Modular Construction Market Surges to USD 131.58 Billion by 2030, Propelled by 6.5% CAGR - Verified Market Reports®
The modular construction market is experiencing significant growth driven by the increasing demand for cost-effective and time-efficient construction solutions. However, challenges such as high initial investment costs, limited awareness in developing regions, and logistical complexities associated with transporting prefabricated modules may hinder market growth.
LEWES, Del., Jan. 28, 2025 /PRNewswire/ -- The Global Modular Construction Market is projected to grow at a CAGR of 6.5% from 2024 to 2030, according to a new report published by Verified Market Reports®. The report reveals that the market was valued at USD 84.48 Billion in 2023 and is expected to reach USD 131.58 Billion by the end of the forecast period.
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Browse in-depth TOC on Modular Construction Market
202 - Pages
126 – Tables
37 – Figures
Scope of The Report
REPORT ATTRIBUTES | DETAILS |
STUDY PERIOD | 2021-2030 |
BASE YEAR | 2023 |
FORECAST PERIOD | 2024-2030 |
HISTORICAL PERIOD | 2021-2022 |
UNIT | Value (USD Billion) |
KEY COMPANIES PROFILED | ACS Group, Skanska AB, Komatsu, LARSEN & TOUBRO, Balfour Beatty, Kiewit Corporation, Taisei Corporation, Red Sea Housing, System House, Bouygues Construction |
SEGMENTS COVERED | By Type, By Application, By Geography |
CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Global Modular Construction Market Overview
Market Drivers Fueling Growth in the Modular Construction Market
Modular construction offers significant cost savings and faster project completion compared to traditional construction methods. By utilizing factory-controlled environments for prefabrication, projects experience fewer delays caused by weather or site conditions. This efficiency is highly appealing for residential, commercial, and infrastructure projects, where timelines are critical. Additionally, reduced labor costs and waste generation further enhance the affordability of modular solutions. These benefits are driving widespread adoption across urban and rural areas alike.
Sustainability is a key driver in the modular construction market, with governments and organizations prioritizing eco-friendly solutions. Modular construction minimizes material wastage and energy consumption during the building process, supporting green construction goals. Moreover, prefabrication facilities are increasingly integrating renewable energy and recycled materials into production processes. As sustainability becomes a priority in the construction industry, modular solutions align perfectly with global efforts to reduce carbon footprints and promote environmental stewardship.
The surge in urban population and the resulting demand for housing and infrastructure are propelling the growth of modular construction. Cities are under pressure to provide affordable and efficient housing solutions to meet the needs of a growing workforce. Modular construction addresses this by enabling scalable and flexible development. Additionally, the rapid expansion of infrastructure projects such as schools, hospitals, and transport networks further supports market growth. These trends are particularly strong in emerging economies, where urbanization is at its peak.
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Market Restraints Limiting Expansion in the Modular Construction Market
One of the major restraints in the modular construction market is the significant upfront investment required for setting up manufacturing facilities and acquiring advanced machinery. While modular construction reduces long-term costs, the initial capital needed for design, fabrication, and logistics can deter small and medium-sized players. This high cost barrier limits market entry and adoption, particularly in regions with limited financial resources or smaller-scale construction projects.
Limited awareness about the benefits and applications of modular construction in developing and rural areas poses a challenge to market growth. Additionally, the specialized skills required for designing, assembling, and installing prefabricated modules are not widely available. This skills gap affects the quality and adoption rate of modular solutions. Training programs and industry partnerships are essential to address this issue, but their implementation remains slow, hampering broader market penetration.
The transportation of large, prefabricated modules from manufacturing sites to construction locations presents logistical complexities, especially in areas with poor infrastructure. Furthermore, regulatory inconsistencies and zoning restrictions in some regions can delay or restrict modular construction projects. Building codes and standards often cater to traditional construction methods, creating additional compliance hurdles for modular construction companies. These challenges require significant effort and time to overcome, limiting the pace of market expansion.
Geographic Dominance
North America, Europe, Asia, and the Rest of the World collectively play significant roles in shaping the modular construction market. North America leads in adoption due to advanced construction technologies, high labor costs, and a strong focus on sustainability. Europe closely follows, driven by stringent environmental regulations and increasing demand for affordable housing solutions. Meanwhile, Asia is emerging as a key growth region, fueled by rapid urbanization, infrastructure development, and government initiatives in countries like China, India, and Japan. The Rest of the World, including regions like the Middle East, Africa, and Latin America, is witnessing gradual growth as awareness and investments in modular construction increase. Together, these regions highlight the global potential of modular construction to meet diverse construction needs efficiently and sustainably.
Modular Construction Market Key Players Shaping the Future
Major players, including ACS Group, Skanska AB, Komatsu, LARSEN & TOUBRO, Balfour Beatty, Kiewit Corporation, Taisei Corporation, Red Sea Housing, System House, Bouygues Construction and more, play a pivotal role in shaping the future of the Modular Construction Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Modular Construction Market Segment Analysis
Based on the research, Verified Market Reports® has segmented the global Modular Construction Market into Type, Application and Geography.
- Modular Construction Market, By Type
- Walls
- Roof & Floors
- Columns & Beams
- Modular Construction Market, By Application
- Commercial
- Residential
- Industrial
- Modular Construction Market, By Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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