The global modular construction market is anticipated to reach USD 97.51 billion in 2023, with a projected growth at a CAGR of 7.4%, hitting USD 199.11 billion by 2033.
A key driver of this growth is the rising demand for affordable housing and infrastructure solutions. Modular construction provides a cost-effective, time-efficient method for building high-quality structures, making it a preferred choice for affordable housing and infrastructure projects.
However, the market faces challenges, including the perception that modular construction is less durable and of lower quality compared to traditional methods. This skepticism hinders the ability of modular construction companies to capture market share.
Despite these challenges, the industry presents significant growth opportunities, particularly in sustainable construction. Modular construction’s eco-friendly approach and technological advancements are enhancing its cost-efficiency and ease of implementation.
Key industry trends include the growing use of digital tools and automation to improve efficiency and cut costs. Companies are also focusing on integrated solutions that combine design, engineering, and construction for comprehensive client services. As a result, the modular construction industry is well-positioned for substantial growth 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 industry.
- 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.
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
Report Preview: https://www.futuremarketinsights.com/reports/modular-construction-market
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