According to a new report, published by KBV research, The Global Modular Construction Market size is expected to reach $159.3 billion by 2030, rising at a market growth of 7.4% CAGR during the forecast period.
The Relocatable segment would experience a CAGR of 7.9% during (2023 - 2030). The demand for relocatable modular structures is particularly high in industries and sectors that require temporary facilities. For example, event organizers, educational institutions, and businesses often seek relocatable structures for temporary classrooms, offices, and event spaces. The ability to quickly set up and dismantle these structures makes them an efficient solution for short-term needs.
The Steel segment is leading the Global Modular Construction Market by Material in 2022; thereby, achieving a market value of $65.1 billion by 2030. Steel has historically been favored as a construction material on account of its remarkable strength, longevity, and resistance to a number of environmental factors. Steel is often used as a primary structural material in modular construction, providing the necessary support and stability to modular units. Using steel ensures that modular buildings meet or exceed stringent structural requirements.
The Commercial segment would exhibit a CAGR of 8.4% during (2023 - 2030). Commercial projects often have tight timelines, and modular construction delivers structures quickly. Off-site fabrication allows for simultaneous on-site preparation, significantly reducing the overall construction time compared to traditional methods. Commercial projects, such as office buildings, retail spaces, and hotels, benefit from the economies of scale associated with modular construction. The controlled environment of manufacturing facilities minimizes material waste, and the efficiency of the assembly line approach contributes to cost savings.
The Europe region dominated the Global Modular Construction Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $61.3 billion by 2030. The North America region is anticipated to grow at a CAGR of 7.2% during (2023 - 2030). Additionally, The Asia Pacific region is paired to grow a CAGR of 8.3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/modular-construction-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Sekisui House, Ltd., LAING O'ROURKE, Red Sea International Company, Skanska Group AB, Premier Modular Limited, KLEUSBERG GmbH & Co. KG, Wernick Group, Lendlease Corporation Limited, Hickory Group and Guerdon, LLC.
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