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GLOBAL MODULAR CONSTRUCTION MARKET FORECAST 2021-2028

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GLOBAL MODULAR CONSTRUCTION MARKET FORECAST 2021-2028

Inkwood Research anticipates that the global modular construction market will reach $152.37 billion by 2028, growing at a CAGR of 5.66% during the forecast period. While the base year considered for the studied market is 2020, the estimated years are from 2021 to 2028.

Modular construction is a method of construction wherein the building components such as slabs, columns, or beams are manufactured in a factory instead of on-site. Due to the speed of construction and lower labor requirements, this construction method is gaining popularity across several countries.

GLOBAL MODULAR CONSTRUCTION MARKET FORECAST 2021-2028

Global Modular Construction Market by Construction (Permanent, Re-locatable) Market by Materials (Steel, Concrete, Wood, Plastic) Market by Application (Commercial, Industrial/institutional, Residential) by Geography

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Inkwood Research anticipates that the global modular construction market will reach $152.37 billion by 2028, growing at a CAGR of 5.66% during the forecast period. While the base year considered for the studied market is 2020, the estimated years are from 2021 to 2028.

Modular construction is a method of construction wherein the building components such as slabs, columns, or beams are manufactured in a factory instead of on-site. Due to the speed of construction and lower labor requirements, this construction method is gaining popularity across several countries.modular-construction-market

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Key enablers propelling the global modular construction market growth:

  • Advantages over traditional construction systems
  • Urbanization and industrialization in developing countries
  • Labor shortages in some countries
    • Globally, numerous countries such as Europe, the United States, Japan, and South Korea face labor shortages.
    • One of the key factors accredited to the dearth of labor is the aging population.
    • Labor shortages are likely to have a drastic impact on the construction industry, where the labor requirements are high.
    • Hence, in such a scenario, the modular construction market, with fewer laborers than traditional construction, is set to gain added momentum.

Key growth restraining factors:

  • Cost and complexity in logistics
  • High initial costs for constructing manufacturing facility
  • Lower awareness of the technology
    • Modular construction is a relatively new method of construction, and the majority of the current global construction is carried on-site.
    • While the concept is not extensively tested, contractors/builders do not have proper knowledge about the technology.
    • Thus, creating awareness is a major challenge for the global modular construction market.

Report scope of the global modular construction market covers the segmentation analysis of construction, application, and material.

Market by Construction:

  • Permanent
  • Re-locatable
    • Re-locatable segment is expected to show the fastest growth in terms of the construction category, growing at a CAGR of 6.56%.
    • A re-locatable building is a partially or fully assembled structure that complies with applicable rules and state laws. Besides, it is built utilizing a modular construction technique in a building manufacturing facility.
    • Re-locatable modular buildings provide cost advantages since some or all of the building sites are relocated to an off-site location. This aspect reduces the costs associated with on-site infrastructure along with overhead expenses.
    • Key areas where re-locatable modular buildings are used include education, general offices, retail sector, healthcare, construction sites, security cabins in both residential and commercial complexes, telecommunication sector, equipment storage, and others.

Geographically, the global modular construction market has been segmented on the basis of four major regions, which includes:

  • North America: The United States and Canada
  • Europe: The United Kingdom, Germany, France, Italy, Russia, Belgium, Poland, and Rest of Europe
    • Europe is an important market for modular construction.
    • The skilled labor shortage is a major factor driving the modular construction market across the region. Several countries in the region observe a significant rise in the aging population, thus accentuating the labor shortage problem
    • The construction industry in nations such as Germany, the United Kingdom, Spain, etc., is expected to show a considerable increase over the upcoming years due to the growing demand from immigration employees/workers.
    • European countries are serious about the environmental impact of industries. In this regard, modular construction depicts promising eco-friendly construction structures to the traditional method, thus improving the industry’s prospects.
  • Asia-Pacific: China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific
  • Rest of World: Latin America, the Middle East & Africa

Major players in the global modular construction market:

  • ATCO
  • Abtech
  • Champion Home Builders
  • Clayton Homes
  • Modulaire Group
  • Bouygues Construction
  • Astron
  • Koma Modular
  • CIMC Modular Building Systems
  • Fleetwood Australia

Key strategies adopted by some of these companies:

Modulaire Group bought Tecnifor S.p.A., as well as the businesses and operations of Locabox S.r.l. and F.A.E. S.p.A., in July 2021. ScotBilt Homes was purchased by Skyline Champion in March 2021. In April 2021, Bouygues Construction and Dassault Systèmes will expand their partnership in order to accelerate digital transformation in the construction industry. Clayton Homes, the retail branch of Clayton off-site built homes, announced the launch of its new HouseSmart Construction company in October 2020.

