The report is titled as ‘Modular Construction Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the modular construction market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The modular construction market is expected to grow at a significant rate in the near future.
The modular construction market is expected to reach US$ 123.4 Bn by 2028 from US$ 79.5 Bn in 2020, at a CAGR of 5.7% during the forecast period of 2020 to 2028.
Modular Construction Market Definition
The worldwide construction industry goes through several different types of affairs and challenges, including lower productivity, labor inadequacy, and environmental damage. Although these days the idea of modular construction has gained immense popularity and attention as a powerful approach for outpacing these issues owing to its inbuilt benefits, such as enhanced productivity, shortened project timespan, superior quality, and improved occupational protection.
Modular construction, basically, can be perceived as a process in which a structure or any premise is constructed off-site, under regulated plant conditions, using the exact same materials and designing to the similar standards and codes as traditionally built facilities – although in about half as much time.
Notably, in the concept of modular constructions, buildings are developed in “modules” that when assembled together on site, ponder the exact same design objective and stipulations of the most elegant and urbane site-built facility – without any settlements. It has been assessed that modular construction comprises the potency to cut down and curtail the time used up in project design and engineering, as well as it diminishes the costs and enhances construction productivity. At long last, it concludes that the establishment of modular buildings is eco-friendly, cost-efficient, and safe.
Modular Construction Market Dynamics
The rapid pace of soaring population, worldwide, is also accompanying exacerbated housing problems across the world. Majority of the metropolitan areas and cities, globally, are going through issues like slums, urban sprawl and spontaneous development and at present, not in a comfortable living environment. In order to meet the needs of the invariably increasing population across the globe, there is a requirement to build more and more residential and comfortable living environments. Such factors are playing one of the major roles in stimulating the demand of modular construction in the global markets, thereby driving the growth of the global modular construction market substantially.
In addition to that, the heavy environment impact from the traditional construction approach has further positively fueled the demand of modular construction around the globe. As per the new research by construction blog Bimhow, the global construction sector adds up to 50% of the climatic change, 23% of air pollution, 50% of landfill wastes, and 40% of drinking water pollution. Attributing to which, the fresh idea of modular construction is gaining immense traction in the global markets, thus projected to accelerate the growth of the global modular construction market over the forthcoming future.
Moreover, the rising government initiatives regarding adoption of modular construction approach due to the rising need of housing facilities as well as growing environmental concerns is also playing a positive role in boosting the growth of the global modular construction market in the near future.
Other than that, the novel idea of modular construction is much faster than the traditional approach given that it appears simultaneously with site work, enabling the projects to be completed in around half of the time.
On top of that, other benefits related with modular construction involve higher flexibility and reusability, reduced material waste, enhanced air quality, decreased construction schedule, safer construction, numerous design opportunities, together with strengthened engineered building. Owing to which, the global modular construction market is estimated to grow significantly in the coming years.
Modular Construction Market Segmentation
The global modular construction is segmented on the basis of type, material, module, end-use sector and regions. On the basis of type, the modular construction market is segmented into permanent and relocatable. On the basis of material, the market is categorized into steel, wood, and concrete. Further, the market is segmented on the basis of modules into four-sided, open-sided, partially open-sided, mixed modules & floor cassettes, modules supported by a primary structure, and others. On the basis of the end-use sector, the market is bifurcated into residential, office, education, retail & commercial, hospitality, healthcare, and others.
By Type
Permanent
Relocatable
By Material
Steel
Wood
Concrete
By Module
Four-sided
Open-sided
Partially open-sided
Mixed modules & floor cassettes
Modules supported by a primary structure
Others
By End-Use Sector
Residential
Office
Education
Retail & Commercial
Hospitality
Healthcare
Others
By Region
North America
Latin America
Africa
Europe
Asia Pacific
Middle East
Modular Construction Market Key Players
The global modular construction market is dominated by Laing O’Rourke, Red Sea Housing, Atco Ltd., Skanska AB, Kleusberg GmbH, Atco Ltd, Algeco Scotsman, Katerra, Lendlease Corporation, Bechtel Corporation, Fluor Corporation, among others.
MMC Overview on Modular Construction Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the modular construction market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Reimbursement
Concerns for use of modular construction
Advantages of modular construction
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.
