The Modular Construction Global Market Report 2023, provides comprehensive information on the modular construction market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global modular construction market is expected to grow from $89.18 billion in 2022 to $95.59 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the modular construction market is expected to reach $125.03 billion in 2027 at a CAGR of 6.9%.
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Product innovations are a key trend gaining popularity in the modular construction market. Major companies operating in the modular construction market are introducing innovative products to sustain their position in the modular construction market. For instance, in February 2022, Black Buffalo 3D Corporation, a US-based company operating in modular construction launched NEXCON 3D printers, a 3D modular construction printer. Black Buffalo 3D’s NEXCON involves 3D printing technology that addresses traditional challenges in the construction industry with unique features of Black Buffalo 3D’s NEXCON such as it can print components or walls more quickly, more affordably, and with a stronger, more durable end product utilizing a motion-centric modular gantry design that produces more effective structures. The multi-axis gantry system is optimized to produce accurate prints for any 3D-modeled design that can be developed using normal CAD software, and it is capable of printing buildings up to three stories high.
The modular construction market is segmented:
1) By Type: Permanent, Relocatable
2) By Material: Steel, Wood, Concrete
3) By Module: Four-sided, Open-sided, Partially open-sided, Mixed modules and floor cassettes, Modules supported by a primary structure, Other Modules
4) By End-Use Sector: Residential, Office, Education, Retail and Commercial, Hospitality, Healthcare, Other End Users
Asia-Pacific was the largest region in the modular construction market in 2022.
The table of contents in TBRC’s modular construction market report includes:
- Executive Summary
- Modular Construction Market Characteristics
- Modular Construction Market Trends And Strategies
- Modular Construction Market – Macro Economic Scenario
- Modular Construction Market Size And Growth
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- Africa Modular Construction Market
- Modular Construction Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Modular Construction Market
- Modular Construction Market Future Outlook and Potential Analysis
- Appendix
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