Key trends of the global modular construction market:

  • The demand for spaces with lower environmental impact is on the rise.
  • Improvements in building information modeling (BIM) creates lucrative opportunities for the global modular construction market.
  • Increased demand for customized buildings and investments in infrastructure plays a vital role in fueling the global modular construction market growth.

Frequently Asked Questions (FAQs):

  • Which material currently captures the largest share in the global modular construction market?

A: The steel segment under the materials category captures the largest share in the global modular construction market.

  • Which application is expected to show the fastest growth across the global modular construction market?

A: Industrial/institutional is expected to show the fastest growth across the global modular construction market.

  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • KEY DRIVERS
      • ADVANTAGES OVER TRADITIONAL CONSTRUCTION SYSTEMS
      • URBANIZATION AND INDUSTRIALIZATION IN DEVELOPING COUNTRIES
      • LABOUR SHORTAGES IN SOME COUNTRIES
    • KEY RESTRAINTS
      • HIGHER COST AND COMPLEXITY IN LOGISTICS
      • HIGH INITIAL COSTS FOR CONSTRUCTING MANUFACTURING FACILITY
      • LOWER AWARENESS OF THE TECHNOLOGY
  1. KEY ANALYTICS
    • IMPACT OF COVID-19 ON MODULAR CONSTRUCTION MARKET
    • KEY MARKET TRENDS
    • PORTER’S FIVE FORCES ANALYSIS
      • BUYERS POWER
      • SUPPLIERS POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    • VALUE CHAIN ANALYSIS
    • PESTLE ANALYSIS
      • POLITICAL
      • ECONOMICAL
      • SOCIAL
      • TECHNOLOGICAL
      • ENVIRONMENTAL
      • LEGAL
  1. MARKET BY CONSTRUCTION
    • PERMANENT
    • RE-LOCATABLE
  2. MARKET BY MATERIALS
    • STEEL
    • CONCRETE
    • WOOD
    • PLASTIC
  3. MARKET BY APPLICATION
    • COMMERCIAL
    • INDUSTRIAL/INSTITUTIONAL
    • RESIDENTIAL
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • ITALY
        • RUSSIA
        • BELGIUM
        • POLAND
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • INDONESIA
        • THAILAND
        • VIETNAM
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • REGIONAL ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA
  1. COMPETITIVE LANDSCAPE
    • KEY STRATEGIC DEVELOPMENTS
      • MERGERS & ACQUISITIONS
      • PRODUCT LAUNCHES & DEVELOPMENTS
      • PARTNERSHIPS & AGREEMENTS
      • BUSINESS EXPANSIONS & DIVESTITURES
    • COMPANY PROFILES
      • ABTECH
      • ALTA-FAB STRUCTURES
      • ART’S WAY MANUFACTURING
      • ASTRON
      • ATCO
      • BOUYGUES CONSTRUCTION
      • CHAMPION HOME BUILDERS
      • CIMC MODULAR BUILDING SYSTEMS
      • CLAYTON HOMES
      • FLEETWOOD AUSTRALIA
      • KOMA MODULAR
      • MODULAIRE GROUP
      • RED SEA HOUSING
      • SKYLINE CHAMPION CORPORATION
      • ZEKELMAN INDUSTRIES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – MODULAR CONSTRUCTION

