distribution centers may face challenges in terms of transportation and access while the small business commercial projects in zones which are prone to earthquakes may consider the use of modular constructions as impractical and expensive.

These restraints have dampened the growth of modular construction market and present a challenge to its expansion in general.

𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

𝐓𝐡𝐞 𝐞𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥𝐢𝐬𝐦 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲

The market for modular construction is growing due to increased popularity of this environment controlled approach to construction challenges such as extreme weather. Compared to this, the market for modular construction is growing similar to those for other system built construction solutions since the rise in costs for construction of green buildings has led to a search for other construction systems.

The commercial sector has expanded rapidly and has raised demands for this kind of building activity to create more building operations in fields such as hotels, offices, schools etc. Also, modular building is widely used in contractual construction which stimulates growth of the market and is preferred more often in case of work on tight schedule.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

𝐁𝐲 𝐓𝐲𝐩𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

PMC Holds a Major Market Share Owing to Its Cost Effectiveness

By type the market is divided into permanent modular construction (PMC) and relocatable modular construction.

PMC holds the largest market share and is the fastest-growing market segment. The PMC module can be retrofitted to the existing building or delivered as a turn-key solution with time and cost-efficiency. Relocatable modular construction is expected to grow progressively as temporary housing for emergency and relief operations has gained importance over the past few years. These buildings are specially designed to be reused, repurposed, and transported to various project sites.

𝐁𝐲 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

Concrete Segment Dominated Global Market in 2022, due to the Increasing Need for Road Infrastructure

By material type, the market is divided into concrete, steel, and wood.

Concrete segment generated prominent revenue in 2022. It is due to the increasing demand for concrete materials from the road and highway infrastructure industry. Furthermore, the wood segment shows the highest CAGR during the forecast period due to the rising demand for antique multi-storey wooden and bamboo houses. However, the steel segment is growing moderately due to the industrial sector's growing demand for steel infrastructure.

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

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Commercial Application To Be The Fastest Growing Segment Due To Rising Number Of Start-Ups

On the basis of application, the market is divided into commercial, healthcare, educational & institutional, hospitality, and others (residential, etc.).

The rising number of start-ups in developing economies is resulting in the growth of the commercial sector. In December 2022, As per the research published in Financial Express, start-up unicorn companies in India will be contributing nearly 4% to 5% of the country’s total GDP. Healthcare providers are seeking prefab as a viable option due to its cost efficiency, high quality, and time efficiency. They are using prefab for bathrooms, headwalls, and entire hospitals.

The cost and time efficiency of easy installation are expected to increase demand for modular units in the hospitality and education sectors. The others segment is anticipated to exhibit stable growth with moderate demand for modular structures worldwide.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜

The Asia Pacific region is expected to grow the fastest modular construction market share over the forecast period. Increasing construction activities owing to the rising demand from the residential and commercial sectors is expected to drive the regional market. Furthermore, increasing government initiatives to promote eco-friendly housing is resulting in the growth of demand for modular buildings in developing economies.

Rising demand for modular engineering for construction in several sectors, such as healthcare, education, and multi-family homes, is expected to result in the growth of prefab construction in the U.S. Moreover, general contractors in the U.S. use modular structures to build superstructures and fulfill electrical, plumbing, and mechanical requirements. According to sources, more than 69% of general contractors in the northeastern USA use modular components.

𝐄𝐮𝐫𝐨𝐩𝐞

In Europe, government initiatives in the U.K. are further expected to result in market growth. For instance, the U.K. government implemented policies to accelerate construction programs and home-building funds to support innovators in developing land for housing, including modular projects. Also, the government has planned to achieve a 50% reduction in greenhouse gas emissions. It will thus result in the growth of the prefab construction market.

𝐌𝐨𝐝𝐮𝐥𝐚𝐫 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

Modular Construction Market by Type, 2020-2029 (USD Millions) (Thousand Square Feet)

Permanent

Relocatable

Modular Construction Market by Material, 2020-2029 (USD Millions) (Thousand Square Feet)

Steel

Concrete

Wood

Modular Construction Market by Modules, 2020-2029 (USD Millions) (Thousand Square Feet)

Four-Sided

Open-Sided

Partially Open-Sided

Mixed Modules & Floor Cassettes

Modules Supported By A Primary Structure

Others

Modular Construction Market by End Use Industry, 2020-2029 (USD Millions) (Thousand Square Feet)

Residential

Retail & Commercial

Education

Healthcare

Office

Hospitality

𝐊𝐞𝐲 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝 𝐢𝐧 𝐌𝐨𝐝𝐮𝐥𝐚𝐫 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:

What is the present Modular Construction market size in terms of revenue and volume, and how much growth is expected during the forecast period?

