Global Modular Construction (Permanent, Relocatable) Industry Report 2024: Output to Grow by Over $40 Billion by 2029 with Asia-Pacific Spearheading Expansion and Developments - ResearchAndMarkets.com

The "Global Modular Construction Market by Type (Permanent, Relocatable), Module, Material (Wood, Steel, Concrete), End-Use Industry (Residential, Office, Education, Retail & Commercial, Hospitality, Healthcare), Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The global modular construction market size is projected to grow from USD 104.1 billion in 2024 to USD 140.8 billion by 2029, at a CAGR of 6.2%

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 industry, and region. The study also includes an in-depth competitive analysis of key players in the market, 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 improve their position in the modular construction market.

Shorter project schedules, housing shortages in many regions, financial construction requirements, and workforce scarcities, are the factors that drive the growth of the modular construction market.

Asia Pacific region is expected to expand at the highest CAGR from 2024 to 2029. Factors like easy and complete accessibility of raw materials and workforce, advanced technologies, have propelled the development of the economy in the Asia Pacific region. Additionally, rapid urbanization and industrialization in countries like China, Japan, and India are driving greater manufacturing and construction activities and, consequently, increasing demand for modular construction.

Companies covered include Laing O'Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Modulaire Group (UK), Bechtel Corporation (US), Fluor Corporation (US), Lendlease Corporation (Australia), Kleusberg GmbH (Germany), and others are covered in the modular construction market.

By Type, Permanent modular construction segment to account for major market share

Permanent modular construction dominates the modular construction market due to its versatility, durability, and suitability for diverse building applications. Unlike relocatable modular construction, which is often used for temporary structures, permanent modular construction offers long-lasting solutions with greater design flexibility and customization options. The consistent standards of safety, quality, and durability associated with permanent modular construction make it a preferred choice for developers and clients seeking reliable building solutions.

By Material, steel to account for highest growth rate during the forecast period

Steel is the fastest growing segment in the modular construction market due to several key advantages. Firstly, steel is incredibly strong and durable, providing superior structural integrity and resistance to environmental factors such as moisture, pests, and fire. This strength allows for larger, more complex structures to be built using steel, expanding the scope of modular construction projects. Additionally, steel's lightweight nature facilitates easier transportation and assembly of modular components, reducing construction time and costs.

Furthermore, steel is highly versatile and can be easily customized to meet specific design requirements, offering architects and developers greater flexibility in their projects. Finally, steel is a sustainable building material, as it is often made from recycled materials and is fully recyclable at the end of its lifespan, aligning with the growing emphasis on eco-friendly construction practices. These advantages collectively contribute to the rapid growth of steel in the modular construction market, making it the preferred choice for many developers and builders.

By End Use Industry, Residential segment to account for the highest CAGR during the forecast period

The residential segment is experiencing rapid growth in the modular construction market due to several factors. The increasing demand for affordable housing solutions, particularly in urban areas, has propelled the adoption of modular construction techniques, which offer cost-effective and efficient building solutions. Additionally, modular construction allows for faster project completion times compared to traditional methods, enabling developers to meet the pressing need for housing more quickly.

Key Attributes:

Premium Insights

• Attractive Opportunities for Players in Modular Construction Market
• Permanent Modular Construction Accounted for Larger Share in Terms of Volume
• Residential Accounted for Largest Share in Terms of Volume
• Modular Construction Market in China to Grow at Highest CAGR

Case Study Analysis

• Modular Construction Manufacturer Helped in Speedy Construction of School
• Major Modular Construction Company Helped Pharmaceutical Company Deliver Temporary Spaces
• Modular Construction Delivered Sustainable Hospital Complex

Market Dynamics

Drivers

• Need for Time-Saving and Cost-Effective Construction
• Investments in Infrastructure Industry
• Increasing Work-Zone Safety and Building Sustainability
• Ease of Relocation of Modular Buildings
• Supportive Government Initiatives

Restraints

• Risks of Transportation and Assembly Issues in Modular Construction
• Lack of Awareness in Developing Economies

Opportunities

• Population Growth and Urbanization Translating to Increased Number of Construction Projects
• Increasing Demand for High-End Residential and Multi-Story Buildings
• Housing Crisis in Developed Countries

Challenges

• Lack of Experts in Market
• Volatility in Transportation Charges

Company Profiles

Key Players

• Laing O'Rourke
• Red Sea International
• Skansa Ab
• Atco Ltd.
• Modulaire Group
• Kleusberg GmbH & Co. KG
• Lendlease Corporation
• Bechtel Corporation
• Fluor Corporation
• Bouygues Construction
• Vinci SA

Other Players

• Kwikspace Modular Buildings
• Westchester Modular Homes, Inc.
• Wernick Group Limited
• Koma Modular
• Elements Europe
• Premier Modular
• The Alho Group
• Investwood, SA
• Broad Group
• Mighty Buildings, Inc.
• Factory_Os
• Blokable Inc.
• Modulous
• Nexii Building Solutions
• Dubox
• Connect Homes
• Guerdon, LLC.

Value Chain Analysis

• Prominent Companies
• Small & Medium-Sized Enterprises
• Design
• Engineering
• Permits & Approvals
• Site Development & Building Foundation
• Plant Fabrication
• Transportation
• Installation

Technology Analysis

• Key Technologies
• Complementary Technology
• Adjacent Technology

Regulations in Modular Construction Market

• Icc/Mbi 1200-2021 Standard for Off-Site Construction
• Icc/Mbi 1205-2021 Standard for Off-Site Construction
• Csa A277 Standard
• Csa Z240 Mh Series-16 (R2021) Standard
• Csa Z240.10.1:19 Standard

For more information about this report visit https://www.researchandmarkets.com/r/4k4b5h

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