Modular & Prefabricated Construction Market size is set to reach USD 250 billion by 2030, according to a new research report by Global Market Insights Inc.
Increasing demand for new homes and businesses across the globe is likely to fuel the industry growth. The ability to complete projects quickly compared to traditional on-site buildings is one of the primary reasons for using modular construction. The growing emphasis on sustainability, quality, and worker safety coupled with time & cost savings associated with construction projects will boost the construction landscape growth.
The permanent type of modular & prefabricated construction segment is driving market statistics
The permanent type of modular & prefabricated construction segment is predicted to showcase growth rate of nearly 7% by 2030. The rapidly rising working population in line with the rising demand for commercial spaces in Europe and North America will create more opportunities for the permanent type of product. Luxurious and time saving features helped modularized homes gain significant attention in developed regional markets including North America and Europe. The rising demand for such construction in the hospitality sector is expected to augment the segment growth.
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Steel segment will fuel the industry expansion
Steel materials is set to account for around USD 115 billion in revenue by 2030 in the modular & prefabricated construction market. According to the Steel Construction Institute, steel modular construction will likely save construction time by 50% compared to conventional steel construction. The capital cost of modular steel is higher than a conventional steel structure. However, that cost can be recovered with a reduction in construction time. The increasing demand for permanent multi-story modular & prefabricated buildings will propel the steel demand.
Browse key industry insights spread across 312 pages with 412 market data tables & 34 figures & charts from the report, “Modular & Prefabricated Construction Market Size By Type (Permanent, Relocatable), By Material (Steel, Wood, Concrete), By Application (Single Family Residential, Multi-family Residential, Office, Hospitality, Retail, Healthcare), COVID-19 Impact Analysis, Regional Outlook, End-user Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Rising demand for muti-family residential houses
Multi-family residential application crossed USD 17 billion in 2021 and is estimated to showcase 7% CAGR from 2022 to 2030. According to the U.S. Census Bureau, 371,000 multifamily units were completed in 2021. The multi-family residential segment held the largest market value in 2021 and is expected to hold its dominance from 2022 to 2030.
Rising demand for housing and healthcare facilities in Asia Pacific
The Asia Pacific modular & prefabricated construction market is poised to generate more than USD 50 billion revenue by 2030. According to the Population Reference Bureau, the combined population of China, India, and other emerging Asia Pacific economies exceeded five billion in 2021, which is projected to become an increasingly important factor for the rising modular & prefabricated construction. The rising demand for residential buildings and healthcare facilities in the region is slated to enhance the business growth.
Mergers & acquisitions are one of the major strategic outlooks in the overall industry
Several small, medium & international manufacturers are operating in the global market. Key participants operating are adopting several key growth strategies, such as new product launches, joint ventures, investments & expansion, partnerships & agreements, mergers & acquisitions, etc., to gain a higher market revenue.
Companies including Kiewit Corporation, Guerdon, LLC, Hickory Group, Berkeley Modular, Northgate Industries Ltd., Par-Kut International, Inc., and WillScot are some of the leading players in the modular & prefabricated construction market. Other industry participants include Algeco Group, Bouygues Construction, Red Sea International Company, Larsen & Toubro Limited, Modular Engineering Company, FCP, Inc., Lendlease Corporation, Vanguard Modular Building Systems, and ABTech, Inc.