Modular Construction Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4947
Modular Construction Market size is anticipated to grow at a notable rate during 2021-2027. The increasing urbanization & industrialization across the globe is a major factor driving the industry growth. The industrial development across emerging countries has created numerous job opportunities for individuals, leading to cost-effective modular construction technologies, clean water, food, and transport infrastructure. The immigration of rural population to urban areas is anticipated to support market revenue. The shortage of skilled labor and huge investments in the development of modular housing are anticipated to hamper the modular construction market growth.
Due to covid-19, countries have faced economic damage, and the nationwide lockdown has stopped construction sites and created situations for laborers to leave the construction sites, critically hampering the construction activities across the globe. The emergence of COVID-19 pandemic has increased market uncertainty & volatility. It has led to the complete shutdown in China, India, the U.S., Italy, and the UK, affecting businesses across various industries. According to the European investment bank, approximately USD 13,300 million was invested in Europe for infrastructure development projects. The cash inflow-outflow ecosystem has been majorly hampered, resulting in low returns on investment.
The permanent modular construction market is anticipated to grow over the forecast period. PMC can be installed in an existing single, multi-story, or build to stand independently. The PMC supports productivity, efficiency, and safety along with reducing the time & cost associated with building activities.
The concreate segment is popular in the construction industry due to its strength & stability to modular building and is a majorly used material in modular construction. Steel accounts to be the second-largest market and supports building construction. Steel frames in modular building increase the strength, structural integrity, and durability.
The residential sector is gaining popularity due to its features such as moveable, cost-effective, eco-friendly construction, and strong & durable in nature. The healthcare sector is expected to grow in the projected time period. Contractors and healthcare facilities are converting their existing structures into technology-equipped modular structure. It reduces the overall construction time by 50% and delivers a modern healthcare building.
Asia Pacific is the fastest-growing region, in terms of both population and economic growth. The low cost of labor and availability of raw materials along with sophisticated technologies & innovations are the factors that will support the region's growth through 2027. Government investments in the city infrastructure development program across the countries will support modular construction market growth.
The key players are focusing on R&D, supply chain, raw materials, and adoption of innovative methods to meet the increasing demand for modular residential and commercial buildings.
The leaders in the modular construction market include Algeco Scotsman, ACS Actividades de Construcción y Servicios S.A., Atco Ltd., Balfour Beatty PLC., Bechtel Corporation, Bouygues Construction Australia Pty Ltd. (BYCA), Dubox, Fluor Corporation, Guerdon Modular Buildings, Katerra, Kleusberg GmbH, Laing O’Rourke, Larsen & Toubro Limited, Lendlease Corporation, Red Sea Housing, Sekisui House Ltd., Skanska, Skanska AB, and VINCI Construction Grands Projects.
Market, By Type, 2016 - 2027 (USD Million)
Market, By Material, 2016 - 2027 (USD Million)
Market, By Application Size, 2016 - 2027 (USD Million)
- Retail & Commercial
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Southeast Asia
- Latin America
- South Africa
- Saudi Arabia
- Algeco Scotsman
- ACS Actividades de Construcción y Servicios S.A.
- Atco Ltd.
- Balfour Beatty PLC.
- Bechtel Corporation
- Bouygues Construction Australia Pty Ltd (BYCA)
- Fluor Corporation
- Guerdon Modular Buildings
- Kleusberg GmbH
- Laing O’Rourke
- Larsen & Toubro Limited
- Lendlease Corporation
- Red Sea Housing
- Sekisui House Ltd.
- Skanska AB
- VINCI Construction Grands Projects
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