Modular Construction Market to Witness Growth at a CAGR of 6.4% During the Forecast Period 2022-2028

Posted on 2022-08-11 by researchinsights in Construction // 0 Comments

San Francisco, California , USA, Aug 11, 2022 — /EPR Network/ —

Modular Construction Industry Overview

The global modular construction market size was valued at USD 84.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028.

Growing demand for affordable housing, coupled with increasing investments in the development of healthcare and commercial infrastructure, is anticipated to positively impact market growth.

As per industry surveys, modular construction accounts for 30-50% time savings over its traditional counterpart. The market is expected to witness a renewed interest from the building and construction industry on account of growing emphasis on productivity, efficiency, and workplace safety along with reducing the time and cost associated with building activities.

Gather more insights about the market drivers, restrains and growth of the Global Modular Construction market

The U.K. is one of the leading markets for modular construction owing to its high rate of adoption. The chronic shortage of skilled labor, massive ongoing investment in residential housing development, and a renewed focus on upgrading healthcare infrastructure are expected to drive the market in the country over the forecast period.

In countries such as Sweden, Canada, and Finland, extremely cold weather and shorter daytime inhibit traditional building methods. Consequently, modular construction has emerged as a logical alternative to conventional methods. As of 2020, around 84% of new houses in Sweden are built using some form of modular construction.

Irrespective of the type of material used, the modular option makes it possible to take advantage of economies of scale, faster speed, and improved quality control, thus making it an increasingly attractive option. Furthermore, modular construction exhibits a substantial decrease in waste generation associated with traditional building methods.

Lack of awareness, consumer perception related to quality, and difficulty in availing of finances are some of the factors restraining the market growth. Also, the threat of an economic slowdown in the key markets including the U.K., China, and the U.S. is anticipated to be a major barrier to market growth.

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Modular Construction Market Segmentation

Grand View Research has segmented the global modular construction market on the basis of type, application, and region:

Modular Construction Type Outlook (Revenue, USD Million, 2017 – 2028)
- Relocatable
- Permanent
Modular Construction Application Outlook (Revenue, USD Million, 2017 – 2028)
- Residential
- Commercial
- Industrial
- Healthcare
- Educational
Modular Construction Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa

Key Companies profiled:

Some prominent players in the global Modular Construction market include

Laing O’Rourke
Katerra
Skanska AB
Red Sea Housing
DuBox
Sekisui House Ltd
KLEUSBERG GmbH & Co KG

Order a free sample PDF of the Modular Construction Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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