Prefabricated Building and Modular Construction Market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity.
The global Prefabricated Building and Modular Construction Market size was estimated at USD 96.7 billion in 2023 and is projected to reach USD 154.2 billion in 2030 at a CAGR of 6.8% during the forecast period 2024-2030.
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The global market for prefabricated building and modular construction is witnessing significant growth, driven predominantly by rapid urbanization trends in developing nations. Modular building techniques offer distinct advantages over traditional construction methods, including lower costs, reduced construction time, fewer on-site disruptions, and decreased waste production. By conducting a substantial portion of construction within factory settings, modular building minimizes the risk of weather-related delays, with 50 to 80% of building work completed off-site. This approach enhances construction flexibility and reduces energy consumption during building construction, contributing positively to environmental sustainability.
Off-site construction occurs under controlled environments, adhering to standardized components and regulatory requirements. Modular buildings are designed for ease of disassembly, refurbishment, and relocation, thereby promoting resource efficiency by lowering the demand for new raw materials. Factory-controlled processes further mitigate waste generation and minimize disturbances at construction sites. Projects are often completed in shorter durations compared to traditional methods, as site work and modular assembly progress simultaneously.
Delvens Industry Expert's Standpoint
Anticipated increases in foundational investments are expected to drive measured growth in the modular construction market, spurred by rising industrialization and urbanization in developing countries like India, Vietnam, and China. However, the industry faces several challenges that impede its expansion, including shortages of skilled workers, logistical constraints, and knowledge gaps. Issues such as consumer perceptions of quality and difficulties in securing funding also hinder market growth. Additionally, the unpredictable nature of transportation costs poses risks that could hamper the global market for modular construction.
Competitive Landscape
· ACS Group
· Algeco (Modulaire Group)
· Berkeley Modular Limited
· Bouygues Construction
· DUB0X
· Guerdon, LLC
· Hickory Group
· Kiewit Corporation
· Kleusberg GmbH
· Laing O’Rourke
· Larsen & Toubro Limited
· Lendlease Corporation
· Red Sea International
· Riko Group
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Key Findings
On the basis of Type, The Type segment includes Relocatable and Permanent categories. With increasing demand for permanent residential, commercial, and industrial structures, the permanent modular category is anticipated to dominate market share in the coming years. This trend is driven by factors such as rising per capita income and improved access to capital, facilitating market growth.
On the basis of Material, The Material segment is divided into Concrete, Steel, and Wood. Among these, the steel segment is experiencing the most rapid growth in the modular construction market. This growth is attributed to factors such as structural integrity, design flexibility, strength, durability, fire resistance, and reduced maintenance requirements over the building's lifespan.
On the basis of End User, The End User segment is divided into Housing, Commercial, Education, Healthcare, and Industrial categories. Currently holding the largest market share, the housing sector is expected to experience the most rapid growth in the foreseeable future.
North America to Dominate the Market
The North America region is Dominate to be the largest region in the Prefabricated Building and Modular Construction market during the forecast period.
Recent Developments
In December 2023, Red Sea International has forged a four-year agreement with Baker Hughes Company, a global leader in oilfield services, to design, manufacture, supply, and operate modular accommodation facilities in the Eastern Province. These facilities are intended to support oil exploration operations in the region.
In August 2022, Broad Group, a Chinese company, completed the construction of the Living Building, a modular 10-storey apartment block in Changsha, China, in slightly more than a day. The building was erected using cranes and assembled within 28 hours.
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