Which are the key developments that are anticipated to stimulate Modular Construction market trends?

Which factors will trigger product demand and how much product consumption is estimated?

What are the upcoming business opportunities and restraints?

Which region will dominate the global Modular Construction market share?

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

𝐌𝐞𝐭𝐚𝐥 𝐏𝐚𝐜𝐤𝐚𝐠𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

The global metal packaging market size is expected to grow at more than 3.82% CAGR from 2021 to 2030. It is expected to reach above USD 120.08 billion by 2030 from a little above USD 168.27 billion in 2020.

https://exactitudeconsultancy.com/reports/19574/metal-packaging-market/

𝟓𝐆 𝐅𝐢𝐱𝐞𝐝 𝐖𝐢𝐫𝐞𝐥𝐞𝐬𝐬 𝐀𝐜𝐜𝐞𝐬𝐬 (𝐅𝐖𝐀) 𝐌𝐚𝐫𝐤𝐞𝐭

The global 5G fixed wireless access (FWA) market is expected to grow at 39% CAGR from 2024 to 2030. It is expected to reach above USD 154 billion by 2029 from USD 29.1 billion in 2022.

https://exactitudeconsultancy.com/reports/19745/5g-fixed-wireless-access-market/

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐑𝐮𝐛𝐛𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭

The global industrial rubber market is expected to grow at 4.6 % CAGR from 2020 to 2029. It is expected to reach above USD 46.33 billion by 2029 from USD 30.91 billion in 2020.

https://exactitudeconsultancy.com/reports/7114/industrial-rubber-market/

𝐀𝐮𝐭𝐨𝐧𝐨𝐦𝐨𝐮𝐬 𝐃𝐚𝐭𝐚 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦 𝐌𝐚𝐫𝐤𝐞𝐭

The autonomous data platform market is expected to grow at 22.3% CAGR from 2024 to 2030. It is expected to reach above USD 6056.85 million by 2029.

https://exactitudeconsultancy.com/reports/15748/autonomous-data-platform-market/

𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐝 𝐕𝐢𝐬𝐮𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭

The global advanced visualization market is projected to reach USD 3.37 Billion by 2030 from USD 3.06 Billion in 2020, at a CAGR of 7.1% from 2024 to 2030.

https://exactitudeconsultancy.com/reports/7715/advanced-visualization-market/

𝐈𝐧𝐭𝐫𝐚𝐨𝐫𝐚𝐥 𝐜𝐚𝐦𝐞𝐫𝐚𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The global intraoral cameras market size is estimated to be valued at USD 1.90 billion in 2020 and is projected to reach USD 3.75 billion by 2030, recording a CAGR of 8.9%.

https://exactitudeconsultancy.com/reports/2753/intraoral-cameras-market/

𝐏𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐁𝐨𝐚𝐫𝐝𝐢𝐧𝐠 𝐁𝐫𝐢𝐝𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The Passenger Boarding Bridge Market size is expected to grow at more than 10.85% CAGR from 2024 to 2030. It is expected to reach above USD 725.86 million by 2029 from a little above USD 287.23 million in 2020.

https://exactitudeconsultancy.com/reports/24524/passenger-boarding-bridge-market

𝐁𝐨𝐝𝐲 𝐀𝐫𝐞𝐚 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐌𝐚𝐫𝐤𝐞𝐭

Body area network market size was valued at USD 10.32 billion in 2020 and is projected to reach USD 23.93 billion by 2029, growing at a CAGR of 9.8% from 2024 to 2030.

https://exactitudeconsultancy.com/reports/11838/body-area-network-market/

𝐂𝐡𝐞𝐦𝐢𝐜𝐚𝐥 𝐀𝐢𝐫 𝐅𝐢𝐥𝐭𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭

The global Chemical Air Filter Market is projected to reach USD 21 Billion by 2030 from USD 11.97 Billion in 2020, at a CAGR of 6.5% from 2024 to 2030.

https://exactitudeconsultancy.com/reports/2800/chemical-air-filter-market/

𝐖𝐢𝐫𝐞𝐥𝐞𝐬𝐬 𝐀𝐍𝐂 𝐇𝐞𝐚𝐝𝐩𝐡𝐨𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The wireless ANC headphone market is expected to grow at 6.67% CAGR from 2023 to 2029. It is expected to reach above USD 19.56 Billion by 2029 from USD 10.94 Billion in 2020.

https://exactitudeconsultancy.com/reports/20972/wireless-anc-headphone-market/

𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐞 𝐌𝐨𝐝𝐮𝐥𝐚𝐫 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐞𝐩𝐨𝐫𝐭 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐜𝐥𝐢𝐞𝐧𝐭 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬:

https://exactitudeconsultancy.com/primary-research/

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