Modular construction market size in US to grow by USD 5,641.62 million from 2022 to 2027, Market growth from residential segment will be significant - Technavio

NEW YORK, April 13, 2023 /PRNewswire/ -- The "US Modular Construction Market by Application and Type - Forecast and Analysis 2023-2027" report has been added to Technavio's offerings. The market is estimated to grow by USD 5,641.62 million from 2022 to 2027, growing at a CAGR of 5.61%. This report extensively covers market segmentation by application (residential and commercial) and type (permanent and relocatable). The residential segment will account for a significant share of the market growth during the forecast period. Modular buildings offer various benefits, such as time savings and quick return on investment. Rapid urbanization has led to an increase in the demand for new residential units. This, in turn, is expected to drive segment growth during the forecast period. For comprehensive details on the market size for the historical period (2017 to 2021) and forecast period (2023-2027) - View a sample report

Vendor Landscape

The modular construction market in US is moderately fragmented due to the presence of various global and regional vendors. The rise in construction activities will offer immense growth opportunities to vendors. However, factors such as volatile input costs, complex decision-making, and complicated approval process are expected to hinder the growth of the market during the forecast period. To gain a competitive edge in the market, vendors in the market are likely to offer new products and carry out acquisition strategies. This, in turn, is expected to intensify the competition among vendors in the modular construction market in US during the forecast period.

The report provides a full list of key vendors, their strategies, and the latest
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Market dynamics

Major drivers & challenges - The market is driven by factors such as robust infrastructure development. The number of new buildings in the US is rising. According to Associated General Contractors of America, total construction spending increased by 10.9% in 2022 when compared to 2021. Moreover, many private companies in the construction industry have initiated new commercial mega-projects. These factors will fuel the growth of the market during the forecast period.

However, the complicated approval process of modular construction is challenging the growth of the market. All construction projects in the US should comply with relevant local, state, and federal laws and regulations. The approval process for modular building construction is very lengthy in some state and local jurisdictions. Moreover, the approval and implementation can be challenging in areas with significant union influence. Such complicated approval processes will impede the growth of the market during the forecast period.

Key trends – The high demand for custom facilities on a budget is a key trend in the market. Large projects use modular construction to reduce costs for affordable housing. Modular construction provides flexibility to contractors and is considered eco-friendly, as the key components can be reused and rearranged to build new homes. Therefore, the growing awareness about the benefits of modular buildings is expected to support the growth of the market during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will
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report

Company profiles

The report includes information on the product launches, sustainability, and prospects of leading vendors, including Abtech Inc., ATCO Ltd., Bechtel Corp., Black Diamond Group Ltd., Building Pro, Commercial Structures Corp., Fluor Corp., GUERDON LLC, JL Construction, Kwikspace Pty Ltd., Lendlease Corp. Ltd., McGRATH RENTCORP, Modular Genius, Nadler Modular, Pac Van Inc., Satellite Shelters Inc., Skanska AB, Specialty Modular, STARRCO, and Westchester Modular Homes.

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Competitive analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, among others.

Related Reports

The modular construction market is estimated to grow at a CAGR of 6.77% between 2022 and 2027. The size of the market is forecasted to increase by USD 33 billion. This report extensively covers market segmentation by application (residential and commercial), type (permanent and relocatable), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

The construction market is estimated to grow at a CAGR of 5.3% between 2022 and 2027. The size of the market is forecasted to increase by USD 1,123.8 billion. This report extensively covers market segmentation by type (buildings construction, heavy & civil engineering, land planning and development, and specialty trade contractors), end-user (private sector and public sector), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

Browse for Technavio Industrials Market reports

Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Country Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 07: Parent market
• Exhibit 08: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 09: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 10: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 11: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 12: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 13: Chart on US: Year-over-year growth 2022-2027 (%)
• Exhibit 14: Data Table on US: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Modular construction market in US 2017 - 2021
• Exhibit 15: Historic Market Size – Data Table on Modular construction market in US 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 16: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 17: Historic Market Size – Type Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 18: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 25: Chart on Application - Market share 2022-2027 (%)
• Exhibit 26: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 27: Chart on Comparison by Application
• Exhibit 28: Data Table on Comparison by Application

• 6.3 Residential - Market size and forecast 2022-2027
• Exhibit 29: Chart on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 30: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 31: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 32: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 6.4 Commercial - Market size and forecast 2022-2027
• Exhibit 33: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 34: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 36: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 37: Market opportunity by Application ($ million)
• Exhibit 38: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 39: Chart on Type - Market share 2022-2027 (%)
• Exhibit 40: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 41: Chart on Comparison by Type
• Exhibit 42: Data Table on Comparison by Type

• 7.3 Permanent - Market size and forecast 2022-2027
• Exhibit 43: Chart on Permanent - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Data Table on Permanent - Market size and forecast 2022-2027 ($ million)
• Exhibit 45: Chart on Permanent - Year-over-year growth 2022-2027 (%)
• Exhibit 46: Data Table on Permanent - Year-over-year growth 2022-2027 (%)

• 7.4 Relocatable - Market size and forecast 2022-2027
• Exhibit 47: Chart on Relocatable - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Relocatable - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Relocatable - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Relocatable - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 51: Market opportunity by Type ($ million)
• Exhibit 52: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 53: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Drivers, Challenges, and Trends