TABLE 2: GLOBAL MODULAR CONSTRUCTION MARKET, BY CONSTRUCTION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 3: GLOBAL MODULAR CONSTRUCTION MARKET, BY CONSTRUCTION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 4: GLOBAL PERMANENT MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 5: GLOBAL PERMANENT MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 6: GLOBAL RE-LOCATABLE MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 7: GLOBAL RE-LOCATABLE MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 8: GLOBAL MODULAR CONSTRUCTION MARKET, BY MATERIAL, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 9: GLOBAL MODULAR CONSTRUCTION MARKET, BY MATERIAL, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 10: GLOBAL STEEL MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 11: GLOBAL STEEL MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 12: GLOBAL CONCRETE MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 13: GLOBAL CONCRETE MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 14: GLOBAL WOOD MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 15: GLOBAL WOOD MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 16: GLOBAL PLASTIC MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 17: GLOBAL PLASTIC MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 18: GLOBAL MODULAR CONSTRUCTION MARKET, BY APPLICATION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 19: GLOBAL MODULAR CONSTRUCTION MARKET, BY APPLICATION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 20: GLOBAL COMMERCIAL MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 21: GLOBAL COMMERCIAL MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 22: GLOBAL INDUSTRIAL/INSTITUTIONAL MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 23: GLOBAL INDUSTRIAL/INSTITUTIONAL MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 24: GLOBAL RESIDENTIAL MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 25: GLOBAL RESIDENTIAL MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 26: GLOBAL MODULAR CONSTRUCTION MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 27: GLOBAL MODULAR CONSTRUCTION MARKET, BY GEOGRAPHY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 28: NORTH AMERICA MODULAR CONSTRUCTION MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 29: NORTH AMERICA MODULAR CONSTRUCTION MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 30: EUROPE MODULAR CONSTRUCTION MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 31: EUROPE MODULAR CONSTRUCTION MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 32: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 33: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 34: REST OF WORLD MODULAR CONSTRUCTION MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 35: REST OF WORLD MODULAR CONSTRUCTION MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 36: LIST OF MERGERS & ACQUISITIONS

TABLE 37: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 38: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 39: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: VALUE CHAIN ANALYSIS

FIGURE 6: GLOBAL MODULAR CONSTRUCTION MARKET, GROWTH POTENTIAL, BY CONSTRUCTION, IN 2020

FIGURE 7: GLOBAL MODULAR CONSTRUCTION MARKET, BY PERMANENT, 2021-2028 (IN $ MILLION)

FIGURE 8: GLOBAL MODULAR CONSTRUCTION MARKET, BY RE-LOCATABLE, 2021-2028 (IN $ MILLION)

FIGURE 9: GLOBAL MODULAR CONSTRUCTION MARKET, GROWTH POTENTIAL, BY MATERIAL, IN 2020

FIGURE 10: GLOBAL MODULAR CONSTRUCTION MARKET, BY STEEL, 2021-2028 (IN $ MILLION)

FIGURE 11: GLOBAL MODULAR CONSTRUCTION MARKET, BY CONCRETE, 2021-2028 (IN $ MILLION)

FIGURE 12: GLOBAL MODULAR CONSTRUCTION MARKET, BY WOOD, 2021-2028 (IN $ MILLION)

FIGURE 13: GLOBAL MODULAR CONSTRUCTION MARKET, BY PLASTIC, 2021-2028 (IN $ MILLION)

FIGURE 14: GLOBAL MODULAR CONSTRUCTION MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2020

FIGURE 15: GLOBAL MODULAR CONSTRUCTION MARKET, BY COMMERCIAL, 2021-2028 (IN $ MILLION)

FIGURE 16: GLOBAL MODULAR CONSTRUCTION MARKET, BY INDUSTRIAL/INSTITUTIONAL, 2021-2028 (IN $ MILLION)

FIGURE 17: GLOBAL MODULAR CONSTRUCTION MARKET, BY RESIDENTIAL, 2021-2028 (IN $ MILLION)

FIGURE 18: NORTH AMERICA MODULAR CONSTRUCTION MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 19: UNITED STATES MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 20: CANADA MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 21: EUROPE MODULAR CONSTRUCTION MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 22: UNITED KINGDOM MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 23: GERMANY MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 24: FRANCE MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 25: ITALY MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 26: RUSSIA MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 27: BELGIUM MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 28: POLAND MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 29: REST OF EUROPE MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 30: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 31: CHINA MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 32: JAPAN MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 33: INDIA MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 34: SOUTH KOREA MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 35: INDONESIA MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 36: THAILAND MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 37: VIETNAM MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 38: AUSTRALIA & NEW ZEALAND MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 39: REST OF ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION

FIGURE 40: REST OF WORLD MODULAR CONSTRUCTION MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 41: LATIN AMERICA MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

FIGURE 42: MIDDLE EAST & AFRICA MODULAR CONSTRUCTION MARKET, 2021-2028 (IN $ MILLION)

  1. MARKET BY CONSTRUCTION
    • PERMANENT
    • RE-LOCATABLE
  2. MARKET BY MATERIALS
    • STEEL
    • CONCRETE
    • WOOD
    • PLASTIC
  3. MARKET BY APPLICATION
    • COMMERCIAL
    • INDUSTRIAL/INSTITUTIONAL
    • RESIDENTIAL
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • ITALY
        • RUSSIA
        • BELGIUM
        • POLAND
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • INDONESIA
        • THAILAND
        • VIETNAM
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • REGIONAL ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA

 

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