According to the report by Expert Market Research (EMR), the global Modular Construction Market Size reached a value of USD 63.19 billion in 2023. Aided by rapid urbanisation, increasing construction activities, and the need for cost-effective and sustainable building solutions, the market is projected to further grow at a CAGR of 12.4% between 2024 and 2032 to reach a value of USD 180.87 billion by 2032.
Modular construction involves the prefabrication of building components, such as walls, floors, ceilings, and entire rooms or units, in a factory setting using standardised processes and materials. These modules are then transported to the construction site, where they are assembled into a complete structure using cranes or other lifting equipment. Modular construction can be used for a wide range of building types, including residential buildings, commercial complexes, educational institutions, healthcare facilities, and industrial structures. It offers several benefits, including reduced construction time, cost savings, improved quality control, enhanced sustainability, and increased flexibility in design and customization, consequently driving up the modular construction market share.
Modular construction enables faster project completion compared to traditional construction methods, as building components can be manufactured concurrently with site preparation, leading to shorter construction schedules and reduced labour costs. Prefabrication of building modules in a controlled factory environment allows for economies of scale, bulk purchasing of materials, and reduced wastage, resulting in overall cost savings for developers, contractors, and building owners.
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Moreover, factory-controlled manufacturing processes ensure consistent quality standards and adherence to building codes and regulations, leading to higher-quality finished products with fewer defects and rework, enhancing customer satisfaction and reducing post-construction maintenance costs, leading to rapid modular construction market growth.
Modular construction promotes sustainability by minimising construction waste, reducing energy consumption, and incorporating eco-friendly materials and technologies into building designs, thereby reducing the environmental impact of construction projects. Modular construction offers greater flexibility in design, allowing for customisation, modifications, and future expansions or reconfigurations of buildings to meet changing user requirements and market demand, leading to modular construction market development.
Modular construction can be categorised into volumetric modular construction (where entire modules or units are prefabricated) and panelised modular construction (where individual building components or panels are prefabricated and assembled on-site). Modular construction finds applications across various sectors, including residential, commercial, institutional, industrial, and healthcare.
As per the modular construction market analysis, technological advancements are revolutionising the construction sector, with robotics and artificial intelligence (AI) being increasingly integrated into modular construction. The demand for automation in manufacturing processes is driving the use of robotics, a trend that is expected to continue with the rise of Industry 4.0. Furthermore, the utilisation of technology to streamline building information, computational design, and modelling tools is enhancing the supply chain and logistics of modular construction, contributing to market growth.
The increasing need for permanent modular construction to enhance cost-effectiveness in construction projects is a key driver of market expansion. Rising labour costs in the construction sector are also fuelling the adoption of modular construction due to its reduced reliance on manual labour. Additionally, the booming housing market, particularly in countries like Canada and the United States, is boosting the use of modular construction to expedite residential building projects. The ability to customise designs according to specific requirements is expected to further drive market growth.
Modular Construction Market Segmentation
The market can be divided based on the construction, material, end use, and region
Market Breakup by Construction
- Permanent Modular
- Relocatable Modular
Market Breakup by Material
- Seel
- Concrete
- Wood
- Plastic
Market Breakup by End Use
- Commercial
- Industrial/Institutional
- Residential
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Modular Construction Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global modular construction market. Some of the major players explored in the report by Expert Market Research are as follows:
- Bouygues Construction
- Balfour Beatty plc
- Larsen & Toubro Ltd
- JL Construction
- Others
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