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Modular Construction Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This study intends to unfurl the multiple facets of global modular construction market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.

Sustainability Offered by Modular Construction to Transform the Building and Construction Space

With rising environmental concerns and awareness among corporations and governments, green construction practices have gained immense popularity. Modular construction offers a higher degree of sustainability while making optimum use of materials and reducing wastes. In addition, owing to offsite construction, modular units can be reusable and recyclable. Furthermore, energy efficiency, reduced site disturbance and better construction quality of modular construction has fuelled its acceptance worldwide. Thus, it plays a vital role in making the building and infrastructure industry more sustainable, which is expected to bode well for the modular construction market.

Rise in Urbanization and a Shift Toward Offsite Style to Govern Modular Construction Market Growth

Since few decades, there has been a lag in the construction sector apropos to productivity and innovation. However, modular construction has the potential to offer the sector an opportunity to shift from conventional methods and step up towards an offsite style. Although modular construction is not a new concept, the developments in technology, changing mind sets and economic demands have attracted a huge, unprecedented wave of investment and interest. Especially backed by rising industrialization and urbanization, the concept of modular construction has proliferated significantly thus disrupting the real estate space.

Furthermore, modular buildings have their own benefits such as less time consumption and reduced costs. In addition, modular units are gaining steam owing to their structural stability, efficient construction design, less waste, less labour requirement, and high flexibility. That said, the construction industry being a large sector for an economy, a profound shift towards modular construction can have a huge influence on economic productivity. This aspect continues to influence the growth of the modular construction market on the global front.

Modular Construction Market Witnesses Mounting Adoption Across Commercial Sector

The adoption of modular construction in the commercial sector is expected to witness an upswing worldwide. Modular construction is being deployed in the construction of commercial buildings which is accordance with IBC (International Building Code) and state regulations. As an effort to reduce costs and meet housing and labour shortages while fulfilling the demand for sustainable and an eco-friendly construction, companies are focusing on opting for modular construction services. Furthermore, rapid spike in industrialization and urbanization has translated into immense opportunities for the development of commercial spaces such as hotels, showrooms malls, theatres as well as office spaces and business centres. This has paved potential pathways of growth for the modular construction market from a global standpoint. In addition, ease of installation and time efficiency aspects offered by modular construction have fuelled the installation of modular units in the hospitality sector. In this backdrop, adoption across commercial sector is likely to result in a significant revenue growth for the modular construction market.

Asia Pacific Modular Construction Market Poised to Surge at a Momentous Pace

The developing nations across Asia Pacific are likely to showcase high growth potential with regards to adoption of modular construction. Countries such as India and China are likely to prevail as key cash cows for modular construction on the back of growing infrastructure developments. Moreover, proactive initiatives from authorities and government support have further fuelled the modular construction activities in the region. Also, growing household income coupled with migration of population from rural to urban areas backed by improved standard of living remain instrumental in driving the residential construction sector, in turn providing ample opportunities for modular construction market.

With rising infrastructural activities, modular construction space is likely to witness a boost, particularly in China. For instance, as per National Development and Reform Commission, the Government of China gave approval for 26 new infrastructure projects valued at around US$ 142 billion in 2019. These projects are expected to conclude by end of 2023. Similarly, Beijing has been targeting to enhance the infrastructure in various domains and has raised investments worth US$1 Tn in 2022. Similarly, the modular construction market in India is also expected to gain steam in the coming years owing to rising construction sector. Overall, the modular construction market scenario in the region remains optimistic and stakeholders can expect a plethora of opportunities from the region in the forthcoming years.

Modular Construction Market: Competitive Landscape

Strategies such as acquisitions, collaborations, partnerships, and alliances between key players have been observed in the modular construction market. For instance, in June 2020, Wexus Group AS of Norway was acquired by Algeco Group. Wexus being a leader in modular construction solutions, with this acquisition, Algeco aims to expand and strengthen its presence in the Nordic region. Similarly, in March 2021, The Wolff Company entered a partnership with Katerra to design and develop two five story buildings by using CLT (Cross Laminated Timber). Same year in July, Modulaire Group (referred to as Algeco Group) acquired Procomm Site Services Ltd. to enhance its market presence across European countries.

In January 2021, a majority stake in e-Loft, a French offsite construction company, was acquired by Etex Group which is expected to expand Etex’s modular construction business. In May 2021, McGrath RentCorp concluded the acquisition of Space Modular Buildings, a California based company, for US$ 260 million. With this acquisition, McGrath aims to expand its mobile modular division. McGrath also acquired Kitchens To Go in April 2021. The acquisition will aid McGrath’s mobile modular division to offer customized services.