1. Global Modular Construction Market Report Overview
1.1. Introduction
1.2. Report Description
1.3. Methodology
2. Global Modular Construction Market Overview
2.1. Introduction
2.1.1. Market Definition
2.1.2. Market Taxonomy
2.2. Executive Summary
2.3. Global Modular Construction Market Snapshot
2.4. Global Modular Construction Market Size And Forecast, 2020–2028
2.4.1. Introduction
2.4.2. Market Value Forecast And Annual Growth Rate (AGR) Comparison (2020–2028)
2.5. Global Modular Construction Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunity
2.5.4. Trends
2.6. Porter’s Five Forces Model
2.7. SWOT Analysis
3. Modular Construction Assessment and Analysis
3.1. Modular Construction Impact Analysis
3.2. Actions to encourage use of Modular Construction
3.3. Modular Construction Promotional Strategy Recommendation
3.4. Road Map Analysis
3.5. GAP Analysis
3.6. Potential Analysis
4. Covid-19 Impact on Modular Construction Market
5. Global Modular Construction Market, By Type
5.1. Introduction
5.1.1. Annual Growth Rate Comparison, By Type
5.1.2. BPS Analysis, By Type
5.2. Market Revenue (US$Mn) and Forecast, By Type
5.2.1. Permanent
5.2.2. Relocatable
5.3. Global Modular Construction Market Attractiveness Index, By Type
6. Global Modular Construction Market, By Material
6.1. Introduction
6.1.1. Annual Growth Rate Comparison, By Material
6.1.2. BPS Analysis, By Material
6.2. Market Revenue (US$Mn) and Forecast, By Material
6.2.1. Steel
6.2.2. Wood
6.2.3. Concrete
6.3. Global Modular Construction Market Attractiveness Index, By Material
7. Global Modular Construction Market, By Module
7.1. Introduction
7.1.1. Annual Growth Rate Comparison, By Module
7.1.2. BPS Analysis, By Module
7.2. Market Revenue (US$Mn) and Forecast, By Module
7.2.1. Four-sided
7.2.2. Open-sided
7.2.3. Partially open-sided
7.2.4. Mixed modules & floor cassettes
7.2.5. Modules supported by a primary structure
7.2.6. Others
7.3. Global Modular Construction Market Attractiveness Index, By Module
8. Global Modular Construction Market, By End-Use Sector
8.1. Introduction
8.1.1. Annual Growth Rate Comparison, By End-Use Sector
8.1.2. BPS Analysis, By End-Use Sector
8.2. Market Revenue (US$Mn) and Forecast, By End-Use Sector
8.2.1. Residential
8.2.2. Office
8.2.3. Education
8.2.4. Retail & Commercial
8.2.5. Hospitality
8.2.6. Healthcare
8.2.7. Others
8.3. Global Modular Construction Market Attractiveness Index, By End-Use Sector
9. Global Modular Construction Market, By Region
9.1. Introduction
9.1.1. Annual Growth Rate Comparison, By Region
9.1.2. BPS Analysis, By Region
9.2. Market Revenue (US$Mn) and Forecast, By Region
9.2.1. North America
9.2.2. Latin America
9.2.3. Europe
9.2.4. Asia Pacific
9.2.5. Middle East
9.2.6. Africa
9.3. Global Modular Construction Market Attractiveness Index, By Region
10. North America Modular Construction Market Analysis and Forecast, 2020–2028
10.1. Introduction
10.1.1. Annual Growth Rate Comparison, By Country
10.1.2. BPS Analysis, By Country
10.2. Market Revenue (US$Mn) and Forecast, By Country
10.2.1. U.S. Modular Construction Market
10.2.2. Canada Modular Construction Market
10.3. North America Modular Construction Market, By Type
10.3.1. Permanent
10.3.2. Relocatable
10.4. North America Modular Construction Market Revenue (US$Mn) and Forecast, By Material
10.4.1. Steel
10.4.2. Wood
10.4.3. Concrete
10.5. North America Modular Construction Market Revenue (US$Mn) and Forecast, By Module
10.5.1. Four-sided
10.5.2. Open-sided
10.5.3. Partially open-sided
10.5.4. Mixed modules & floor cassettes
10.5.5. Modules supported by a primary structure
10.5.6. Others
10.6. North America Modular Construction Market Revenue (US$Mn) and Forecast, By End-Use Sector
10.6.1. Residential
10.6.2. Office
10.6.3. Education
10.6.4. Retail & Commercial
10.6.5. Hospitality
10.6.6. Healthcare
10.6.7. Others
10.7. North America Modular Construction Market Attractiveness Index
10.7.1. By Country
10.7.2. By Type
10.7.3. By Material
10.7.4. By Module
10.7.5. By End-Use Sector
