The global modular construction market size is expected to reach USD 162.40 billion by 2030, registering a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. This growth can be attributed to growing infrastructural development and building activities in developing countries around the globe. Rapid urbanization and industrialization are expected to increase the number of new projects, primarily in the commercial and industrial building sectors. This is likely to fuel the growth of the modular construction industry across the globe. Increasing technological advancements in the building industry coupled with the advantages provided by modular construction such as reduced building schedule, reduced cost, greater flexibility, reuse, and less material waste are contributing to the product demand in the market.
The relocatable modular construction (RMC) market is expected to witness rapid growth as temporary housing for emergency and relief operations has gained popularity over the past decade. These buildings are made to be repurposed and transported to various building sites. Government initiatives and regulations toward sustainability and a green environment are expected to fuel the amarket growth over the forecast period.
Using wood in modular construction is advantageous due to its favorable properties as a material. Wood is used in modular construction to create exterior wall panels including additional layers for insulation, vapor barrier, siding, waterproofing, and drywall. Moreover, global concerns regarding sustainability and increasing awareness about wood as a building material among consumers are the factors likely to augment the growth of the market over the forecast period.
Growing commercial sector in Asia Pacific on account of rising penetration of multinational brands backed with favorable trade policies are expected to propel the market growth. Increasing construction of office spaces, shopping malls, lodging spaces and other utility spaces across the region are likely to provide a major boost to the adoption of modular construction.
The manufacturers of modular construction prefer to maintain strategic relationships with raw material suppliers in order to avoid disruptions in raw material supply. In addition, manufacturers do not depend on a single source to procure raw materials to ensure the steady supply of raw materials and avoid volatility in terms of sourcing, thereby limiting the bargaining power of suppliers.
Leading companies are implementing the latest modular construction techniques and solutions to drive innovation in the modular construction sector. For instance, in March 2017, Bureau Veritas, Setec Bâtiment, Agence Coste Architectures, and Bouygues Construction partnered to work on innovative Building Information Modeling (BIM) processes. These processes enable technical inspectors and health & security protection coordinators to assess buildings and structures directly based on the digital model and allows principal contractors to sign off directly on the same digital model.
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Modular Construction Market Report Highlights
- The permanent segment accounted for the largest revenue share of 64.1% in 2021. This is attributed to the several advantages of off-site construction such as high-quality control compared to traditional building methods.
- The steel material segment accounted for a major share of 41.5% in 2022, owing to its characteristics due to which structural steel is used in building materials and can be welded into different shapes and grades.
- The residential application segment was valued at USD 47.85 billion in 2022 and is further forecasted to grow rapidly by 2030. The residential application segment includes single-family houses, multi-story residential buildings, and rental housing properties. Modular construction is witnessing rapid adoption in residential applications on account of its ability to significantly reduce building costs and time.
- The European region accounted for the largest revenue share in 2022 and is forecast to grow at a CAGR of 7.1% by 2030. The primary driving factor is expected to be the rising influx of migrants necessitating the building of temporary and permanent housing structures in the region.
- Modular construction market is characterized by the presence of various established players with a strong financial base resulting in high barriers for new entrants in this market. High initial capital required for developing buildings with modular construction is expected to lower the threat of new entrants in the market.
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We have segmented the global modular constructionmarket report based on product, material, application, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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