Few of the major players in modular construction market include Katerra, Taisei Corporation, Skanska AB, Balfour Beatty, Bouygues Construction, Laing O’Rourke, Sekisui House Ltd., Red Sea Housing, Kleusberg GmbH & Co. Kg., and DuBox.

Regional Classification of the Global Modular Construction Market is Listed Below:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Modular Construction Market

  • Modular Construction Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2019 - 2022
  • Market Value at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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1. Executive Summary
     1.1. Global Modular Construction Market Snapshot
     1.2. Key Market Trends
     1.3. Future Projections
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
                    2.2.1.1. Driver A
                    2.2.1.2. Driver B
                    2.2.1.3. Driver C
            2.2.2. Restraints
                    2.2.2.1. Restraint 1
                    2.2.2.2. Restraint 2
            2.2.3. Market Opportunities Matrix
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact Analysis
            2.5.1. Pre-covid and Post-covid Scenario
            2.5.2. Supply Impact
            2.5.3. Demand Impact
     2.6. Government Regulations
     2.7. Technology Landscape
     2.8. Economic Analysis
     2.9. PESTLE

3. Global Modular Construction Market Outlook, 2019 - 2030
     3.1. Global Modular Construction Market Outlook, by Material, Value (US$ Mn), 2019 - 2030
            3.1.1. Key Highlights
                    3.1.1.1. Concrete
                    3.1.1.2. Steel
                    3.1.1.3. Wood
     3.2. Global Modular Construction Market Outlook, by Building Type, Value (US$ Mn), 2019 - 2030
            3.2.1. Key Highlights
                    3.2.1.1. Relocatable
                    3.2.1.2. Permanent
     3.3. Global Modular Construction Market Outlook, by End-user Type, Value (US$ Mn), 2019 - 2030
            3.3.1. Key Highlights
                    3.3.1.1. Residential
                    3.3.1.2. Office
                    3.3.1.3. Hospitality
                    3.3.1.4. Healthcare
                    3.3.1.5. Retail
                    3.3.1.6. Misc.
            3.3.2. BPS Analysis/Market Attractiveness Analysis
     3.4. Global Modular Construction Market Outlook, by Region, Value (US$ Mn), 2019 - 2030
            3.4.1. Key Highlights
                    3.4.1.1. North America
                    3.4.1.2. Europe
                    3.4.1.3. Asia Pacific
                    3.4.1.4. Latin America
                    3.4.1.5. Middle East & Africa
            3.4.2. BPS Analysis/Market Attractiveness Analysis

