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Modular Construction Market Expected to Reach USD139.03 Billion by 2029, Growing at 6.20% CAGR
The Modular Construction Market is poised for growth, driven by cost efficiency, faster build times for sustainable and flexible building solutions.
LUTON, BEDFORDSHIRE, UNITED KINGDOM, September 4, 2024 /EINPresswire.com/ -- ๐๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฆ๐จ๐๐ฎ๐ฅ๐๐ซ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ข๐จ๐ง ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐ข๐ณ๐ ๐ข๐ฌ ๐๐๐ ๐๐.๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐ ๐๐ง๐ ๐ข๐ฌ ๐๐ฑ๐ฉ๐๐๐ญ๐๐ ๐ญ๐จ ๐ ๐ซ๐จ๐ฐ ๐ญ๐ข๐ฅ๐ฅ ๐๐๐ ๐๐๐.๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐ฒ ๐๐๐๐, ๐๐ญ ๐ ๐๐จ๐ฆ๐ฉ๐จ๐ฎ๐ง๐๐๐ ๐๐ง๐ง๐ฎ๐๐ฅ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก ๐ซ๐๐ญ๐ (๐๐๐๐) ๐จ๐ ๐.๐๐%. This growth is linked to the growing demand for affordable housing coupled with the increasing investment in the development of healthcare and commercial infrastructure around the globe.
Modular construction innovatively disrupts conventional construction practices where buildings are assembled from pre-fabricated standard modules or parts that are manufactured in factories under optimal environment and then transported and joined on site to form the complete construction. This concept is beneficial in many ways such as the quick project duration, low cost of construction and quality assurance. Also, mainly because it makes use of pre-fabricated parts and components, allows efficient control of wastage and energy usage, thereby making it environmentally friendly when compared to traditional construction practices. It makes it possible for one to design various styles of building to include; homes, business buildings, schools and even hospitals. Thus, modular construction has received wide attention because of the benefits that it has in the current construction industry in terms of effectiveness, cost, and sustainability.
๐๐๐ญ ๐๐ซ๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ฌ๐ญ๐ซ๐๐ญ๐๐ ๐ข๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ญ๐จ๐๐๐ฒ@:
https://exactitudeconsultancy.com/reports/6197/modular-construction-market/#request-a-sample
๐๐ก๐๐ญ ๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐๐ฌ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ง๐ญ๐๐ข๐ง?
Historical data coverage: Growth Projections: 2024 to 2030.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
Competitive Landscape:
Laing OโRourke, Red Sea Housing, Atco Ltd., Skanska AB, Kleusberg GmbH, Guerdon, XtreeE, Boxabl
๐๐๐๐๐ง๐ญ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ
In May 2023, Guerdon, a modular construction company, revealed its acquisition of Champion Homes, another player in the modular construction industry, to expand its footprint in the residential housing market.
In March 2023, XtreeE, a construction technology firm, disclosed its collaboration with New Living, a modular construction company, to co-create 3D-printed modular housing solutions.
In January 2023, Boxabl, a modular construction company, declared securing $50 million in fresh funding to aid the advancement of its expandable modular homes.
๐ ๐ฎ๐ฅ๐ฅ ๐๐๐ฉ๐จ๐ซ๐ญ ๐จ๐ ๐ญ๐ก๐ ๐๐จ๐๐ฎ๐ฅ๐๐ซ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ข๐จ๐ง ๐๐๐ซ๐ค๐๐ญ @:
https://exactitudeconsultancy.com/reports/6197/modular-construction-market/
๐๐๐ซ๐ค๐๐ญ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ
๐๐ซ๐ข๐ฏ๐๐ซ
Rise in urbanization and industrialization with an increase in the speed of construction and high efficiency Modular construction home and business building technique is modern and newly popular method which is says to be revolutionary.
With rising level of urbanization and industrialization, various economies have been propelled forward and this has ensured that there is high demand for modular buildings.
