Modular Construction Market is Booming Due to Transition towards Sustainable Construction

 

Modular construction entails the fabrication and assembly of buildings or building components in a controlled manufacturing environment using a process driven production system. Modular construction allows complex construction activities to be performed efficiently in a controlled environment resulting in reduced construction timelines, less waste generation and improved quality. Modular buildings are easy to assemble on site using standardized modules and provide several benefits such as workforce health and safety improvements, lower life cycle costs and reduced environmental impact. With growing emphasis on sustainability and efficient construction methods, modular construction is gaining increasing acceptance globally.

The Global Modular Construction Market is estimated to be valued at US$ 130 billion in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024.

Key players operating in the modular construction market are Red Sea Housing,Bouygues Construction, Skanska AB, Kleusberg GmbH, KEF Katerra.

Key Takeaways

Key players: Key players operating in the modular construction market are Red Sea Housing, Bouygues Construction, Skanska AB, Kleusberg GmbH, and KEF Katerra.

Growing demand: Rapid urbanization, affordable housing requirements, shortage of skilled labor and growing need for efficient construction techniques are resulting in increasing preference for Modular Construction Market Trends globally.

Global expansion: Major modular housing and construction players are expanding their global footprint by establishing manufacturing units across nations to cater to rising international demand and leverage opportunities in new markets.

Market Key Trends

Sustainability is a major trend driving increased adoption of modular construction techniques globally. Modular buildings consume lesser material, produce less waste and have lower emissions compared to traditional construction practices. They also offer reduced total life cycle costs and energy usage. Technological advancements are enabling greater customization of modular building designs and specifications according to project requirements. This is increasing applicability of modular solutions across diverse construction sectors including industrial, commercial and residential buildings. Digital fabrication technologies are further enhancing productivity and economies of scale for modular construction players.

Porter's Analysis

Threat of new entrants: Low capital requirements however established players have economies of scale advantage. Bargaining power of buyers: Buyers have high bargaining power as they can negotiate on the basis of design, cost and delivery timelines. Bargaining power of suppliers: Suppliers have moderate level of power as raw materials for modular construction are commoditised. Threat of new substitutes: Threat of substitutes is low as modular construction offers benefits over site construction. Competitive rivalry: Intense competition among existing players to gain market share.

Geographical Regions

North America currently accounts for the largest share in the modular construction market in terms of value, owing to growing urbanization and rising disposable incomes in the US and Canada. Rapid infrastructure development and housing projects are driving demand.

Asia Pacific is poised to be the fastest growing regional market for modular construction between 2023-2024. This can be attributed to rising investments in public infrastructure and commercial projects across China, India and Southeast Asian countries to support economic growth. Initiatives like Smart Cities and availability of low cost labor also make modular buildings an attractive option.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)


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