Modular Construction Market Report Overview
The global modular construction market is projected to expand from $85.43 billion in 2023 to an impressive $129.3 billion by 2030, at a CAGR of 6.1%. This dynamic construction method involves offsite manufacturing under controlled conditions, ensuring sustainability, reduced waste, and efficiency. With diverse applications across residential, healthcare, education, and commercial sectors, modular construction is transforming global building practices.
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Modular Construction Market Trends in Asia Pacific: Leading the Charge in Innovation and Growth
Asia Pacific is poised to dominate the global modular construction market, contributing significantly to the anticipated market size of US$ 129.30 billion by 2030. With rapid urbanization and government incentives in countries like Singapore, the region is leading the charge in adopting innovative modular construction solutions, such as PPVC (Pre-fabricated, pre-finished volumetric construction).
The Future of Modular Construction in the US: Driving Efficiency with Sustainable Solutions
The US modular construction market continues to show growth, driven by sustainability efforts and innovations in construction methods. Leading companies such as ATCO and Bechtel Corporation are pioneering new modular solutions that address both construction waste reduction and the growing demand for affordable housing.
Modular Construction Market: Mergers and Acquisitions Shaping Industry Landscape
The global modular construction market is experiencing key mergers and acquisitions that are reshaping the competitive landscape. Notable acquisitions, such as Lendlease Corporation’s acquisition of modular construction firms, are positioning companies to capitalize on the growing demand for sustainable building solutions.
Modular Construction Market Regional Insights
The market for modular construction is dominated by Asia Pacific over the 2024–2030 forecast period. By 2030, Asia Pacific is anticipated to have the most market shares. Advanced technology and innovations, as well as a ready supply of labor and raw materials, have all contributed to the growth of the Asia Pacific region’s economy. The World Bank reported that the fastest-growing region in terms of both population and economic growth was Asia Pacific. According to the Population Reference Bureau, China, India, and other developing Asia Pacific nations had a combined population of almost 4.5 billion in 2022. During the forecast period 2024–2030, they are anticipated to play a bigger role in driving the need for modular construction worldwide.
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Modular Construction Market Segmentation
by Type
Permanent
Relocatable
The market is divided into two segments based on type: permanent and relocatable. By 2030, the sector with the biggest market shares is anticipated to be permanent modular construction. Using offshore and lean manufacturing technologies, permanent modular construction (PMC) is an innovative and sustainable building method that prefabricates single or multi-story structures in modular components. It is possible to mold PMC to fit into an already-existing structure. For instance, the Hawaii Film Studio used PMC to meet strict budgetary and schedule requirements. Examples of permanent modular construction include restaurants, hotels, schools, and healthcare institutions.
by Material
Steel
Wood
Concrete
by Module
Four-sided
Open-sided
Partially open-sided
Mixed modules & floor cassettes
Modules supported by a primary structure
Others
by End-Use
Sector Residential
Office
Education
Retail & Commercial
Hospitality
Healthcare
Others
Residential, Office, Education, Retail & Commercial, Hospitality, Healthcare, and Others are the market segments based on the End-Use Sector. It is anticipated that the healthcare sector would expand at a compound annual growth rate (CAGR) of between 2024 and 2030. Many healthcare organizations and hospital contractors are using modular construction for headwalls, bathrooms, and even entire facilities. Modular architecture is advantageous for medical, surgical, clinical, and dental applications because to its quietness, safety, and cleanliness. In this sector, cutting costs and construction schedules is a top priority, although superior building materials and designs are also desired. These are the main factors anticipated to accelerate this market segment’s expansion in the worldwide modular construction market between 2024 and 2030.
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Modular Construction Market Key Players
1. ATCO
2. Anderco Pte. Ltd.
3. Giant Containers Inc.
4. Honomobo Corporation
5. Lendlease Corporation
6. SG Blocks, Inc.
7. Skanska AB
8. Speed House Group of Companies
9. Supertech Industries LLC
10.Tempohousing.
11.Laing O’Rourke
12.Red Sea Housing
13.Atco Ltd.
14.Algeco Scotsman
15.Kleusberg GmbH
16.Katerra
17.Bechtel Corporation
18.Fluor Corporation
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Key questions answered in the Modular Construction Market are:
- What is Modular Construction?
- Who are the leading companies and what are their portfolios in Modular Construction Market?
- What segments are covered in the Modular Construction Market?
- Who are the key players in the Modular Construction market?
- Which application holds the highest potential in the Modular Construction market?
- What are the key challenges and opportunities in the Modular Construction market?
- What growth strategies are the players considering to increase their presence in Modular Construction?
- What is the growth rate of the Modular Construction Market?
- Which are the factors expected to drive the Modular Construction market growth?
- What are the upcoming industry applications and trends for the Modular Construction Market?
- What will be the CAGR at which the Modular Construction market will grow?
- What are the different segments of the Modular Construction Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis of segments and sub-segments
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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