These structures are favored as they take lesser time to build than conventional structures, therefore halting the accumulation of more construction costs.
Currently, populations in regions such as Asia, Latin America, and Africa are expanding rapidly coupled with the expanding urbanization hence a sharp increase in the rates of housing, infrastructural, and social service outcomes. Modular construction enables a designer to pick components that can function effectively hence reducing the amount of time and funds spent.
Thanks to its efficiency and durability, its use is demanded by specialists, therefore, the Modular Construction market is gradually increasing. According to a study by Society Africa published in May of 2023, Africa leads the urbanization trend in the world. Jean-Michel Boss. Despite the fact that majority of people living in Africa are in the rural areas, the continent is now charting the growth of urbanization.
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Unreliability in the areas prone to the earthquakes and scarcity of skilled labor:
As already aforementioned the modular construction involves construction easier and lighter module units making it vulnerable to the forces of an earthquake.
Precast frame panels may not be effectively responding to very strong earthquakes and the roofs and walls constructed with light material such as timber or aluminum may easily bend and twist. In turn, the construction of modular buildings does not gain the popularity needed when it comes to zones with earthquake frequency phenomena.
Market limitation also arise from the factors like, fear of technology and this also leads to other problems like logistical problems.
Larger construction projects such as distribution centers may face challenges in terms of transportation and access while the small business commercial projects in zones which are prone to earthquakes may consider the use of modular constructions as impractical and expensive.
These restraints have dampened the growth of modular construction market and present a challenge to its expansion in general.
๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ
๐๐ก๐ ๐๐ฑ๐ฉ๐๐ง๐ฌ๐ข๐จ๐ง ๐ข๐ง ๐ญ๐ก๐ ๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ข๐๐ฅ๐ข๐ฌ๐ฆ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ
The market for modular construction is growing due to increased popularity of this environment controlled approach to construction challenges such as extreme weather. Compared to this, the market for modular construction is growing similar to those for other system built construction solutions since the rise in costs for construction of green buildings has led to a search for other construction systems.
The commercial sector has expanded rapidly and has raised demands for this kind of building activity to create more building operations in fields such as hotels, offices, schools etc. Also, modular building is widely used in contractual construction which stimulates growth of the market and is preferred more often in case of work on tight schedule.
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ
๐๐ฒ ๐๐ฒ๐ฉ๐ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ
PMC Holds a Major Market Share Owing to Its Cost Effectiveness
By type the market is divided into permanent modular construction (PMC) and relocatable modular construction.
PMC holds the largest market share and is the fastest-growing market segment. The PMC module can be retrofitted to the existing building or delivered as a turn-key solution with time and cost-efficiency. Relocatable modular construction is expected to grow progressively as temporary housing for emergency and relief operations has gained importance over the past few years. These buildings are specially designed to be reused, repurposed, and transported to various project sites.
๐๐ฒ ๐๐๐ญ๐๐ซ๐ข๐๐ฅ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ
Concrete Segment Dominated Global Market in 2022, due to the Increasing Need for Road Infrastructure
By material type, the market is divided into concrete, steel, and wood.
Concrete segment generated prominent revenue in 2022. It is due to the increasing demand for concrete materials from the road and highway infrastructure industry. Furthermore, the wood segment shows the highest CAGR during the forecast period due to the rising demand for antique multi-storey wooden and bamboo houses. However, the steel segment is growing moderately due to the industrial sector's growing demand for steel infrastructure.
๐๐ฒ ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ
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Commercial Application To Be The Fastest Growing Segment Due To Rising Number Of Start-Ups
On the basis of application, the market is divided into commercial, healthcare, educational & institutional, hospitality, and others (residential, etc.).
The rising number of start-ups in developing economies is resulting in the growth of the commercial sector. In December 2022, As per the research published in Financial Express, start-up unicorn companies in India will be contributing nearly 4% to 5% of the countryโs total GDP. Healthcare providers are seeking prefab as a viable option due to its cost efficiency, high quality, and time efficiency. They are using prefab for bathrooms, headwalls, and entire hospitals.
