Modular Construction Market is estimated at US$ 199.11 billion and expected to register a growth of 7.4% during forecast period 2023 to 2033
In 2023, the global modular construction market is expected to be worth US$ 97.51 billion. The adoption of modular construction is projected to develop at a 7.4% CAGR to reach US$ 199.11 billion by 2033.
One of the key drivers of growth in the modular construction
industry is the increasing demand for affordable housing and infrastructure
solutions. Modular construction offers a cost-effective and efficient way to
construct high-quality buildings in a short period. Hence, making it an ideal
solution for affordable housing projects and infrastructure development.
The modular construction industry still faces several
restraints despite promising growth prospects. One of the primary restraints is
the perception that modular construction is not as durable or high-quality as
traditional construction methods. This perception often results in skepticism
among potential clients, making it difficult for modular construction companies
to gain market share.
View our PDF Sample Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-16910
The modular construction industry also presents several
opportunities for growth and development. With the growing demand for
sustainable and eco-friendly construction solutions, modular construction has
emerged as an ideal solution due to its minimal impact on the environment.
Additionally, advancements in technology have made modular construction
cost-effective, and easy to implement.
The latest trends in the modular construction industry
include the adoption of digital tools and automation to increase efficiency and
reduce costs. This trend is driven by the need to streamline the building
process and reduce the reliance on manual labor.
Companies are increasingly investing in innovative solutions
that integrate design, engineering, and construction to provide end-to-end
services to clients. Overall, the modular construction industry is poised for
significant growth and development in the coming years.
Key Takeaways from the Modular Construction Market:
- With a
predicted market share of 35% by 2033, the modular construction sector in
the United States is forecasted to increase significantly over the
projection period.
- Germany
is predicted to hold a 20% market share in the worldwide modular
construction industry by 2033.
- By
2033, China is estimated to have a 25% market share in the global modular
construction industry.
- With
an anticipated market share of 10% by 2033, Japan's modular construction
industry is expected to increase moderately during the forecast period.
- Relocatable
modular construction dominates the modular building sector, with a
predicted market share of 60% in 2023.
- Steel
modular construction is expected to have a notable market share of 45% in
2023.
Plethora of Opportunities for New and the Previously
Dominating Players in the Industry
The modular construction industry is becoming increasingly
competitive as many players enter the market and existing companies look to
expand their operations.
To stay at the top, key players in the industry are making
huge investments in research and development to enhance their product offerings
and increase efficiency. Additionally, companies are expanding their global
reach through mergers and acquisitions and strategic partnerships. For
instance,
- In
2021, Skanska AB acquired a 50% stake in UK modular builder Ideal Modular
Homes.
The modular construction industry still faces several
challenges despite the promising growth prospects. One of the key challenges is
the perception that modular construction is not as durable or high-quality as
traditional construction methods. Additionally, the lack of skilled workers and
the limited number of modular factories pose logistical challenges.
New entrants in the modular construction industry have a
range of investment opportunities to explore. With the demand for sustainable
and affordable housing solutions on the rise, there is a growing market for
modular construction.
Advancements in technology and the adoption of digital tools
have made modular construction efficient and lucrative, providing new entrants
with the opportunity to compete with established players.
Key developments in the Modular Construction Industry:
- Daiwa
House, Japan's largest construction business, announced cooperation with
Capital Bay in October 2022 to supply modular construction throughout
Europe.
In June 2022, Laing O'Rourke Delivery Ltd. completed the new
HS2 Interchange Station in Solihull, serving as the center of the country's new
high-speed train network.
Key Players in the Modular Construction Industry
- Bouygues
Construction
- Premier
Modular Limited
- KLEUSBERG
GmbH & Co KG
- Sekisui
House Ltd.
- LAING
O'ROURKE
- Red
Sea International
- Skanska
- DuBox
- Wernick
Group
- CIMC
Modular Building Systems Holdings Co., Ltd
- Riko
Hiše d.o.o
- Lendlease
Corporation
- Modulaire
Group
- Guerdon,
LLC
- Hickory
Group
Global Modular Construction Market by Category
By Product:
- Relocatable
- Permanent
By Material:
- Wood
- Steel
- Concrete
- Others
By Application:
- Residential
- Commercial
- Industrial
- Healthcare
- Educational
By Region:
- North
America
- Latin
America
- Europe
- South
Asia & Pacific
- East
Asia
- The
Middle East and Africa
Comments
Post a Comment