Global Modular Construction Market Size to Surpass USD 131.58 billion by 2030 | Rapid Increase in Construction Activities to drive Modular Construction Market Growth
Fortune Business Insights
5 min read
Fortune Business Insights
According to Fortune Business Insights, the global Modular Construction Market size is projected to grow from USD 79.92 billion in 2022 to USD 131.58 billion in 2030 at CAGR of 6.5% during forecast period.
Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global Modular Construction Market size was valued at USD 79.92 billion in 2022. The market is anticipated to grow from USD 84.48 billion in 2023 to USD 131.58 billion by 2030, exhibiting a CAGR of 6.5% over the estimated period. Construction of modular buildings moves along more quickly than conventional construction since it requires less time to finish. More flexibility, better air quality, and quicker construction times are further benefits of modular buildings. Fortune Business Insights™ provides this information in its research report, titled “Modular Construction Market, Forecast 2023-2030”.
Industry Development:
January 2020: Algeco Group announced the acquisition of Altempo SAS. Altempo specializes in catering to large and complex tenders, which require customized and innovative offerings.
Changes Governmental Initiatives to Drive the Market Growth
The market is driven by changing government programs to lessen construction waste and support green buildings. In many projects on government property, for instance, the government of Singapore has required the use of PPVC (prefabricated, pre-finished, volumetric construction) elements. Additionally, the government offers businesses subsidies that standardize contemporary building techniques. Additionally, it is anticipated that rising government spending on R&D for cutting-edge building solutions will soon increase the modular construction market share.
On the contrary, strategic project pre-planning boosts industrial investments, exerting pressure on the investment rate for later stage planning and impeding modular construction market growth.
COVID-19 Impact:
COVID-19 Regulations Limited the Possibilities for New Construction Activities
COVID-19 has significantly harmed the economy. The COVID-19 pandemic's recent emergence has raised market volatility and uncertainty. It resulted in a total economic shutdown that had a major impact on businesses across all industries in countries like India, China, the U.S., Italy, Israel, and the U.K. The market for modular construction has decreased as a result of the significant decline in new residential and non-residential constructions.
It profiles the rankings of key market players accordingly.
It includes key market developments and information on different market segments.
It provides a comprehensive market assessment.
It assesses the COVID-19 pandemic’s impact on the market.
Modular Construction Market Segmentation Analysis:
Permanent Modular Construction Controls A Significant Share Time And Cost-Efficiency
By type the market is segmented into permanent modular construction (PMC) and relocatable modular construction. Permanent modular construction (PMC) retains the biggest market share and is the fastest-growing industry segment. The PMC module can be adapted to the existing building or given as a turn-key solution with time and cost-efficiency.
Due to Growing Need for Road Infrastructure, the Concrete Segment Dominated In 2022
By material type, the market is divided into concrete, steel, and wood. In 2022, revenue from the concrete segment was significant owing to the increasing demand for concrete materials from the road and highway infrastructure business.
Commercial Application to be the Fastest Growing Sector 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 emerging economies is resulting in the progress of the commercial sector.
Regional Insights:
Asia Pacific to Dominate the Market due to Growing Construction Activities
Over the projected period, the market share for modular construction is anticipated to expand most quickly in the Asia Pacific region. The regional market is anticipated to be driven by expanding building activity as a result of increased demand from the residential and commercial sectors. Furthermore, the demand for modular buildings is rising in developing nations as a result of rising government measures to encourage eco-friendly housing.
KEF Collaborates with Katerra to Strengthen Market Position and Expansion
The leading manufacturers in this market are focused on mergers and acquisitions. For instance, Katerra and KEF Infra collaborated to create KEF Katerra in order to improve their skills, increase their product offerings, and broaden their geographic reach. For instance, Blu Homes offers personalized home designs, layouts, and finishes. Sources claim that they offer homes that are 40% more energy-efficient and include modern features like thermal insulation and environmentally friendly water fixtures.
A List of Key Manufacturers Operating in the Global Market:
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