Modular Construction Market to grow by 33 billion from 2022 to 2027, Rising demand to eliminate on-site constraints to drive the growth- Technavio
NEW YORK, Nov. 29, 2023
NEW YORK, Nov. 29, 2023 /PRNewswire/ -- The modular construction market is estimated to grow by USD 33 billion from 2022 to 2027 accelerating at a CAGR of 6.77% during the forecast period. The market is segmented by application (residential and commercial), type (permanent and relocatable), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
Increasing demand to remove on-site constraints is a key factor driving market growth. Various obstacles, such as unpredictable weather conditions and the need to organize a series of processes, can make it difficult to build on-site. This results in higher on-site building costs, as well as an increase in the amount of time it takes to manage daytime construction activities. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample
- The report recognizes the following as some of the key players in the modular construction market: ATCO Ltd., Bechtel Corp., McGRATH RENTCORP, Fluor Corp., KLEUSBERG GmbH and Co KG, Laing O Rourke, Lendlease Corp. Ltd., Modulaire Group, Red Sea International Co., Skanska AB, THE BOUYGUES GROUP, Amana Contracting and Steel Buildings LLC, ELEMENTS Europe, GUERDON LLC, KOMA MODULAR S.r.o, Kwikspace Pty Ltd., PREMIER MODULAR, STARRCO, Wernick Group Holdings Ltd., and WESTCHESTER MODULAR HOMES
- Modular Construction Market is fragmented in nature.
- Market to observe 6.69% YOY growth in 2023.
- Increasing awareness of custom-built facilities with minimum budgets is a major trend in the market.
- Modular construction meets the growing demand for multifamily housing by providing innovative solutions.
- Large construction projects are adopting modular construction methods to reduce costs and provide affordable housing options.
- Lack of awareness and volatility of transportation costs is a significant challenge restricting market growth.
- Modular construction involves transporting modular components to the construction site, requiring specialized vehicles, which adds to the logistical challenges.
- Fluctuating transportation costs, influenced by fuel prices, shipping methods, and distance, can increase the overall cost of modular construction projects.
- Additionally, delays in shipping modular components can cause delays in construction projects, impacting deadlines and potentially leading to financial losses.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
- The market share growth by the residential segment will be significant during the forecast period. The most important advantage of Modular Construction is time savings and a faster return on investment. In particular, since modular construction can allow industrial production to be performed simultaneously with site preparation, the overall length of building time may be substantially reduced. Modular construction can be used for easy manufacture of turnkey houses that comply with local, state, and national building codes in villages and suburbs.
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The Architectural Engineering And Construction Solutions (AECS) market size is estimated to grow at a CAGR of 12.4% between 2022 and 2027.
The engineering services market size is estimated to grow at a CAGR of 4.2% between 2022 and 2027. The market size is forecast to increase by USD 365.9 billion.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation byType
Market Segmentation by Geography
Drivers, Challenges, & Trends
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