4. North America Modular Construction Market Outlook, 2019 - 2030
     4.1. North America Modular Construction Market Outlook, by Material, Value (US$ Mn), 2019 - 2030
            4.1.1. Key Highlights
                    4.1.1.1. Concrete
                    4.1.1.2. Steel
                    4.1.1.3. Wood
     4.2. North America Modular Construction Market Outlook, by Building Type, Value (US$ Mn), 2019 - 2030
            4.2.1. Key Highlights
                    4.2.1.1. Relocatable
                    4.2.1.2. Permanent
     4.3. North America Modular Construction Market Outlook, by End-user Type, Value (US$ Mn), 2019 - 2030
            4.3.1. Key Highlights
                    4.3.1.1. Residential
                    4.3.1.2. Office
                    4.3.1.3. Hospitality
                    4.3.1.4. Healthcare
                    4.3.1.5. Retail
                    4.3.1.6. Misc.
     4.4. North America Modular Construction Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            4.4.1. Key Highlights
                    4.4.1.1. U.S.
                    4.4.1.2. Canada
            4.4.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Modular Construction Market Outlook, 2019 - 2030
     5.1. Europe Modular Construction Market Outlook, by Material, Value (US$ Mn), 2019 - 2030
            5.1.1. Key Highlights
                    5.1.1.1. Concrete
                    5.1.1.2. Steel
                    5.1.1.3. Wood
     5.2. Europe Modular Construction Market Outlook, by Building Type, Value (US$ Mn), 2019 - 2030
            5.2.1. Key Highlights
                    5.2.1.1. Relocatable
                    5.2.1.2. Permanent
     5.3. Europe Modular Construction Market Outlook, by End-user Type, Value (US$ Mn), 2019 - 2030
            5.3.1. Key Highlights
                    5.3.1.1. Residential
                    5.3.1.2. Office
                    5.3.1.3. Hospitality
                    5.3.1.4. Healthcare
                    5.3.1.5. Retail
                    5.3.1.6. Misc.
     5.4. Europe Modular Construction Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            5.4.1. Key Highlights
                    5.4.1.1. Germany
                    5.4.1.2. France
                    5.4.1.3. U.K.
                    5.4.1.4. Italy
                    5.4.1.5. Spain
                    5.4.1.6. Russia
                    5.4.1.7. Rest of Europe
            5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Modular Construction Market Outlook, 2019 - 2030
     6.1. Asia Pacific Modular Construction Market Outlook, by Material, Value (US$ Mn), 2019 - 2030
            6.1.1. Key Highlights
                    6.1.1.1. Concrete
                    6.1.1.2. Steel
                    6.1.1.3. Wood
     6.2. Asia Pacific Modular Construction Market Outlook, by Building Type, Value (US$ Mn), 2019 - 2030
            6.2.1. Key Highlights
                    6.2.1.1. Relocatable
                    6.2.1.2. Permanent
     6.3. Asia Pacific Modular Construction Market Outlook, by End-user Type, Value (US$ Mn), 2019 - 2030
            6.3.1. Key Highlights
                    6.3.1.1. Residential
                    6.3.1.2. Office
                    6.3.1.3. Hospitality
                    6.3.1.4. Healthcare
                    6.3.1.5. Retail
                    6.3.1.6. Misc.
     6.4. Asia Pacific Modular Construction Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            6.4.1. Key Highlights
                    6.4.1.1. China
                    6.4.1.2. Japan
                    6.4.1.3. South Korea
                    6.4.1.4. India
                    6.4.1.5. Southeast Asia
                    6.4.1.6. Rest of Asia Pacific
            6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Modular Construction Market Outlook, 2019 - 2030
     7.1. Latin America Modular Construction Market Outlook, by Material, Value (US$ Mn), 2019 - 2030
            7.1.1. Key Highlights
                    7.1.1.1. Concrete
                    7.1.1.2. Steel
                    7.1.1.3. Wood
     7.2. Latin America Modular Construction Market Outlook, by Building Type, Value (US$ Mn), 2019 - 2030
            7.2.1. Key Highlights
                    7.2.1.1. Relocatable
                    7.2.1.2. Permanent
     7.3. Latin America Modular Construction Market Outlook, by End-user Type, Value (US$ Mn), 2019 - 2030
            7.3.1. Key Highlights
                    7.3.1.1. Residential
                    7.3.1.2. Office
                    7.3.1.3. Hospitality
                    7.3.1.4. Healthcare
                    7.3.1.5. Retail
                    7.3.1.6. Misc.
     7.4. Latin America Modular Construction Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            7.4.1. Key Highlights
                    7.4.1.1. Brazil
                    7.4.1.2. Mexico
                    7.4.1.3. Rest of Latin America
            7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Modular Construction Market Outlook, 2019 - 2030
     8.1. Middle East & Africa Modular Construction Market Outlook, by Material, Value (US$ Mn), 2019 - 2030
            8.1.1. Key Highlights
                    8.1.1.1. Concrete
                    8.1.1.2. Steel
                    8.1.1.3. Wood
     8.2. Middle East & Africa Modular Construction Market Outlook, by Building Type, Value (US$ Mn), 2019 - 2030
            8.2.1. Key Highlights
                    8.2.1.1. Relocatable
                    8.2.1.2. Permanent
     8.3. Middle East & Africa Modular Construction Market Outlook, by End-user Type, Value (US$ Mn), 2019 - 2030
            8.3.1. Key Highlights
                    8.3.1.1. Residential
                    8.3.1.2. Office
                    8.3.1.3. Hospitality
                    8.3.1.4. Healthcare
                    8.3.1.5. Retail
                    8.3.1.6. Misc.
     8.4. Middle East & Africa Modular Construction Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            8.4.1. Key Highlights
                    8.4.1.1. GCC
                    8.4.1.2. South Africa
                    8.4.1.3. Rest of Middle East & Africa
            8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape
     9.1. Company Market Share Analysis, 2021
     9.2. Competitive Dashboard
     9.3. Company Profiles
            9.3.1. Laing O'Rourke
                    9.3.1.1. Company Overview
                    9.3.1.2. Product Portfolio
                    9.3.1.3. Financial Overview
                    9.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
            9.3.2. Bechtel Corp
            9.3.3. Turner Corp
            9.3.4. Whiting-Turner
            9.3.5. Skanska AB
            9.3.6. KLEUSBERG GmbH & Co. KG
            9.3.7. Red Sea Housing
            9.3.8. Guerdon Modular Buildings
            9.3.9. ATCO
            9.3.10. Bouygues Construction
            9.3.11. The Whiting-Turner Contracting Company
            9.3.12. Algeco

10. Appendix
     10.1. Research Methodology
     10.2. Report Assumptions
     10.3. Acronyms and Abbreviations

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