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The global modular construction market size is projected to grow from USD 104.1 billion in 2024 to USD 140.8 billion by 2029, at a CAGR of 6.2% during the forecast period. This report provides an in-depth analysis of the modular construction industry size, share, growth trends, regional insights, and industry developments based on the latest industry reports. The modular construction market is set to grow due to rising urbanization, population growth, and the need for rapid, cost-effective building solutions. Advancements in technology and design have enhanced the quality and customization options, making modular construction attractive for various building types. Additionally, its sustainability benefits, such as reduced waste and energy consumption, further drive its adoption. As these trends persist, the modular construction market is expected to expand significantly in the near future.

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Permanent modular building is estimated to dominate the market

The modular construction market is categorized as permanent and relocatable. Permanent modular buildings are reported as having the largest market share in the modular construction market. Permanent modular construction saves time and labor, thus lowering the construction cost.

Steel is projected to be the fastest growing segment in the modular construction market

Steel is the fastest-rising segment for the modular construction market from 2024 to 2029, in terms of value. This is because of the increasing use of steel in construction activities. Steel is also lighter in contrast to other materials, which makes it easy to be craned and transported into a place in a more efficient manner, resulting in less disturbance to the local area.

The residential segment is expected to dominate the modular construction market.

Residential building structures can be built using modular construction solutions in about half the time as compared to conventional site-built construction methods. Different countries are turning to the adoption of modular construction methods as the modular construction helps in waste reduction during the construction process as the different modules are made in-factory. The residential end-use industry reported the most substantial demand for modular construction in 2023, in terms of value and volume.

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Asia Pacific is the largest market for modular construction

The Asia-Pacific (APAC) region emerges as the largest market in the modular construction industry among APAC, North America, Europe, the Middle East & Africa (MEA), and South America, primarily due to several key factors. Construction, one of the biggest and most valuable manufacturing sectors in the region, is highly fragmented and consists of a considerable number of large, medium-sized, and small construction companies. The construction players in the industry have adopted various technologies as a strategy to sustain the growing demand and competition. Rapid urbanization, industrialization, and expanding middle-class populations in countries like China, India, and Southeast Asian nations contribute significantly to the region's dominance in the market. Furthermore, increasing urbanization has led to changes in lifestyle and consumption patterns, driving the need for independent housing units.

Modular Construction Companies

A few of the major players are, Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Modulaire Group (UK), Bechtel Corporation (US), Fluor Corporation (US), Lendlease Corporation (Australia), and Kleusberg GmbH (Germany). These players have implemented various growth strategies, such as acquisitions, investments, expansions, joint ventures, and partnerships to enhance their market shares and boost their product portfolios.

Laing O'Rourke, founded in 1978, is a globally renowned construction and engineering company headquartered in Dartford, England. With a strong emphasis on innovation and sustainability, Laing O'Rourke has established itself as a leader in the construction industry. One of its notable strengths lies in modular construction, where buildings are constructed off-site in controlled factory conditions before being assembled on-site. This approach allows for faster project delivery, improved quality control, and reduced environmental impact. Laing O'Rourke's commitment to excellence, coupled with its expertise in modular construction, positions it as a key player in shaping the future of the construction industry.

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Atco Ltd., founded in 1947, stands as a prominent leader in diverse sectors, encompassing structures, logistics, energy, and utilities. The company's headquarters, situated in Calgary, Canada, serves as a hub for its global operations. With a robust presence across continents, Atco Ltd. is renowned for its innovative modular construction solutions, providing swift and adaptable building solutions for various needs, from remote work camps to urban developments. Through its unwavering dedication to quality, integrity, and sustainability, Atco Ltd. continues to shape industries and enrich communities worldwide.

Fluor Corporation, established in 1912 and headquartered in Irving, Texas, USA, stands as a global leader in engineering, procurement, fabrication, construction, and maintenance services. With modular construction as one of its key strengths, Fluor doesn't adopt a one-size-fits-all approach. Instead, the company collaborates closely with each client to devise a tailored project execution strategy that optimizes value. Its integrated approach to fabrication solutions provides clients with a spectrum of options precisely tailored to their unique requirements. This commitment to customization ensures that Fluor delivers solutions that align perfectly with client needs, fostering efficiency, innovation, and sustainability in every project undertaken.

⏩ Key Highlights of Modular Construction Market Research Report:

» Comprehensive analysis of the Modular Construction Market.
» Identification of market size and growth trends.
» Competitive landscape assessment, including key players and their strategies.
» Consumer behavior insights related to Modular Construction usage.
» Emerging trends and opportunities in the Modular Construction Market.
» Regional analysis, highlighting variations in Modular Construction usage and competition.
» Industry best practices for effective Modular Construction optimization.
» Future outlook and market projections for informed decision-making.

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Reason to Buy:

✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Modular Construction Market.
✅ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
✅ The key findings and recommendations highlight crucial progressive industry trends in the Modular Construction Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
✅ Develop/modify business expansion plans by using substantial growth offerings in developed and emerging markets.
✅ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
✅ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.