11. Latin America Modular Construction Market Analysis and Forecast, 2020–2028
11.1. Introduction
11.1.1. Annual Growth Rate Comparison, By Country
11.1.2. BPS Analysis, By Country
11.2. Market (US$Mn) Forecast, By Country
11.2.1. Brazil Modular Construction Market
11.2.2. Mexico Modular Construction Market
11.2.3. Rest Of Latin America Modular Construction Market
11.3. Latin America Modular Construction Market, By Type
11.3.1. Permanent
11.3.2. Relocatable
11.4. Latin America Modular Construction Market Revenue (US$Mn) and Forecast, By Material
11.4.1. Steel
11.4.2. Wood
11.4.3. Concrete
11.5. Latin America Modular Construction Market Revenue (US$Mn) and Forecast, By Module
11.5.1. Four-sided
11.5.2. Open-sided
11.5.3. Partially open-sided
11.5.4. Mixed modules & floor cassettes
11.5.5. Modules supported by a primary structure
11.5.6. Others
11.6. Latin America Modular Construction Market Revenue (US$Mn) and Forecast, By End-Use Sector
11.6.1. Residential
11.6.2. Office
11.6.3. Education
11.6.4. Retail & Commercial
11.6.5. Hospitality
11.6.6. Healthcare
11.6.7. Others
11.7. Latin America Modular Construction Market Attractiveness Index
11.7.1. By Country
11.7.2. By Type
11.7.3. By Material
11.7.4. By Module
11.7.5. By End-Use Sector
12. Europe Modular Construction Market Analysis and Forecast, 2020–2028
12.1. Introduction
12.1.1. Annual Growth Rate Comparison, By Country
12.1.2. BPS Analysis, By Country
12.2. Market (US$Mn) Forecast, By Country
12.2.1. U.K. Modular Construction Market
12.2.2. Germany Modular Construction Market
12.2.3. Italy Modular Construction Market
12.2.4. France Modular Construction Market
12.2.5. Spain Modular Construction Market
12.2.6. Russia Modular Construction Market
12.2.7. Rest Of Europe Modular Construction Market
12.3. Europe Modular Construction Market, By Type
12.3.1. Permanent
12.3.2. Relocatable
12.4. Europe Modular Construction Market Revenue (US$Mn) and Forecast, By Material
12.4.1. Steel
12.4.2. Wood
12.4.3. Concrete
12.5. Europe Modular Construction Market Revenue (US$Mn) and Forecast, By Module
12.5.1. Four-sided
12.5.2. Open-sided
12.5.3. Partially open-sided
12.5.4. Mixed modules & floor cassettes
12.5.5. Modules supported by a primary structure
12.5.6. Others
12.6. Europe Modular Construction Market Revenue (US$Mn) and Forecast, By End-Use Sector
12.6.1. Residential
12.6.2. Office
12.6.3. Education
12.6.4. Retail & Commercial
12.6.5. Hospitality
12.6.6. Healthcare
12.6.7. Others
12.7. Europe Modular Construction Market Attractiveness Index
12.7.1. By Country
12.7.2. By Type
12.7.3. By Material
12.7.4. By Module
12.7.5. By End-Use Sector
13. Asia Pacific Modular Construction Market Analysis and Forecast, 2020–2028
13.1. Introduction
13.1.1. Annual Growth Rate Comparison, By Country
13.1.2. BPS Analysis, By Country
13.2. Market (US$Mn) Forecast, By Country
13.2.1. China Modular Construction Market
13.2.2. India Modular Construction Market
13.2.3. Japan Modular Construction Market
13.2.4. Australia and New Zealand Modular Construction Market
13.2.5. South Korea Modular Construction Market
13.2.6. Rest of Asia Pacific Modular Construction Market
13.3. Asia Pacific Modular Construction Market, By Type
13.3.1. Permanent
13.3.2. Relocatable
13.4. Asia Pacific Modular Construction Market Revenue (US$Mn) and Forecast, By Material
13.4.1. Steel
13.4.2. Wood
13.4.3. Concrete
13.5. Asia Pacific Modular Construction Market Revenue (US$Mn) and Forecast, By Module
13.5.1. Four-sided
13.5.2. Open-sided
13.5.3. Partially open-sided
13.5.4. Mixed modules & floor cassettes
13.5.5. Modules supported by a primary structure
13.5.6. Others
13.6. Asia Pacific Modular Construction Market Revenue (US$Mn) and Forecast, By End-Use Sector
13.6.1. Residential
13.6.2. Office
13.6.3. Education
13.6.4. Retail & Commercial
13.6.5. Hospitality
13.6.6. Healthcare
13.6.7. Others
13.7. Asia Pacific Modular Construction Market Attractiveness Index
13.7.1. By Country
13.7.2. By Type
13.7.3. By Material
13.7.4. By Module
13.7.5. By End-Use Sector
