Global Modular Construction Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Modular Construction Market Overview:

The Modular Construction Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.

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The Modular Construction Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global modular construction market report has been segmented on the basis of material, construction, product, application, and region.

This report is based on the synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in the future.

Modular construction is a process in which a prefabricated building or modules are constructed off-site and then delivered to the site and assembled as substantial elements of a building. It is extensively used in different applications like residential, commercial, and infrastructure construction.

Increasing FDI in construction and supportive government regulations and policies are some of the factors favoring the target market growth across the world. Benefits of modular construction include cost-effective, speedy onsite installation, quality products, lightweight nature to transport/relocate, etc. pushing the market towards growth.

Prefabricated construction helps to lessen the waste of construction materials throughout projects, incorporates technologies that lower the energy consumption in the buildings, and governments across all regions are encouraging and developing the construction sector by bringing various reforms and regulations.

The aforesaid factors are acting as the driving factors for the growth of the target market.

Market Research Analysis:

Recently in 2016, the Indian government declared major policy initiatives which include the passage of the Real Estate (Regulation and Development) Act 2016, the amendment to the Benami Transactions Act, a 100% deduction in profits for affordable housing construction, change in arbitration norms for construction companies, and others to fuel the construction sector.

The growing popularity of modular & panelized housing provides an opportunity for the market. At the same time, fluctuating transportation charges act as a restraining factor for the market's growth.

Based on region, The Asia Pacific market is projected to grow over the forecast period. Increasing FDI inflows in the Asia Pacific region have led to increased construction projects and real-estate development.

Moreover, rising industrialization and the necessity for time-saving construction methods have broadened the scope of modular construction. Market in the Asia Pacific region is also cherishing the growth of the construction changes in countries such as China, Japan, Australia, India, Korea, Thailand, and Malaysia. China is likely to be the major consumer of modular construction.

Chinese prefabrication manufacturers are working together with global producers to solve the crisis for houses. In December 2016, the U.K. housing association recently joined a venture with a Chinese state-owned construction company to build 25,000 modular homes over the next five years.

Global Modular Construction Market Segmentation:

Segmentation by Material type:

• Concrete
• Steel
• Plastic
• Wood
• Others

Segmentation by Construction:

• Permanent Modular
• Relocatable Modular

Segmentation by Product type:

• Walls
• Roofs & Floor
• Columns & Beams
• Others

Segmentation by Application:

• Residential
• Commercial
• Industrial

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa