Global Modular Construction Market Report 2024 and Forecasts to 2029: Shorter Project Schedules, Housing Shortages, Financial Construction Requirements Driving Modular Construction Market Growth

Dublin, April 26, 2024 (GLOBE NEWSWIRE) -- The "Global Modular Construction Market by Type (Permanent, Relocatable), Module, Material (Wood, Steel, Concrete), End-Use Industry (Residential, Office, Education, Retail & Commercial, Hospitality, Healthcare), Region - Forecast to 2029" report has been added to * ResearchAndMarkets.com's* offering.

The global modular construction market size is projected to grow from USD 104.1 billion in 2024 to USD 140.8 billion by 2029, at a CAGR of 6.2% during the forecast period. Shorter project schedules, housing shortages in many regions, financial construction requirements, and workforce scarcities, are the factors that drive the growth of the modular construction market.

*By Type, Permanent modular construction segment to account for major market share*

Permanent modular construction dominates the modular construction market due to its versatility, durability, and suitability for diverse building applications. Unlike relocatable modular construction, which is often used for temporary structures, permanent modular construction offers long-lasting solutions with greater design flexibility and customization options. The consistent standards of safety, quality, and durability associated with permanent modular construction make it a preferred choice for developers and clients seeking reliable building solutions.

*By Material, steel to account for highest growth rate during the forecast period*

Steel is the fastest growing segment in the modular construction market due to several key advantages. Firstly, steel is incredibly strong and durable, providing superior structural integrity and resistance to environmental factors such as moisture, pests, and fire. This strength allows for larger, more complex structures to be built using steel, expanding the scope of modular construction projects. Additionally, steel's lightweight nature facilitates easier transportation and assembly of modular components, reducing construction time and costs.

Furthermore, steel is highly versatile and can be easily customized to meet specific design requirements, offering architects and developers greater flexibility in their projects. Finally, steel is a sustainable building material, as it is often made from recycled materials and is fully recyclable at the end of its lifespan, aligning with the growing emphasis on eco-friendly construction practices. These advantages collectively contribute to the rapid growth of steel in the modular construction market, making it the preferred choice for many developers and builders.

*By End Use Industry, Residential segment to account for the highest CAGR during the forecast period*

The residential segment is experiencing rapid growth in the modular construction market due to several factors. The increasing demand for affordable housing solutions, particularly in urban areas, has propelled the adoption of modular construction techniques, which offer cost-effective and efficient building solutions. Additionally, modular construction allows for faster project completion times compared to traditional methods, enabling developers to meet the pressing need for housing more quickly.

*By region, Asia Pacific modular construction market is projected to grow at the highest CAGR during the forecast period.*

Asia Pacific region is expected to expand at the highest CAGR from 2024 to 2029. Factors like easy and complete accessibility of raw materials and workforce, advanced technologies, have propelled the development of the economy in the Asia Pacific region. Additionally, rapid urbanization and industrialization in countries like China, Japan, and India are driving greater manufacturing and construction activities and, consequently, increasing demand for modular construction.

*The report provides insights on the following:*

· Analysis of key drivers (Investments in infrastructure industry, increasing work-zone safety and building sustainability), restraints (Risk of transportation and assembly issues in modular constructions), opportunities (Population growth and urbanization translating to increased number of construction projects), and challenges (Lack of experts in the market) influencing the growth of the modular construction market.
· Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the modular construction market
· Market Development: Comprehensive information about lucrative markets - the report analyses the modular construction market across varied regions
· Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the modular construction market
· Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Laing O'Rourke, Red Sea Housing, ATCO, Skanska, Modulaire Group, Bechtel, Fluor, Lendlease and Kleusberg among others in the modular construction market. The report also helps stakeholders understand the pulse of the modular construction market and provides them with information on key market drivers, restraints, challenges, and opportunities.*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 284
Forecast Period 2024 - 2029
Estimated Market Value (USD) in 2024 $104.1 Billion
Forecasted Market Value (USD) by 2029 $140.8 Billion
Compound Annual Growth Rate 6.2%
Regions Covered Global
*Key Topics Covered:*

*Executive Summary*

· Permanent Modular Segment to Lead Market by 2029
· Wood to Lead Modular Construction Market During Forecast Period
· Healthcare Segment to Grow at Fastest Rate During Forecast Period
· Asia-Pacific Led Modular Construction Market in 2023

*Premium Insights*

· Asian Economies to Witness Relatively Higher Growth Rate for Modular Construction Market - Attractive Opportunities for Players in Modular Construction Market
· Asia-Pacific: Modular Construction Market, by Type and Material, 2023 - Permanent Modular Construction Accounted for Larger Share in Terms of Volume
· Asia-Pacific: Modular Construction Market, by End-use Industry and Country, 2023 - Residential Accounted for Largest Share in Terms of Volume
· Modular Construction Market, by Country - Modular Construction Market in China to Grow at Highest CAGR

*Key Market Dynamics*

*Drivers*

· Need for Time-Saving and Cost-Effective Construction
· Investments in Infrastructure Industry
· Increasing Work-Zone Safety and Building Sustainability
· Ease of Relocation of Modular Buildings
· Supportive Government Initiatives

*Restraints*

· Risks of Transportation and Assembly Issues in Modular Construction
· Lack of Awareness in Developing Economies

*Opportunities*

· Population Growth and Urbanization Translating to Increased Number of Construction Projects
· Increasing Demand for High-End Residential and Multi-Story Buildings
· Housing Crisis in Developed Countries

*Challenges*

· Lack of Experts in Market
· Volatility in Transportation Charges

*Case Study Analysis*

· Modular Construction Manufacturer Helped in Speedy Construction of School
· Major Modular Construction Company Helped Pharmaceutical Company Deliver Temporary Spaces
· Modular Construction Delivered Sustainable Hospital Complex

*Companies Profiled*

· Laing O'Rourke
· Red Sea International
· Skansa
· ATCO Ltd.
· Modulaire Group
· Kleusberg GmbH & Co. KG
· Lendlease Corporation
· Bechtel Corporation
· Fluor Corporation
· Bouygues Construction
· Vinci SA
· Kwikspace Modular Buildings
· Westchester Modular Homes, Inc.
· Wernick Group Limited
· Koma Modular
· Elements Europe
· Premier Modular
· The Alho Group
· Investwood
· Broad Group
· Mighty Buildings, Inc.
· Factory_Os
· Blokable Inc.
· Modulous
· Nexii Building Solutions
· Dubox
· Connect Homes
· Guerdon, LLC

For more information about this report visit https://www.researchandmarkets.com/r/ealgq6

*About ResearchAndMarkets.com*
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*Attachment*

· Global Modular Construction Market

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