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Modular & Prefabricated Construction Market Size - By Product Type (Permanent and Relocatable), By Material (Steel, Wood, Concrete, and Others), By Application, By Regional Outlook & Forecast, 2024 – 2032

  • Report ID: GMI4829
  • Published Date: Apr 2024
  • Report Format: PDF

Modular & Prefabricated Construction Market Size

Modular & Prefabricated Construction Market was valued at USD 155.3 billion in 2023 and is anticipated to register a CAGR of 5.7% between 2024 and 2032, due to the rising demand for affordable housing as well as increasing global investments in healthcare & commercial infrastructure development.
 

Modular & Prefabricated Construction Market

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Rapid urbanization & industrialization is expected to increase the number of new projects, particularly in the commercial and industrial sectors. This is expected to drive global expansion in the construction industry. Increasing technological advancements in the building industry, along with the benefits of modular construction such as faster building schedules, reduced costs, greater flexibility, reuse, and less material waste, are driving product demand.
 

The cost constraints associated with the transportation and logistics of various sizes of modular structures could be a significant barrier to modular & prefabricated construction industry growth. Modular construction is primarily carried out in rural areas due to the availability of cheap labour. However, transporting completed modular constructions across long distances can be expensive. Truck usage laws, which regulate weight limits and impose other restrictions, further compound the difficulties.
 

Modular & Prefabricated Construction Market Trends

Modular construction allows industries to customize their designs while also incorporating the most recent style and utility improvements. Before the introduction of modular building, companies were required to spend countless man-hours on planning and designing while actual construction took months or years to accomplish. Modular design eliminates assumptions in the planning stages and significantly simplifies construction, reducing the time from conception to completion by months or more.
 

Modular & Prefabricated Construction Market Analysis

Global Modular & Prefabricated Construction Market Size, By Product Type, 2021 - 2032 (USD Billion)
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Based on product type, the permanent construction segment dominated the market with a share of 54% in 2023 and is expected to reach around USD 138.6 billion by 2032. The permanent modular construction (PMC) method is an innovative and sustainable construction technology that allows for the off-site manufacture of prefabricated modules that are then deployed in single or multi-story buildings. Furthermore, these modules can be incorporated into an existing structure or designed to stand alone.
 

Global Modular & Prefabricated Construction Market Revenue Share, By Material 2023
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Based on material, the steel segment held approximately 28% of the market share in 2023 and is expected to reach around USD 138.6 billion by 2032. Prefabricated steel buildings are made from pre-engineered steel and are fabricated in a controlled environment in the factory before being transported to the client's site for assembly. These building structures are quick & affordable, also are weatherproof as the components are designed in a factory setting. They are also ideal for commercial & industrial uses and have a pleasing appearance. Features such as easy deconstruction and reuse at another location will drive the product demand by 2032.
 

Europe Modular & Prefabricated Construction Market Size
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Europe region dominated 42% share of the modular & prefabricated construction market in 2023 and is expected to grow at a robust CAGR of 6% during 2024 to 2032. The key driving force is expected to be the increasing number of migrants, necessitating the construction of temporary and permanent dwelling buildings. Furthermore, factors such as various expenditures and the use of modern technologies are propelling the modular construction market in Europe.
 

Country-level Analysis

In terms of country, the U.S dominated the North America modular & prefabricated construction market with a share of 38.6 billion in 2023. This is due to the rising number of building and revenue. Several international corporations are investing in modern modular building technologies such as Building Information Modeling (BIM), Artificial Intelligence (AI), the Internet of Things (IoT), 3D printing, and real-time data analytics to save money. Furthermore, the U.S. government and businesses are heavily investing in the modular building sector to provide multifamily residential constructions; hence, driving market growth.
 

Germany led the Europe modular & prefabricated construction market, accounting for a share of about 24% in 2023. The primary factor driving development is expected to be the increasing number of migrants, necessitating the construction of temporary & permanent housing buildings. Furthermore, factors such as different expenses and the use of modern technologies are propelling the modular construction market in Germany.
 

Modular & Prefabricated Construction Market Share

Global Modular & Prefabricated Construction Market Company Market Share Analysis, 2023

Modular & Prefabricated Construction Companies

Major players operating in the modular & prefabricated construction industry include:

  • 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
  • Satellite Shelters
  • Sekisui House, Ltd.
  • Skanska
  • Taisei Corporation
  • VINCI Construction
     

The market is consolidated with prominent players such as ACS Group, Sekisui House, Ltd., and Laing O’Rourke. Manufacturers are adopting strategic steps, such as mergers, acquisitions, partnerships, and collaboration, to consolidate their market position and meet the growing consumer demand.
 

Modular & Prefabricated Construction Industry News

  • In September 2023, The city of Malmö in southern Sweden welcomed a new student housing project, Unity Malmö, consisting of 5 building blocks and 450 micro-living flats. Forta PRO delivered 269 modules totaling 9,671.9 m2 for the project. Forta PRO is a world-leading modular construction company that offers advanced solutions for the construction & expansion of apartments, healthcare solutions, hotels, student housing, rental apartments, and other facilities with minimal disruptions to surrounding operations.
     
  • In February 2023, Modular Group Investments Ltd. (MGI) announced the acquisition of Oakland Glass Ltd. This acquisition was a critical strategic move for the Group, as it added significant capacity and capabilities in insulated double-glazed unit manufacture. It also provided proven pathways to market for Oakland Glass through MGI's present and future operations.
     

This modular & prefabricated construction market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (Thousand units) from 2021 to 2032, for the following segments:

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Market, By Product type

  • Permanent
  • Relocatable

Market, By Material

  • Steel
  • Wood
  • Concrete
  • Others (aluminum, polyurethane & glass fiber)

Market, By Application

  • Single family residential
  • Multi-family residential
  • Offices
  • Hospitality
  • Retail
  • Healthcare
  • Others (educational buildings, data centers, etc.)

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Portugal
    • Romania
    • Switzerland
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA

 

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of modular & prefabricated construction was reached USD 155.3 billion in 2023 and is projected to expand at 5.7% CAGR from 2024 to 2032, due to the rising demand for affordable housing as well as increasing global investments in healthcare & commercial infrastructure development.
The permanent construction segment in the modular & prefabricated construction market accumulated 54% share in 2023 owing to their ability to incorporate into an existing structure or designed to stand alone.
Europe modular & prefabricated construction industry held 42% revenue share in 2023 and is estimated to grow at 6% CAGR between 2024 and 2032, on account of the increasing number of migrants necessitating the construction of temporary and permanent dwelling buildings.
ACS Group, Algeco (Modulaire Group), Berkeley Modular Limited, Bouygues Construction, DUB0X, Guerdon, LLC, Hickory Group, Kiewit Corporation, Kleusberg GmbH, Laing ORourke, Larsen & Toubro Limited, Lendlease Corporation, Red Sea International, Riko Group, Satellite Shelters, Sekisui House, Ltd., Skanska, Taisei Corporation, and VINCI Construction are some of the leading modular & prefabricated construction companies worldwide.

Modular & Prefabricated Construction Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 19
  • Tables & Figures: 300
  • Countries covered: 24
  • Pages: 320
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