Global Modular Construction Market Forecasts 2024-2030: Opportunities in Customizing Modular Buildings with Energy Efficient Packages, Technology and Aesthetics
Global Modular Construction Market
Dublin, July 23, 2024 (GLOBE NEWSWIRE) -- The "Global Modular Construction Market by Type (Permanent, Relocatable), Material (Plastic, Precast Concrete, Steel), Module, End User - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Modular Construction Market grew from USD 133.21 billion in 2023 to USD 142.90 billion in 2024. It is expected to continue growing at a CAGR of 7.37%, reaching USD 219.17 billion by 2030.
By shifting much of the construction activity away from the site and into a controlled environment, modular construction minimizes on-site labor, reduces waste, and can offer significant improvements in overall construction quality and safety. Sustainable construction with reduced waste and efficient use of resources coupled with increased government incentives for green building initiatives that favor the adoption of modular construction practices.
However, logistical challenges associated with transporting prefabricated modules, particularly for larger projects or areas with inadequate infrastructure, may impede the market growth. Nevertheless, developing smart modular units equipped with IoT technologies for enhanced functionality and integrating renewable energy systems into modular designs is expected to create potential opportunities for the modular construction market.
BloomedHomes Announces Launch of Modular Home Solutions
BloomedHomes emerges as a transformative force in the real estate landscape with its state-of-the-art modular home solutions, aiming to revolutionize the housing industry. Offering a spectrum of elegantly designed modular homes, from the space-efficient BloomFlat to the opulent BloomMaisonette, and the grand BloomHouse, BloomedHomes defies traditional construction constraints by providing high-quality, cost-effective, and swiftly installable residences. Engineered for simplicity and adaptability, these homes are designed with rapid assembly in mind, allowing for homeownership without the common hindrances of exorbitant costs, prolonged construction times, and location limitations.
Eco Modular, a Provider in Sustainable Modular Building Manufacturing, to Go Public Through Merger with Zalatoris II Acquisition Corp.
Eco Modular, also known as Ascotway Ltd, an Offsite Modular Manufacturing solution, joined forces with Zalatoris II Acquisition Corp. through a definitive merger agreement. This strategic union, which is slated to finalize in Q1 2024, is dependent on the satisfaction of regulatory approvals and other typical closing conditions. This deal marks a milestone in Eco Modular's journey, charting a path for its future as an innovator in the public market space.
Tennet Launches 'Modular Building Large Projects' For Accelerated Electricity Grid Expansion
TenneT launched its ambitious 'Modular Construction for Large Projects' initiative, celebrated with an inaugural event at the lively Rijtuigenloods attended by 300 distinguished guests. This strategic move reflects an essential shift towards more efficient and intelligent construction methodologies, especially pivotal for scaling up electricity grid infrastructure. By focusing on modularizing the building of 380 kV substations and high-voltage pylons associated with the 380 kV connections, TenneT aims to streamline processes and enhance procurement efficiency.
Regional Insights
The modular construction market in the Americas is developing with a consumer base that is increasingly aware of the benefits, including reduced construction time, cost savings, and sustainability. The region shows many new patents related to modular construction, highlighting continuous innovation in building techniques and materials.
Furthermore, the increased adoption of modular construction is driven by the need for speed in construction and governmental initiatives promoting green building practices. Modular construction is gaining traction within the European Union (EU) due to stringent sustainability regulations and high labor costs, making prefabricated solutions an attractive alternative.
The consumer base is conscious of environmental impact and energy efficiency, making Europe an avid adopter of green modular construction methods. In the Middle East, the demand for modular buildings is rising, linked to the region's focus on innovation and sustainability in preparation for events, including the World Expo and the FIFA World Cup. In Africa, modular construction is viewed as a solution to the urgent housing demand and infrastructural development. Consumers are driven by necessity and cost-effectiveness. Investments are primarily directed towards affordable housing projects.
The Asia Pacific region displays a robust growth in the modular construction market, fostered by rapid urbanization and the growing need for affordable housing. China and India are at the forefront, given the enormous population pressure and urbanization trends. The government's push towards prefabrication to address housing shortages and reduce waste has also been instrumental. This region's patents focus on innovations in modular design and sustainable materials. Technology-driven countries have adopted high-tech modular solutions, particularly in response to disaster recovery needs. Investments in research often prioritize earthquake resistance and efficiency in design.
Competitive Scenario Analysis
BloomedHomes Announces Launch of Modular Home Solutions
Eco Modular, a Provider in Sustainable Modular Building Manufacturing, to Go Public Through Merger with Zalatoris II Acquisition Corp.
Tennet Launches 'Modular Building Large Projects' For Accelerated Electricity Grid Expansion
Market Segmentation Analysis
Type: Increasing preference for relocatable modular construction due to its lower initial investment with cost-efficient adaptation to changing needs
Material: Burgeoning adoption of steel for modular constructions
Key Attributes:
Report Attribute | Details |
No. of Pages | 197 |
Forecast Period | 2024 - 2030 |
Estimated Market Value (USD) in 2024 | $142.9 Billion |
Forecasted Market Value (USD) by 2030 | $219.17 Billion |
Compound Annual Growth Rate | 7.3% |
Regions Covered | Global |
Market Insights
Market Drivers
Infrastructure Investment and Industrialization
Associated Environmental Benefits and a Rise in Workplace Safety Concerns
Faster Build Time, Ease of Installation and Relocation, and Quality Control
Government Infrastructure Supporting Deployments
Market Restraints
Overall Economic Downturn in the Construction Business
Market Opportunities
Rising Demand for Modular Construction in the Americas
Customizing Modular with Energy Efficient Packages, Technology and Aesthetics
Market Challenges
Lack of Awareness and Prevailing Myth About Modular Buildings
Market Segmentation & Coverage
Type
Permanent
Relocatable
Material
Plastic
Precast Concrete
Steel
Wood
Module
Four-Sided Modules
Mixed Modules and Floor Cassettes
Modules Supported By A Primary Structure
Open-Sided Modules
Partially Open-Sided Modules
End User
Commercial
Education
Healthcare
Housing
Industrial
Companies Featured
Alta-Fab Structures Ltd.
ATCO Ltd.
Bouygues Construction
CIMC Modular Building Systems Holding Co Ltd.by CIMC Group
Dubox
Dutco Group of Companies
Elements Europe
Etex Group
Fleetwood Corporation Limited
GMC Solutions
Guerdon, LLC
H+H UK Limited
HOMAG Group
Kleusberg GmbH & Co. KG
KOMA MODULAR s. r. o.
Kwikspace
Laing O'Rourke
Lendlease Corporation Limited
McGrath RentCorp
Modulaire Group
Modular Concepts, Inc.
Modulex Modular Buildings Plc
NRB Modular Solutions Inc.
Pressmach Infrastructure Private Limited
Red Sea International
SIPEUROPE s.r.o
Skanska AB
Vinci S.A.
Wernick Group of Companies
Williams Scotsman, Inc.
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