Modular construction is a method of building structures that are assembled off-site and then transported to the construction site for final installation. This type of construction has a number of advantages over traditional on-site construction, including faster completion times, lower costs, and improved quality.
The global modular construction market is expected to grow at a CAGR of 5.73% from 2023 to 2028. The growth of the market is being driven by a number of factors, including the increasing demand for sustainable construction methods, the need for faster construction times, and the rising popularity of modular homes.
According to Stratview Research, the modular construction market size was valued at USD 95.43 billion in 2022 and is projected to reach USD 134.22 billion by 2028, growing at a CAGR of 5.73% during the forecast period.
Emerging Trends
There are a number of emerging trends that are expected to impact the global modular construction market in the coming years. These trends include:
- The increasing demand for sustainable construction methods: Modular construction is seen as a more sustainable construction method than traditional on-site construction. This is because modular construction generates less waste and uses less energy.
- The need for faster construction times: Modular construction can help to reduce construction times by up to 50%. This is because modular construction can be done off-site, which means that it is not affected by weather conditions or site delays.
- The rising popularity of modular homes: Modular homes are becoming increasingly popular as a more affordable and sustainable alternative to traditional homes. Modular homes can be customized to meet the specific needs of the homeowner, and they can be built in a variety of styles.
Forecast
The global modular construction market is expected to grow at a CAGR of 5.73% from 2023 to 2028. The growth of the market is being driven by the factors mentioned above. The increasing demand for sustainable construction methods, the need for faster construction times, and the rising popularity of modular homes are all expected to contribute to the growth of the market in the coming years.
Conclusion
The global modular construction market is expected to grow at a CAGR of 5.73% from 2023 to 2028. The growth of the market is being driven by a number of factors, including the increasing demand for sustainable construction methods, the need for faster construction times, and the rising popularity of modular homes.
The modular construction market is a fragmented market, with a number of major players competing for market share. Some of the leading players in the market include:
- Skanska AB
- Balfour Beatty plc
- Lendlease Group
- Laing O'Rourke
- Modulus Group
- Butler Manufacturing Company
- Marwood Group
- Algeco
- Modular Building Systems
These companies are investing in research and development to develop new and innovative modular construction products and services. They are also expanding their geographic footprint to tap into new markets.
The modular construction market is a promising market with a lot of growth potential. The factors mentioned above are expected to drive the growth of the market in the coming years.