• 9.1 Market drivers

• 9.2 Market challenges

• 9.3 Impact of drivers and challenges 
• Exhibit 54: Impact of drivers and challenges in 2022 and 2027

• 9.4 Market trends

10 Vendor Landscape

• 10.1 Overview

• 10.2 Vendor landscape 
• Exhibit 55: Overview on Criticality of inputs and Factors of differentiation

• 10.3 Landscape disruption 
• Exhibit 56: Overview on factors of disruption

• 10.4 Industry risks 
• Exhibit 57: Impact of key risks on business

11 Vendor Analysis

• 11.1 Vendors covered 
• Exhibit 58: Vendors covered

• 11.2 Market positioning of vendors 
• Exhibit 59: Matrix on vendor position and classification

• 11.3 Abtech Inc. 
• Exhibit 60: Abtech Inc. - Overview
• Exhibit 61: Abtech Inc. - Product / Service
• Exhibit 62: Abtech Inc. - Key offerings

• 11.4 ATCO Ltd. 
• Exhibit 63: ATCO Ltd. - Overview
• Exhibit 64: ATCO Ltd. - Business segments
• Exhibit 65: ATCO Ltd. - Key offerings
• Exhibit 66: ATCO Ltd. - Segment focus

• 11.5 Bechtel Corp. 
• Exhibit 67: Bechtel Corp. - Overview
• Exhibit 68: Bechtel Corp. - Product / Service
• Exhibit 69: Bechtel Corp. - Key news
• Exhibit 70: Bechtel Corp. - Key offerings

• 11.6 Black Diamond Group Ltd. 
• Exhibit 71: Black Diamond Group Ltd. - Overview
• Exhibit 72: Black Diamond Group Ltd. - Product / Service
• Exhibit 73: Black Diamond Group Ltd. - Key offerings

• 11.7 Fluor Corp. 
• Exhibit 74: Fluor Corp. - Overview
• Exhibit 75: Fluor Corp. - Business segments
• Exhibit 76: Fluor Corp. - Key offerings
• Exhibit 77: Fluor Corp. - Segment focus

• 11.8 GUERDON LLC 
• Exhibit 78: GUERDON LLC - Overview
• Exhibit 79: GUERDON LLC - Product / Service
• Exhibit 80: GUERDON LLC - Key offerings

• 11.9 JL Construction 
• Exhibit 81: JL Construction - Overview
• Exhibit 82: JL Construction - Product / Service
• Exhibit 83: JL Construction - Key offerings

• 11.10 Kwikspace Pty Ltd. 
• Exhibit 84: Kwikspace Pty Ltd. - Overview
• Exhibit 85: Kwikspace Pty Ltd. - Product / Service
• Exhibit 86: Kwikspace Pty Ltd. - Key offerings

• 11.11 Lendlease Corp. Ltd. 
• Exhibit 87: Lendlease Corp. Ltd. - Overview
• Exhibit 88: Lendlease Corp. Ltd. - Business segments
• Exhibit 89: Lendlease Corp. Ltd. - Key offerings
• Exhibit 90: Lendlease Corp. Ltd. - Segment focus

• 11.12 McGRATH RENTCORP 
• Exhibit 91: McGRATH RENTCORP - Overview
• Exhibit 92: McGRATH RENTCORP - Business segments
• Exhibit 93: McGRATH RENTCORP - Key offerings
• Exhibit 94: McGRATH RENTCORP - Segment focus

• 11.13 Pac Van Inc. 
• Exhibit 95: Pac Van Inc. - Overview
• Exhibit 96: Pac Van Inc. - Product / Service
• Exhibit 97: Pac Van Inc. - Key offerings

• 11.14 Satellite Shelters Inc. 
• Exhibit 98: Satellite Shelters Inc. - Overview
• Exhibit 99: Satellite Shelters Inc. - Product / Service
• Exhibit 100: Satellite Shelters Inc. - Key offerings

• 11.15 Skanska AB 
• Exhibit 101: Skanska AB - Overview
• Exhibit 102: Skanska AB - Business segments
• Exhibit 103: Skanska AB - Key offerings
• Exhibit 104: Skanska AB - Segment focus

• 11.16 STARRCO 
• Exhibit 105: STARRCO - Overview
• Exhibit 106: STARRCO - Product / Service
• Exhibit 107: STARRCO - Key offerings

• 11.17 Westchester Modular Homes 
• Exhibit 108: Westchester Modular Homes - Overview
• Exhibit 109: Westchester Modular Homes - Product / Service
• Exhibit 110: Westchester Modular Homes - Key offerings

12 Appendix

• 12.1 Scope of the report

• 12.2 Inclusions and exclusions checklist 
• Exhibit 111: Inclusions checklist
• Exhibit 112: Exclusions checklist

• 12.3 Currency conversion rates for US$ 
• Exhibit 113: Currency conversion rates for US$

• 12.4 Research methodology 
• Exhibit 114: Research methodology
• Exhibit 115: Validation techniques employed for market sizing
• Exhibit 116: Information sources

• 12.5 List of abbreviations 
• Exhibit 117: List of abbreviations

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