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Report Overview
The global modular construction value stood at about USD 63.19 billion in 2023. The industry is further expected to grow at a CAGR of 12.4% in the forecast period of 2024-2032 to reach a market value of USD 180.87 billion by 2032. The modular construction market revenue is driven by increasing demand for cost-efficient and time-saving construction solutions.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Modular Construction Market Growth
The demand for affordable housing, particularly in urban areas coupled with the industrialisation of the construction process, has been and will continue to be a key driver for growth of the global modular construction industry. It is gaining attraction among residential as well as commercial sectors as it can adhere to stringent timelines with no compromise on quality of construction.
In addition, the modular construction dynamics and trends are also impacted by some of the government initiatives, which are expected to decline the housing shortfall in countries as that of U.S., China, and India. Furthermore, modular construction industry revenue is also benefitting from the increasing sustainability trend. In many cases, sustainable goals can be easily achieved through these practices as it consumes less energy, generate less waste material and generally uses environmentally friendly & recyclable materials which are increasingly becoming a need for today’s construction.
Technologies such as 3D printing and Building Information Modeling (BIM) are already revolutionising modular construction, improving design precision, reducing construction errors, and increasing collaboration between architects and contractors. Europe along with North America are witnessing investments being made in modular technology, to counter labor shortages and escalating costs of construction.
Additionally, popularity of smart city projects in ASEAN countries is likely to push the modular construction market growth. Countries like India, Indonesia, China are increasingly adopting productive construction technology to meet the growing need for affordable home in such countries. These smart city projects are likely to aim at providing affordable housing for the growing urban population. Thus, growing population followed by increasing need for fast and affordable housing solutions is anticipated to drive the modular construction industry growth.
Modular Construction Market Report Snapshots
Modular Construction Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the Global Modular Construction Market attained a value of nearly USD 63.19 Billion.
The market is projected to grow at a CAGR of 12.4% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032, reaching a value of around USD 180.87 Billion by 2032.
The rising demand for alternative construction systems, the surging use of modular construction to eliminate on-site constraints, and the robust growth of the commercial sector are the major drivers of the market.
The key trends guiding the market growth include technological advancements, the rising demand for permanent modular construction, and the robust growth of the housing sector.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
By type, the market is bifurcated into relocatable modular and permanent modular.
The various segments based on material considered in the market report are steel, concrete, wood, and plastic.
Based on application, the industry is segmented into commercial, industrial/institutional and residential.
The competitive landscape consists of Bouygues Construction, Balfour Beatty plc, Larsen & Toubro Ltd, Laing O'Rourke, and Katerra among others.
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