The cost and time efficiency of easy installation are expected to increase demand for modular units in the hospitality and education sectors. The others segment is anticipated to exhibit stable growth with moderate demand for modular structures worldwide.
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๐๐ฌ๐ข๐ ๐๐๐๐ข๐๐ข๐
The Asia Pacific region is expected to grow the fastest modular construction market share over the forecast period. Increasing construction activities owing to the rising demand from the residential and commercial sectors is expected to drive the regional market. Furthermore, increasing government initiatives to promote eco-friendly housing is resulting in the growth of demand for modular buildings in developing economies.
Rising demand for modular engineering for construction in several sectors, such as healthcare, education, and multi-family homes, is expected to result in the growth of prefab construction in the U.S. Moreover, general contractors in the U.S. use modular structures to build superstructures and fulfill electrical, plumbing, and mechanical requirements. According to sources, more than 69% of general contractors in the northeastern USA use modular components.
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In Europe, government initiatives in the U.K. are further expected to result in market growth. For instance, the U.K. government implemented policies to accelerate construction programs and home-building funds to support innovators in developing land for housing, including modular projects. Also, the government has planned to achieve a 50% reduction in greenhouse gas emissions. It will thus result in the growth of the prefab construction market.
๐๐จ๐๐ฎ๐ฅ๐๐ซ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ข๐จ๐ง ๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
Modular Construction Market by Type, 2020-2029 (USD Millions) (Thousand Square Feet)
Permanent
Relocatable
Modular Construction Market by Material, 2020-2029 (USD Millions) (Thousand Square Feet)
Steel
Concrete
Wood
Modular Construction Market by Modules, 2020-2029 (USD Millions) (Thousand Square Feet)
Four-Sided
Open-Sided
Partially Open-Sided
Mixed Modules & Floor Cassettes
Modules Supported By A Primary Structure
Others
Modular Construction Market by End Use Industry, 2020-2029 (USD Millions) (Thousand Square Feet)
Residential
Retail & Commercial
Education
Healthcare
Office
Hospitality
๐๐๐ฒ ๐๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ ๐๐จ๐ฏ๐๐ซ๐๐ ๐ข๐ง ๐๐จ๐๐ฎ๐ฅ๐๐ซ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ข๐จ๐ง ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ:
What is the present Modular Construction market size in terms of revenue and volume, and how much growth is expected during the forecast period?
Which are the key developments that are anticipated to stimulate Modular Construction market trends?
Which factors will trigger product demand and how much product consumption is estimated?
What are the upcoming business opportunities and restraints?
Which region will dominate the global Modular Construction market share?
๐๐จ๐ฉ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
๐๐๐ญ๐๐ฅ ๐๐๐๐ค๐๐ ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ
The global metal packaging market size is expected to grow at more than 3.82% CAGR from 2021 to 2030. It is expected to reach above USD 120.08 billion by 2030 from a little above USD 168.27 billion in 2020.
https://exactitudeconsultancy.com/reports/19574/metal-packaging-market/
๐๐ ๐ ๐ข๐ฑ๐๐ ๐๐ข๐ซ๐๐ฅ๐๐ฌ๐ฌ ๐๐๐๐๐ฌ๐ฌ (๐ ๐๐) ๐๐๐ซ๐ค๐๐ญ
The global 5G fixed wireless access (FWA) market is expected to grow at 39% CAGR from 2024 to 2030. It is expected to reach above USD 154 billion by 2029 from USD 29.1 billion in 2022.
https://exactitudeconsultancy.com/reports/19745/5g-fixed-wireless-access-market/
๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ฎ๐๐๐๐ซ ๐๐๐ซ๐ค๐๐ญ
The global industrial rubber market is expected to grow at 4.6 % CAGR from 2020 to 2029. It is expected to reach above USD 46.33 billion by 2029 from USD 30.91 billion in 2020.
