The global Prefabricated Building and Modular Construction Market size was estimated at USD 96.7 billion in 2023 and is projected to reach USD 154.2 billion in 2030 at a CAGR of 6.8% during the forecast period 2024-2030.
The global market for prefabricated building and modular construction is witnessing significant growth, driven predominantly by rapid urbanization trends in developing nations. Modular building techniques offer distinct advantages over traditional construction methods, including lower costs, reduced construction time, fewer on-site disruptions, and decreased waste production. By conducting a substantial portion of construction within factory settings, modular building minimizes the risk of weather-related delays, with 50 to 80% of building work completed off-site. This approach enhances construction flexibility and reduces energy consumption during building construction, contributing positively to environmental sustainability.
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Despite these advantages, the expansion of the modular and prefabricated building industry faces challenges, particularly concerning transportation and logistics costs associated with moving modular components over long distances. Rural areas, where labour costs are lower, tend to see more prevalent use of modular building techniques. However, high transportation costs, exacerbated by weight restrictions and regulatory hurdles, pose significant barriers to market expansion.
Recent Developments
- In December 2023, Red Sea International has forged a four-year agreement with Baker Hughes Company, a global leader in oilfield services, to design, manufacture, supply, and operate modular accommodation facilities in the Eastern Province. These facilities are intended to support oil exploration operations in the region.
- In August 2022, Broad Group, a Chinese company, completed the construction of the Living Building, a modular 10-storey apartment block in Changsha, China, in slightly more than a day. The building was erected using cranes and assembled within 28 hours.
Prominent Players
· ACS Group
· Algeco (Modulaire Group)
· Berkeley Modular Limited
· Bouygues Construction
· DUB0X
· Guerdon, LLC
· Hickory Group
· Kiewit Corporation
· Kleusberg GmbH
· Laing O’Rourke
· Larsen & Toubro Limited and more.
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North America to Dominate the Market
- The North America region is Dominate to be the largest region in the Prefabricated Building and Modular Construction market during the forecast period.
- The increased demand from the residential and commercial sectors is to blame for the increase in construction activity. Additionally, the demand for modular houses is rising as a consequence of aggressive government activities to support eco-friendly housing.
The Prefabricated Building and Modular Construction Market Segmentation:
Based on Type
· Permanent
· Relocatable
Based on the Material
· Concrete
· Steel
· Wood
Based on the End User
· Housing
· Commercial
· Education
· Healthcare
· Industrial
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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