Modular Construction Market Size Worth $138.9 Billion by 2028: Grand View Research, Inc.

SAN FRANCISCO, Feb. 16, 2022 /PRNewswire/ -- The global modular construction market size is expected to reach USD 138.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. Increasing emphasis on improving productivity and rising focus on workplace safety at construction sites are expected to drive the market over the forecast period.

Key Insights & Findings from the report:

• In Asia Pacific, the residential application segment is expected to progress at a CAGR of 7.5% over the forecast period due to the growing population, which, in turn, demands high investment for the development of residential housing projects.
• In India, modular construction in the healthcare application segment was valued at USD 543.0 million in 2020, on account of high budgetary outlay for the development of healthcare infrastructure by public and private investors.
• The commercial modular construction segment in North America accounted for a market revenue of USD 951.4 million in 2020, due to rising investments for the establishment of offices, hotels, and restaurants.
• Key players heavily invest in research and development to expand their production capacities, thereby sustaining their market positions. Extending product offerings to customers is also one of the primary strategies employed by the companies.

Read 102-page market research report, "Modular Construction Market Size, Share & Trends Analysis Report by Type (Permanent, Relocatable), By Application (Residential, Commercial, Healthcare, Educational), By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.

Modular Construction Market Growth & Trends

The process involves the prefabrication of modules at a different location from the actual site in a controlled environment, resulting in reduced timelines for completing building projects. This process allows planned inventory usage and limited wastage of raw materials, thereby, significantly reducing the investment required for building work. Assembly lines for modular construction help producers streamline raw material purchasing and inventory management.

Modular constructions are monitored regularly, ensuring a better quality of final products. Furthermore, they can be easily replaced or recycled during renovation activities, thus making them more user-friendly. The permanent modular construction segment dominated the industry in Sweden and accounted for 69.20% of the overall market share in 2020 owing to increased demand for residential wooden housing structures in the region.

The industry players are expected to target developing economies such as India, China, and Southeast Asian countries to tap robust opportunities resulting from the rapid growth of the building sector. Increasing efforts by companies to adopt the latest technologies such as 3D printing and building information modeling (BIM) for optimizing offsite module construction activities are expected to have a positive impact on the industry growth. However, fluctuation in transportation costs is anticipated to hamper the market growth over the forecast period.

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 (Revenue, USD Million, 2017 - 2028)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• Sweden
• Asia Pacific
• China
• India
• Japan
• Australia
• Singapore
• Central & South America
• Brazil
• Middle East & Africa
• Saudi Arabia
• UAE

List of Key Players of Modular Construction Market

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

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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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