What Is Propelling Modular Construction's Whopping $130-Bn Global Market Size?
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Modular construction market size is flourishing due to favourable features of modular construction including sustainability, quality, and worker safety; modular construction also provides ease of disassembly, renovation, and relocation.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global modular construction market size at USD 89.4 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global modular construction market size to grow at a steady CAGR of 5.6% reaching a value of USD 130.49 billion by 2029. In the coming years, the modular construction market is expected to be driven by factors including rapid urbanization and industrialization in developing nations, such as India and Indonesia. Rising infrastructure spending is also expected to fuel the market expansion for modular construction. The market for modular construction may also experience growth due to rising investments in the development of commercial spaces in the future using the modular format. In the coming years, the modular construction market size may also expand due to a rising demand for work-zone safety.
Global Modular Construction Market – Overview
Modular construction is a method for building structures off-site. The building is constructed in about half the time, with the same materials and design specifications as conventionally built facilities, in a controlled plant environment. Even in the most sophisticated site-built facility, buildings are produced in "modules" that, when assembled on site, reflect the same design intent without compromising. Less waste and less site disruption are produced by the factory-controlled process, which also enables more precise construction. The construction projects can also be completed in half the time it would take with traditional construction because modular buildings are built concurrently with site preparation. Modular buildings are constructed using the same components, laws governing construction, and specifications for architectural design, as conventional structures. Once assembled, they are virtually indistinguishable from their site-built counterparts.
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Opportunity: Increase in per capita income and simple access to credit
Off-site prefabrication can be increased with the help of innovative technologies, including artificial intelligence (AI); modular construction reduces the project cost by 20–30%. The demand for affordable housing can be met with the aid of modular construction.
Challenge: Lack of trust in modular construction in earthquake-prone areas
Modular construction is an innovative method for building homes and businesses. Modular homes can be found in an earthquake and seismic zones, but precision modular house assembly is required. Assembling errors can result in joint problems, leaks, or void spaces. Earthquake-resistant construction is creating a structure or building that can withstand a sudden shock or shake while minimizing structural damage, human deaths, and injuries.
Impact of COVID-19 on Global Modular Construction Market
The market for modular construction was hurt by the COVID-19 outbreak. Lockdowns were implemented by governments to stop the virus's spread, which decreased construction activity and hurt the labor-intensive industry. However, restrictions were relaxed and building activities resumed in many regions of the world as cases declined and vaccines became more widely accessible.
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Global Modular Construction Market – By Material
There are three segments in the global modular construction market: concrete, steel, and wood. The modular construction market's fastest-growing segment is anticipated to be steel. The building's structural integrity, adaptability in terms of design, strength, durability, fire resistance, and the need for fewer repairs and upkeep over its lifetime are all factors. In modular construction, a steel frame, steel, cold-formed steel wall panels, and a hot-rolled steel framework are typically used to construct buildings. Steel is renowned for having an excellent strength-to-weight ratio. The demand for this market segment is rising because of these factors.
Competitive Landscape
Global modular construction market is fiercely competitive. Prominent players in Laing O’Rourke, Red Sea Housing, ATCO Ltd., Skanska AB, Kluesberg GmbH & Co. Kg, Katerra, Anderco Pte. Ltd., Gaint Containers Inc., Honomobo Corporation, Lendlease Corporation, Dubox, Vinci S.A, Turner Industries, Koma Modular, and DMD Modular. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global modular construction market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Modular Construction Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Modular Construction Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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