Modular Construction Market size is set to grow by USD 5641.62 million from 2023-2027, On-site constraints boost the market- Technavio
NEW YORK, March 13, 2024 /PRNewswire/ -- The global modular construction market size is estimated to grow by USD 5641.62 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.61% during the forecast period. The U.S. modular construction market has surged past USD 10.53 billion, fueled by technological advancements like Building Information Modeling (BIM). Permanent modular construction (PMC) boasts improved design standards and rigorous inspection processes, making it popular in residential, healthcare, and industrial sectors. It offers customization and resilience against natural disasters, with options in steel, timber, and modular concrete structures for both temporary and permanent applications.
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The Modular Construction Market involves the production of building components offsite using advanced manufacturing processes. This results in improved quality control, design flexibility, and economic expansion through labor cost savings and reduced material wastage. Technological advancements and population growth drive market growth, with a Compound Annual Growth Rate (CAGR) of X%. Key trends include increasing focus on workers' safety and adherence to quality standards. Regional opportunities exist in North America and Asia-Pacific, with competitive benchmarking essential for market success. Latest trends and dynamics include the use of sustainable building materials and integration of smart technology.
The Modular Construction Market in the U.S. building industry is experiencing growth due to population expansion and urbanization. According to historical data and forecasts from the World Bank, the U.S. population grew by 0.1% in 2021. This demand for new residential units is driving market growth. Modular construction offers advantages such as time savings and quicker return on investment. With industrialized assembly taking place concurrently with site preparation, the total construction time is significantly decreased. This sustainable building method adheres to international and local building codes. Per capita income and financing availability influence market size. Structural components like H-type beams, columns, and I-beams are essential in modular construction using steel. Government initiatives and environmental protection are key factors shaping the Prefabricated Buildings market. Access an online dashboard for real-time market insights.
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Significant Market Challenges
The U.S. modular construction market is projected to expand at a robust rate, reaching USD 10.53 billion by 2026. Factors fueling this growth include the recovery of the U.S. economy and the increase in new constructions. Building information modeling (BIM) is increasingly being adopted for modular construction projects. Natural disasters, such as hurricanes, floods, wildfires, and earthquakes, have led to the popularity of permanent modular construction (PMC) and relocatable modular construction (RMC) for their resilience and quick installation. PMC includes structures made of steel, timber, and modular concrete, while RMC caters to various applications, including residential and healthcare. Industrial modular buildings are another significant sector in the U.S. modular construction market.
The U.S. modular construction market is poised for growth, driven by the challenges and costs associated with permanent on-site construction. These challenges include unpredictable weather conditions, adherence to processes, and safety measures due to natural disasters such as hurricanes, floods, wildfires, and earthquakes. In response, the demand for permanent modular construction (PMC) and relocatable or portable buildings via relocatable modular construction (RMC) is increasing. Modular construction encompasses steel, timber, and modular concrete structures, with applications spanning residential, healthcare, and industrial sectors. The market is projected to reach USD 10.53 billion by the forecast period. Building information modeling (BIM) is also a key factor in the efficiency and cost savings of modular construction.
Key Company
Modular Construction Market report includes information on the product launches, sustainability, and prospects of leading vendors including Abtech Inc., ATCO Ltd., Bechtel Corp., Black Diamond Group Ltd., Building Pro, Commercial Structures Corp., Fluor Corp., GUERDON LLC, JL Construction, Kwikspace Pty Ltd., Lendlease Corp. Ltd., McGRATH RENTCORP, Modular Genius, Nadler Modular, Pac Van Inc., Satellite Shelters Inc., Skanska AB, Specialty Modular, STARRCO, Westchester Modular Homes .
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Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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