Global Modular Construction Market
As stated in our extensive report, the Global Modular Construction Market accounted for USD 86.3 Billion in the year 2022 and is projected to reach a value of USD 544.4 Billion by 2030
Increasing investment in developing health and business infrastructure worldwide is significantly driving the Modular Construction market growth. Outdoor construction in cities is also increasing, which is contributing to the growth of the Modular Construction market. The exterior construction is not affected by weather conditions, as it is produced in closed factories with advanced machinery that optimizes construction time and produces high-quality products. Rapid urbanization and industrialization are expected to increase the number of new projects, especially in trade and industry. This is likely to fuel the growth of the construction industry worldwide. Rapid urbanization and industrialization are expected to increase the number of new projects, especially in trade and industry. This is likely to fuel the growth of the construction industry worldwide. In addition, growing technological advances in the construction industry and the advantages offered by Modular Construction, such as reduced construction time, lower costs, greater flexibility, recycling, and less material waste, are increasing the demand for Modular Construction products.
Growing technological advances in the construction industry and the advantages offered by Modular Construction, such as reduced construction time, lower costs, greater flexibility, recycling, and less material waste, are increasing the demand for the products. The advantages mentioned above of field construction make Modular Construction cost-effective and reduce waste on the construction site. Today, Modular Construction has received a new wave of attention and investment, and several factors suggest that it may have revolutionized sustainability. First, the maturation of digital tools has radically changed the Modular Construction proposition – for example, by facilitating the design of modules and optimizing delivery logistics. Consumer perceptions of modular buildings are beginning to change significantly as new, more versatile material options improve the appearance of prefabricated buildings.
Key factors Influencing Global Modular Construction Market Growth
The growth of the global Modular Construction market can be attributable to the following:
- Demand for less environmental impact, increasing concern for workplace safety, and government encouragement are all factors driving the growth of this industry.
- Greater flexibility and reuse, less waste, better air quality, shorter construction deadlines, safer construction, unlimited design possibilities, and better-designed buildings are some of the additional benefits of Modular Construction.
- Modular structures are easy to dismantle, renovate and transfer to new modular houses, which reduces the demand for raw materials and energy consumption to build new structures. Modular Construction is a factory-based approach that creates less waste and reduces workplace disruption. Projects are completed half as quickly as usual due to the simultaneous construction of sites and modular buildings.
- The Modular Construction market can also witness a surge due to rapid urbanization leading to many new construction projects. Growing rapid industrialization, urbanization, and demand for high-end buildings at reasonable prices are expected to drive industry growth during the forecast period. In addition, the sector will benefit from the growing popularity of sustainable construction techniques and the development of construction activity in emerging economies. Furthermore, the Modular Construction market is also expected to grow due to increased support from government regulations and policies.
Europe Region to Lead the Market
Europe Modular Construction market will grow the fastest in the forecast period due to international investments supporting market growth specifically in the region’s infrastructure sector. The increasing demand for sustainable structures, caused by increasing environmental problems and rising pollution rates, is driving the adoption of Modular Construction, significantly increasing product growth. Europe was the largest Modular Construction market in 2022, driven by high penetration in Germany, Finland, the U.K., and Sweden. The main driving factor is expected to be the increasing flow of migrants, which will require the development of temporary and permanent housing structures. In addition, many factors, such as various investments and the adoption of advanced technology, are driving the Europe Modular Construction market.
The overall Modular Construction market sales have been favorably impacted by rising investment in affordable housing, comfortable infrastructure, and modular healthcare department.
The well-known players of the Global Modular Construction Market include ATCO (Canada), Anderco Pte. Ltd. (Singapore), Giant Containers Inc. (Canada), Bechtel Corporation (U.S.), Lendlease Corporation (Australia), Skanska AB (Sweden) and others.