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Global Modular Construction Market to Reach USD 89.7 Billion by 2026, Aided by the Rising Demand for Cost-Effective Construction Activities

According to a new report by EMR titled, ‘Global Modular Construction Market Report and Forecast 2021-2026’, the global market for modular construction attained a value of about USD 44.5 billion in 2020. The industry is further expected to grow at a CAGR of 12.4% in the forecast period of 2021-2026 to reach nearly USD 89.7 billion by 2026.

The market for modular construction is being driven by the rising demand for swift construction activities. As various sustainable techniques are deployed in modular construction solutions, they are being increasingly deployed, which is augmenting the market growth. Moreover, modular construction prevents high labour costs and long construction time, hence boosting the industry growth. The increasing cost-effectiveness of modular construction is surging its use in emerging economies such as India, Brazil, and Indonesia, which is significantly contributing to the market growth. In addition, the development of innovative construction methods that can create constructed modules with enhanced quality and design while offering precision and durability is expected to augment the market growth. Increasing investments in the housing and commercial sectors owing to exponential population growth is providing further impetus to the market growth.

One of the leading companies in the market, Bouygues Construction’s (OTCMKTS: BOUYF) Singapore-based subsidiary, Drageges Construction, was chosen to build the Woodleigh Lane Residences residential development by CEL Unique Development in February 2018. The company is expected to deploy modular construction solutions to enhance the design and quality of products. The project is based on a modular system in reinforced concrete, with 65% of the superstructure factory-built. The modules are expected to be manufactured in a controlled environment, therefore optimising their quality, safety, and delivery times. The project marks a milestone in the company’s growing activities in Singapore. Such projects of the leading companies are expected to drive the market growth in the forecast period.

Market Analysis by Construction, Material, End Use, and Region:

  • The market, on the basis of construction, can be divided into permanent modular and relocatable modular.
  • Based on materials, the industry can be divided into steel, concrete, wood, and plastic.
  • The major end uses of modular construction include commercial, industrial/institutional, and residential.
  • The regional markets for modular construction include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising construction costs of green buildings is increasing the demand for modular construction solutions, which is propelling the market growth.
  • The rapid expansion of the commercial sector in both developing and developed countries is leading to the development of buildings, such as schools, hotels, and offices, among others, therefore aiding the growth of the modular construction industry.
  • The integration of artificial intelligence (AI) and robotics in modular construction to automate repetitive tasks while connecting building information, computational design, and modelling tools to improve the supply chain and logistics are augmenting the market growth.
  • The growing demand for houses is increasing the demand for modular construction to accelerate the construction of residential buildings, hence, invigorating the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for modular construction for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the constructions, materials, end uses, and regions of modular construction.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global modular construction market are Bouygues Construction, Balfour Beatty plc, Larsen & Turbo (L&T) Limited, and JL Construction, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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