https://exactitudeconsultancy.com/reports/7114/industrial-rubber-market/
๐๐ฎ๐ญ๐จ๐ง๐จ๐ฆ๐จ๐ฎ๐ฌ ๐๐๐ญ๐ ๐๐ฅ๐๐ญ๐๐จ๐ซ๐ฆ ๐๐๐ซ๐ค๐๐ญ
The autonomous data platform market is expected to grow at 22.3% CAGR from 2024 to 2030. It is expected to reach above USD 6056.85 million by 2029.
https://exactitudeconsultancy.com/reports/15748/autonomous-data-platform-market/
๐๐๐ฏ๐๐ง๐๐๐ ๐๐ข๐ฌ๐ฎ๐๐ฅ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐๐๐ซ๐ค๐๐ญ
The global advanced visualization market is projected to reach USD 3.37 Billion by 2030 from USD 3.06 Billion in 2020, at a CAGR of 7.1% from 2024 to 2030.
https://exactitudeconsultancy.com/reports/7715/advanced-visualization-market/
๐๐ง๐ญ๐ซ๐๐จ๐ซ๐๐ฅ ๐๐๐ฆ๐๐ซ๐๐ฌ ๐๐๐ซ๐ค๐๐ญ
The global intraoral cameras market size is estimated to be valued at USD 1.90 billion in 2020 and is projected to reach USD 3.75 billion by 2030, recording a CAGR of 8.9%.
https://exactitudeconsultancy.com/reports/2753/intraoral-cameras-market/
๐๐๐ฌ๐ฌ๐๐ง๐ ๐๐ซ ๐๐จ๐๐ซ๐๐ข๐ง๐ ๐๐ซ๐ข๐๐ ๐ ๐๐๐ซ๐ค๐๐ญ
The Passenger Boarding Bridge Market size is expected to grow at more than 10.85% CAGR from 2024 to 2030. It is expected to reach above USD 725.86 million by 2029 from a little above USD 287.23 million in 2020.
https://exactitudeconsultancy.com/reports/24524/passenger-boarding-bridge-market
๐๐จ๐๐ฒ ๐๐ซ๐๐ ๐๐๐ญ๐ฐ๐จ๐ซ๐ค ๐๐๐ซ๐ค๐๐ญ
Body area network market size was valued at USD 10.32 billion in 2020 and is projected to reach USD 23.93 billion by 2029, growing at a CAGR of 9.8% from 2024 to 2030.
https://exactitudeconsultancy.com/reports/11838/body-area-network-market/
๐๐ก๐๐ฆ๐ข๐๐๐ฅ ๐๐ข๐ซ ๐ ๐ข๐ฅ๐ญ๐๐ซ ๐๐๐ซ๐ค๐๐ญ
The global Chemical Air Filter Market is projected to reach USD 21 Billion by 2030 from USD 11.97 Billion in 2020, at a CAGR of 6.5% from 2024 to 2030.
https://exactitudeconsultancy.com/reports/2800/chemical-air-filter-market/
๐๐ข๐ซ๐๐ฅ๐๐ฌ๐ฌ ๐๐๐ ๐๐๐๐๐ฉ๐ก๐จ๐ง๐ ๐๐๐ซ๐ค๐๐ญ
The wireless ANC headphone market is expected to grow at 6.67% CAGR from 2023 to 2029. It is expected to reach above USD 19.56 Billion by 2029 from USD 10.94 Billion in 2020.
https://exactitudeconsultancy.com/reports/20972/wireless-anc-headphone-market/
๐๐ ๐จ๐๐๐๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐จ๐ง ๐ญ๐ก๐ ๐๐จ๐๐ฎ๐ฅ๐๐ซ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ข๐จ๐ง ๐ฆ๐๐ซ๐ค๐๐ญ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฌ๐๐ ๐จ๐ง ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐๐ฅ๐ข๐๐ง๐ญ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ:
https://exactitudeconsultancy.com/primary-research/
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