IMARC Group has recently released a new research study titled "Modular Construction Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
How Big is the Modular Construction Market?
The global modular construction market size reached US$ 76.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 109 Billion by 2027, exhibiting a growth rate (CAGR) of 6.3% during 2022-2027.
Market Outlook:
Modular construction refers to the offsite manufacturing of engineered buildings using standard materials and codes of construction. It occurs simultaneously with site work, allowing projects to be completed in half the time of traditional construction.
Market Trends:
The global modular construction market is primarily driven by the rising construction activities worldwide. Besides this, with the improved standards of living and inflating incomes, architects and constructors nowadays prefer offsite construction to improve visual aesthetics and enhance structural integrity, design flexibility, security and fire resistance. Furthermore, with the rising environmental concerns, constructors are rapidly opting for permanent modular constructions (PMC) for developing sustainable commercial, industrial and residential complexes.
Modular construction is a cost-efficient option that reduces the demand for raw materials and minimizes the amount of energy expended as it is disassembled, and the modules are relocated or refurbished for new use. Moreover, the advancements in manufacturing techniques and technologically advanced equipment are expected to positively impact the market in the coming years.
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Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the modular construction market has been studied in the report with the detailed profiles of the key players operating in the market.
Major Players Covered: Algeco, Balfour Beatty plc, Bouygues, Etex Group, Guerdon LLC, KLEUSBERG GmbH & Co KG, Laing O'Rourke, Larsen & Toubro Limited, Lendlease Corporation, Red Sea International, Skanska AB and Taisei Corporation.
Modular Construction Market Segmentation:
Based on Type:
- Permanent
- Relocatable
Based on Module Type:
- Four Sided
- Open Sided
- Partially Open Sided
- Mixed Modules and Floor Cassettes
- Modules Supported by a Primary Structure
- Others
Based on Material:
- Steel
- Concrete
- Wood
- Plastic
- Others
Based on End Use:
- Residential
- Commercial
- Education
- Retail
- Hospitality
- Healthcare
- Others
Geographical Analysis:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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