Modular Construction Market Size Will Anticipated to Reach $155.9 Billion by 2031 | TMR

The modular construction market size is estimated to grow at a CAGR of 5.8% from 2023 to 2031 and reach US$ 155.9 Bn by the end of 2031.

WILMINGTON, DE, UNITED STATES, December 19, 2024 /EINPresswire.com/ -- The modular construction market is revolutionizing the building and construction industry by offering efficient, sustainable, and cost-effective alternatives to traditional construction methods. Modular construction involves fabricating building components, or modules, in off-site factories and assembling them on-site. These modules can include complete rooms or sections of buildings, with electrical wiring, plumbing, and finishes pre-installed. The modular construction market size is estimated to grow at a CAGR of 5.8% from 2023 to 2031 and reach US$ 155.9 Bn by the end of 2031.

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Market Overview

The modular construction market is segmented by type, material, application, and region. Types include permanent modular construction (PMC) and relocatable modular construction (RMC). Key materials used are steel, concrete, wood, and composite materials. Applications span residential, commercial, industrial, and infrastructure sectors.

Key Drivers of Growth

Rising Demand for Affordable Housing
The growing housing shortage, especially in urban areas, has accelerated the adoption of modular construction as a quicker and more affordable solution.

Focus on Sustainability
Modular construction reduces material waste and energy consumption, aligning with global sustainability goals and green building initiatives.

Shorter Construction Timelines
Off-site manufacturing significantly reduces on-site construction time, providing a competitive advantage over traditional methods.

Technological Advancements
The integration of BIM (Building Information Modeling), 3D printing, and automation in modular construction enhances precision and efficiency.

Labor Shortages in Construction
Skilled labor shortages are prompting contractors to adopt modular methods that require fewer on-site workers.

Top Companies:

ALHO Systembau GmbH
Elements Europe
KLEUSBERG GmbH & Co. KG
Lindbäcks Bygg AB
Lowrie Modular Buildings
Paragon Space Ltd
Polcom Group
Robertson Group
Totally Modular Ltd
Vision Modular Systems

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Recent Trends

Adoption of Smart Technologies
Smart factories equipped with robotics and IoT are improving the efficiency and scalability of modular construction processes.

Expansion of Commercial Applications
Modular construction is increasingly being used for office spaces, hotels, and healthcare facilities due to its flexibility and scalability.

Focus on High-rise Modular Buildings
Advancements in structural engineering and materials are enabling the construction of modular skyscrapers and multi-story buildings.

Customization and Design Innovations
Manufacturers are offering tailored designs to meet specific client needs, enhancing the aesthetic and functional appeal of modular buildings.

Rise in Public-private Partnerships (PPPs)
Collaboration between governments and private players is driving large-scale adoption of modular construction for infrastructure projects.

Market Segmentation

By Type
Permanent
Relocatable

By Structure
Walls
Floors
Frames
Ceilings & Roofs
Doors & Windows
Others

By Material
OSB
Plasterboard
Fiber Cement
Steel Fiber Reinforced Concrete
Polypropylene Fiber Reinforced (PFR) Cement & Concrete
Glass Fiber Reinforced Concrete (GFRC)
Asbestos Fiber
Others
Timber
Steel
Others

Building Sector
Residential
Industrial
Commercial
Offices
Education Institutes
Healthcare Centers
Hotels & Cafes
Transportation Facilities
Shopping Malls
Others

By Distribution Channel
Direct
Indirect

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Regions

North America
Europe
Asia Pacific
Middle East & Africa
South America

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