14. Middle East Modular Construction Market Analysis and Forecast, 2020–2028
14.1. Introduction
14.1.1. Annual Growth Rate Comparison, By Country
14.1.2. BPS Analysis, By Country
14.2. Market (US$Mn) Forecast, By Country
14.2.1. GCC Countries Modular Construction Market
14.2.2. Israel Modular Construction Market
14.2.3. Rest Of Middle East Modular Construction Market
14.3. Middle East Modular Construction Market, By Type
14.3.1. Permanent
14.3.2. Relocatable
14.4. Middle East Modular Construction Market Revenue (US$Mn) and Forecast, By Material
14.4.1. Steel
14.4.2. Wood
14.4.3. Concrete
14.5. Middle East Modular Construction Market Revenue (US$Mn) and Forecast, By Module
14.5.1. Four-sided
14.5.2. Open-sided
14.5.3. Partially open-sided
14.5.4. Mixed modules & floor cassettes
14.5.5. Modules supported by a primary structure
14.5.6. Others
14.6. Middle East Modular Construction Market Revenue (US$Mn) and Forecast, By End-Use Sector
14.6.1. Residential
14.6.2. Office
14.6.3. Education
14.6.4. Retail & Commercial
14.6.5. Hospitality
14.6.6. Healthcare
14.6.7. Others
14.7. Middle East Modular Construction Market Attractiveness Index
14.7.1. By Country
14.7.2. By Type
14.7.3. By Material
14.7.4. By Module
14.7.5. By End-Use Sector
15. Africa Modular Construction Market Analysis and Forecast, 2020–2028
15.1. Introduction
15.1.1. Annual Growth Rate Comparison, By Country
15.1.2. BPS Analysis, By Country
15.2. Market (US$Mn) Forecast, By Country
15.2.1. South Africa Countries Modular Construction Market
15.2.2. Egypt Modular Construction Market
15.2.3. North Africa Modular Construction Market
15.2.4. Rest of Africa Modular Construction Market
15.3. Africa Modular Construction Market, By Type
15.3.1. Permanent
15.3.2. Relocatable
15.4. Africa Modular Construction Market Revenue (US$Mn) and Forecast, By Material
15.4.1. Steel
15.4.2. Wood
15.4.3. Concrete
15.5. Africa Modular Construction Market Revenue (US$Mn) and Forecast, By Module
15.5.1. Four-sided
15.5.2. Open-sided
15.5.3. Partially open-sided
15.5.4. Mixed modules & floor cassettes
15.5.5. Modules supported by a primary structure
15.5.6. Others
15.6. Africa Modular Construction Market Revenue (US$Mn) and Forecast, By End-Use Sector
15.6.1. Residential
15.6.2. Office
15.6.3. Education
15.6.4. Retail & Commercial
15.6.5. Hospitality
15.6.6. Healthcare
15.6.7. Others
15.7. Africa Modular Construction Market Attractiveness Index
15.7.1. By Country
15.7.2. By Type
15.7.3. By Material
15.7.4. By Module
15.7.5. By End-Use Sector
16. Competitive Landscape
16.1. Company Profiles
16.1.1. Laing O’Rourke
16.1.1.1. Company Overview
16.1.1.2. Financial Overview
16.1.1.3. Key Developments
16.1.1.4. Strategies
16.1.1.5. Product Analysis
16.1.2. Red Sea Housing
16.1.3. Atco Ltd.
16.1.4. Skanska AB
16.1.5. Kleusberg GmbH
16.1.6. Algeco Scotsman
16.1.7. Katerra
16.1.8. Lendlease Corporation
16.1.9. Bechtel Corporation
16.1.10. Fluor Corporation
17. Acronyms
Frequently Asked Questions
What is the projected market size & Compound Annual Growth Rate (CAGR) of the market?
The modular construction market is expected to reach US$ 123.4 Bn by 2028 from US$ 79.5 Bn in 2020, at a CAGR of 5.7% during the forecast period of 2020 to 2028
What are the key factors driving the growth of market?
The rapid pace of soaring population, heavy environment impact from the traditional construction approach, and rising government initiatives regarding adoption of modular construction approach due to the rising need of housing facilities are the key factors driving the growth of market
What segments are covered in market report?
The global modular construction is segmented on the basis of type, material, module, end-use sector and regions
What are the key participating players in the market?
Laing O Rourke, Red Sea Housing, Atco Ltd., Skanska AB, Kleusberg GmbH, Atco Ltd, Algeco Scotsman, Katerra, Lendlease Corporation, Bechtel Corporation, Fluor Corporation, among others are the key participating players in the market
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