According to Meticulous Research®, the modular construction market is expected to reach $189.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.9% from 2024. A detailed analysis of market segmentation provides insights into the various components contributing to this growth. Understanding these segments helps in evaluating the market’s dynamics and future trends.
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The modular construction market is segmented into product types: permanent modular construction (PMC) and relocatable modular construction (RMC). PMC is projected to capture a significant share of the market due to its application in permanent structures. PMC involves constructing units in a factory setting and assembling them on-site, which ensures high quality and consistency. Its use in residential buildings, industrial facilities, and educational institutions contributes to its dominant market position.
RMC, on the other hand, is expected to experience faster growth during the forecast period. RMC is designed for temporary use, such as construction site offices, emergency shelters, and pop-up retail spaces. The demand for flexible and quickly deployable solutions drives the growth of RMC. Its ability to provide adaptable and efficient solutions for short-term needs supports its expansion in the market.
The methodology of construction further segments the market into closed and open modular construction. Closed modular construction, characterized by factory-based production, is expected to hold a larger market share due to its efficiency and high-quality output. This method reduces material waste and on-site labor requirements, making it a preferred choice for many projects.
Open modular construction, with its focus on design flexibility and customization, is projected to grow at a faster rate. This approach allows for more dynamic and integrated designs, suitable for public spaces, cultural buildings, and recreational facilities. The demand for unique and versatile architectural solutions drives the growth of open modular construction.
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Materials used in modular construction include steel, wood, and concrete. Steel is anticipated to dominate the market due to its strength, durability, and versatility. Its use in commercial and industrial applications supports its prominent position in the market. Wood and concrete also have specific applications that influence their market presence.
The application segment of the market covers various uses, including residential properties, commercial spaces, healthcare facilities, and industrial buildings. The residential properties segment is expected to lead due to the growing need for affordable housing and efficient building solutions. The commercial space segment, including offices and retail spaces, also contributes to market growth.
Regional analysis reveals distinct trends across different areas. North America is projected to lead in market share, supported by technological advancements, a focus on sustainability, and a shortage of skilled labor. The Asia-Pacific region, with its rapid urbanization and government support for modular construction, is expected to experience the highest growth rate.
In summary, analyzing market segmentation provides valuable insights into the factors driving growth in the modular construction market. Understanding the different product types, construction methods, materials, and regional trends helps in evaluating the market’s dynamics and future opportunities.
Key Players:
The key players operating in the modular construction market are ATCO Ltd. (Canada), Guerdon, LLC (U.S.), Skanska AB (Sweden), Bouygues Construction (France), KLEUSBERG GmbH & Co KG (Germany), Lendlease Corporation (Australia), Red Sea International (Saudi Arabia), Bechtel Corporation (U.S.), Honomobo (Canada), WillScot Mobile Mini Holdings Corp. (U.S.), SG Blocks, Inc. (U.S.), Speed House Group of Companies (UAE), CIMC Modular Building Systems Holdings Co., Ltd. (China), Wernick Group (Holdings) Ltd. (U.K.), Giant Containers Inc. (Canada), Premier Modular Limited (U.K.), and LAING O'ROURKE (U.K.).
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Key questions answered in the report-
· Which are the high-growth market segments based on product, method, material, application, and geography?
· What was the historical market for the modular construction market?
· What are the market forecasts and estimates for the period 2024–2031?
· What are the major drivers, restraints, opportunities, and challenges in the modular construction market?
· Who are the major players, and what shares do they hold in the modular construction market?
· What is the competitive landscape like in the modular construction market?
· What are the recent developments in the modular construction market?
· What are the different strategies adopted by the major players in the modular construction market?
· What are the key geographic trends, and which are the high-growth countries?
· Who are the local emerging players in the global modular construction market, and how do they compete with the other players?
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