< Key Hightlight >

The global modular construction market size is projected to grow from USD 91.0 billion in 2022 to USD 120.4 billion by 2027, at a CAGR of 5.7%. Important developments in construction activity, such as shorter project schedules, housing shortages in many countries, financial construction requirements, and workforce scarcities, are the considerations that drive the progress of the volumetric modular construction method.

“Permanent modular building is likely to outstrip the modular construction market.”

Permanent modular construction (PMC) is an advanced construction method that develops offsite production methods to assemble single and multi-story structures in modular sections on the grounds of sustainability. PMC can be assembled into a current structure or constructed to stand separately. The sections can then be finalized with MEP interior finishes, fixtures, and appliances. 

“ Steel is the fastest segment in the modular construction market”

Buildings are usually assembled with a steel frame, steel, cold-form steel wall panels, and hot-rolled steel framework in modular construction. In terms of material utilization, steel accounts for the leading share in the modular construction market. Steel structures offer many advantages more than wood-framed relocatable buildings. These factors include model flexibility, structural strength, toughness, safety measures, and fire resistance, lessening the need for repair and maintenance all over the building’s life cycle.

“Asia Pacific modular construction market is projected to grow at the highest CAGR during the forecast period.”

Asia Pacific region is expected to expand at the maximum CAGR from 2022 to 2027. Circumstances such as the complete accessibility of raw materials and workforce, alongside advanced technologies and improvements, have propelled the development of the economy in the Asia Pacific region. According to the World Bank, China and Japan are the globe's second-and third-largest economies as of 2021.

In-depth interviews were performed with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from several key organizations working in the modular construction market. 

By Department: Tier 1: 40%, Tier 2: 30%, Tier 3: 40%

By Designation: Directors: 30%, CXOs: 30%, and Others: 40% 

By Region: North America: 20%, Europe: 20%, Asia Pacific: 40%, Middle East & Africa: 10%, and South America: 10%

The global modular construction market comprises major manufacturers, such as Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Algeco Scotsman (UK), and Kleusberg GmbH (Germany).

Research Coverage 

The market study covers the modular construction market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, material, end-use sector, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the modular construction market.

Key Benefits of Buying the Report

The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall modular construction market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.