Modular & Prefabricated Construction Market Size

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.

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.