Modular Construction Market is likely to fuel the growth across the globe

The global modular construction market size was estimated at USD 90.79 billion in 2022 and is expected to register a growth of 7.5% over the forecast period. This growth is attributed to the growing demand for affordable housing coupled with the increasing investment in the development of healthcare and commercial infrastructure around the globe. Off-site building activities in the urban regions are also growing, which is further driving the growth of modular construction market. Off-site building is not affected by weather conditions as they are manufactured within closed factories using advanced machinery, thereby, optimizing the construction time and providing high-quality products. The aforementioned benefits of off-site building make modular construction cost-effective and contribute to less site-generated waste.

Rapid urbanization and industrialization are expected to increase the number of new projects, primarily in the commercial and industrial sectors. This is likely to fuel the growth of the construction industry across the globe. Increasing technological advancements in building industry coupled with the advantages provided by modular construction such as reduced building schedule, reduced cost, greater flexibility, reuse, and less material waste are contributing to the product demand.

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Modular Construction Market Report Highlights

The permanent segment accounted for the largest revenue share of 64.1% in 2021. This is attributed to the several advantages of off-site construction such as high-quality control compared to traditional building methods.
The steel material segment accounted for a major share of 41.5% in 2022, owing to its characteristics due to which structural steel is used in building materials and can be welded into different shapes and grades.
The residential application segment was valued at USD 47.85 billion in 2022 and is further forecasted to grow rapidly by 2030. The residential application segment includes single-family houses, multi-story residential buildings, and rental housing properties. Modular construction is witnessing rapid adoption in residential applications on account of its ability to significantly reduce building costs and time.
The European region accounted for the largest revenue share in 2022 and is forecast to grow at a CAGR of 7.1% by 2030. The primary driving factor is expected to be the rising influx of migrants necessitating the building of temporary and permanent housing structures in the region.
Modular construction market is characterized by the presence of various established players with a strong financial base resulting in high barriers for new entrants in this market. High initial capital required for developing buildings with modular construction is expected to lower the threat of new entrants in the market.

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Segments Covered in the Report

Grand View Research has segmented the global modular constructionmarket report based on product, material, application, and region:

Modular Construction Product Outlook (Revenue, USD Million; 2018 - 2030)