According to a Future Market Insights (FMI) report, the global modular construction market is expected to be worth US$ 97.51 Billion in 2023. The adoption of modular construction is projected to develop at a 7.4% CAGR to reach US$ 199.11 Billion by 2033.
One of the key drivers of growth in the modular construction industry is the increasing demand for affordable housing and infrastructure solutions. Modular construction offers a cost-effective and efficient way to construct high-quality buildings in a short period. Hence, making it an ideal solution for affordable housing projects and infrastructure development.
The modular construction market still faces several restraints despite promising growth prospects. One of the primary restraints is the perception that modular construction is not as durable or high-quality as traditional construction methods. This perception often results in skepticism among potential clients, making it difficult for modular construction companies to gain market share.
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The modular construction industry also presents several opportunities for growth and development. With the growing demand for sustainable and eco-friendly construction solutions, modular construction has emerged as an ideal solution due to its minimal impact on the environment. Additionally, advancements in technology have made modular construction cost-effective, and easy to implement.
The latest trends in the modular construction market include the adoption of digital tools and automation to increase efficiency and reduce costs. This trend is driven by the need to streamline the building process and reduce the reliance on manual labor.
Companies are increasingly investing in innovative solutions that integrate design, engineering, and construction to provide end-to-end services to clients. Overall, the modular construction industry is poised for significant growth and development in the coming years.
Key Takeaways from the Modular Construction Market:
- With a predicted market share of 35% by 2033, the modular construction sector in the United States is forecasted to increase significantly over the projection period.
- Germany is predicted to hold a 20% market share in the worldwide modular construction industry by 2033.
- By 2033, China is estimated to have a 25% market share in the global modular construction market.
- With an anticipated market share of 10% by 2033, Japan’s modular construction industry is expected to increase moderately during the forecast period.
- Relocatable modular construction dominates the modular building sector, with a predicted market share of 60% in 2023.
- Steel modular construction is expected to have a notable market share of 45% in 2023.
Plethora of Opportunities for New and the Previously Dominating Players in the Industry:
The modular construction industry is becoming increasingly competitive as many players enter the market and existing companies look to expand their operations.
To stay at the top, key players in the industry are making huge investments in research and development to enhance their product offerings and increase efficiency. Additionally, companies are expanding their global reach through mergers and acquisitions and strategic partnerships. For instance,
- In 2021, Skanska AB acquired a 50% stake in UK modular builder Ideal Modular Homes.
The modular construction market still faces several challenges despite the promising growth prospects. One of the key challenges is the perception that modular construction is not as durable or high-quality as traditional construction methods. Additionally, the lack of skilled workers and the limited number of modular factories pose logistical challenges.
New entrants in the modular construction industry have a range of investment opportunities to explore. With the demand for sustainable and affordable housing solutions on the rise, there is a growing market for modular construction.
Advancements in technology and the adoption of digital tools have made modular construction efficient and lucrative, providing new entrants with the opportunity to compete with established players.
Key developments in the Modular Construction Industry:
- Daiwa House, Japan’s largest construction business, announced cooperation with Capital Bay in October 2022 to supply modular construction throughout Europe.
In June 2022, Laing O’Rourke Delivery Ltd. completed the new HS2 Interchange Station in Solihull, serving as the center of the country’s new high-speed train network.
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Key Players in the Modular Construction Industry:
- Bouygues Construction
- Premier Modular Limited
- KLEUSBERG GmbH & Co KG
- Sekisui House Ltd.
- LAING O’ROURKE
- Red Sea International
- Skanska
- DuBox
- Wernick Group
- CIMC Modular Building Systems Holdings Co., Ltd
- Riko Hiše d.o.o
- Lendlease Corporation
- Modulaire Group
- Guerdon, LLC
- Hickory Group
Global Modular Construction Market by Category:
By Product:
- Relocatable
- Permanent
By Material:
- Wood
- Steel
- Concrete
- Others
By Application:
- Residential
- Commercial
- Industrial
- Healthcare
- Educational
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East and Africa
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