PUBLISHER: The Business Research Company | PRODUCT CODE: 1270392
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270392
“Modular Construction Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on modular construction market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for modular construction ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The modular construction market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the modular construction market are Bouygues Construction SA, Laing O'Rourke, Skanska AB, ATCO Ltd., Balfour Beatty Plc., Taisei Corporation, Supertech Industries LLC, Anderco Pte. Ltd., Giant Containers Inc., Honomobo Corporation, Lendlease Corporation, SG Blocks Inc., Guerdon L.L.C, Modulex Plc, and Bechtel Corporation.
The global modular construction market is expected to grow from $89.18 billion in 2022 to $95.59 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The modular construction market is expected to reach $125.03 billion in 2027 at a CAGR of 6.9%.
The modular construction market includes revenues earned by entities by constructing or engineering prefabricated constructions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Modular construction is a process in which buildings are manufactured off-site while adhering to the same building norms and requirements as traditional construction methods. It is utilised in the construction of various buildings since it has numerous advantages such as saving time, lowering labour costs, reducing waste volume, and boosting productivity by delivering standardised components.
Asia-Pacific was the largest region in the modular construction market in 2022. The regions covered in the modular construction report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of modular construction are permanent and relocatable. Permanent refers to parts of a construction project which are used and remain in position for a long time either retrofitted to existing buildings or designed around the modular building techniques. The various materials include are steel, wood, and concrete, which are used in moduled form as four-sided, open-sided, partially open-sided, mixed modules and floor cassettes, modules supported by a primary structure and others. These are used by residential, office, education, retail and commercial, hospitality, healthcare and others.
The upsurge in demand for construction is expected to propel the modular construction market going forward. The construction industry is the industrial branch of trade and manufacturing that is concerned with the construction, repair, renovation, and maintenance of infrastructures. The construction activities are creating a demand for modular construction to faciliate the faster construction of residential and commercial buildings. This construction enables the construction business to speed up the entire project by facilitating the establishment of climate-controlled facilities and minimizing labor expenses, thereby significantly reducing work and time. For instance, In June 2021, according to a report published by Canada's national statistical agency, the investment in building construction increased from $14294 million in April 2019 to $19273 million in 2020. Furthermore, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic's onset. Therefore, increasing construction activities will drive the modular construction market.
Product innovations are a key trend gaining popularity in the modular construction market. Major companies operating in the modular construction market are introducing innovative products to sustain their position in the modular construction market. For instance, in February 2022, Black Buffalo 3D Corporation, a US-based company operating in modular construction launched NEXCON 3D printers, a 3D modular construction printer. Black Buffalo 3D's NEXCON involves 3D printing technology that addresses traditional challenges in the construction industry with unique features of Black Buffalo 3D's NEXCON such as it can print components or walls more quickly, more affordably, and with a stronger, more durable end product utilizing a motion-centric modular gantry design that produces more effective structures. The multi-axis gantry system is optimized to produce accurate prints for any 3D-modeled design that can be developed using normal CAD software, and it is capable of printing buildings up to three stories high.
In January 2021, Etex Group, a European-based global building materials manufacturer and pioneer in lightweight construction, acquired e-Loft for an undisclosed amount. The acquisition is expected to enhance the Etex Group's modular construction business. E-Loft is a France-based company involved in the construction of 3D wood technology-based modular single-family homes, modular multi-family residential complexes, and custom-designed buildings.
The countries covered in the modular construction market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The modular construction market research report is one of a series of new reports from The Business Research Company that provides modular construction market statistics, including modular construction industry global market size, regional shares, competitors with a modular construction market share, detailed modular construction market segments, market trends and opportunities, and any further data you may need to thrive in the modular construction industry. This modular construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.