Modular Construction Global Market Report 2024

The global modular construction market has grown strongly in recent years. It will grow from $95.68 billion in 2023 to $102.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical phase can be traced back to industrialization and the application of mass production principles, addressing the housing demands post-war, emphasis on cost and time efficiency in construction, growing awareness and emphasis on sustainability, and the substantial development of transportation infrastructure.

The global modular construction market is expected to see strong growth in the next few years. It will grow to $138.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. Anticipated growth in the upcoming period is expected to be driven by the development of resilient and disaster-prepared solutions, bolstered by government support and regulatory measures. Growth is also anticipated in the healthcare and education sectors, highlighting the need for flexible design approaches amid workforce shortages. Key trends projected for this period encompass regulatory backing, advancements in healthcare and educational infrastructure, emphasis on resilience and disaster response capabilities, the assurance of cost predictability, and a growing focus on flexibility and customization in various sectors.

The upsurge in demand for construction is expected to propel the modular construction market going forward. The construction industry is the industrial branch of trade and manufacturing that is concerned with the construction, repair, renovation, and maintenance of infrastructures. The construction activities are creating a demand for modular construction to facilitate the faster construction of residential and commercial buildings. This construction enables the construction business to speed up the entire project by facilitating the establishment of climate-controlled facilities and minimizing labor expenses, thereby significantly reducing work and time. For instance, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic's onset. Therefore, increasing construction activities will drive the modular construction market.

The projected surge in urbanization stands as a catalyst for the modular construction market's growth. Urbanization, the concentration of populations in specific areas, is anticipated to bolster this industry due to its alignment with the demands of densely populated urban settings. Statistics from the World Bank indicate that over half of the global populace currently resides in urban regions, with projections indicating a 1.5-fold increase to 6 billion by 2045. By 2030, an estimated 1.2 million km2 of additional urban built-up space will emerge, expanding at a rate potentially 50% faster than population growth. This trend in urbanization significantly propels the modular construction market forward.

Innovation is a prominent trend shaping the modular construction sector. Industry leaders are actively introducing novel products to solidify their market positions. For instance, Black Buffalo 3D Corporation, a U.S.-based entity, unveiled the NEXCON 3D printers in February 2022. This technology integrates 3D printing into modular construction, effectively addressing conventional industry challenges. The NEXCON system boasts enhanced efficiency in printing components or walls, offering speed, cost-effectiveness, and stronger, more durable structures. Its motion-centric modular gantry design enables rapid construction of buildings up to three stories high, utilizing 3D-modeled designs developed through standard CAD software.

Major players in the modular construction realm are spearheading innovative construction solutions to expand their consumer base, drive sales, and augment revenue streams. Notably, China State Construction International Holdings (CSCI), a China-based construction giant, introduced the Hailong Cubes series in August 2022. These encompass three distinctive construction solutions such as E series featuring the Hailong high-rise MiC elevator solution, S series integrating the Hailong high-rise steel MiC solution, and C series embodying the Hailong high-rise concrete MiC solution. Each series offers unique features tailored to address specific construction challenges. The MiC building methodology, adaptable to various structures like commercial complexes, residences, schools, hospitals, and elevators, marks a versatile approach within the industry.

In January 2021, Etex Group, a prominent European-based global manufacturer of building materials, acquired e-Loft, a French company specializing in 3D wood technology-based modular construction. This acquisition is poised to bolster Etex Group's presence in the modular construction sphere. E-Loft excels in constructing modular single-family and multi-family homes alongside custom-designed buildings, leveraging innovative 3D wood technology within their construction methodologies.

Major companies operating in the modular construction market report are Bouygues Construction SA, Laing O'Rourke, Skanska AB, ATCO Ltd., Balfour Beatty Plc., Taisei Corporation, Supertech Industries LLC, Anderco Pte. Ltd., Giant Containers Inc., Honomobo Corporation, Lendlease Corporation, SG Blocks Inc., Guerdon L.L.C, Modulex PLC, Bechtel Corporation, ACS Group, Fluor Corporation, JL Construction, Julius Berger Nigeria PLC, Kiewit Corporation, Larsen & Toubro Limited, McGRATH RENTCORP, Palomar Modular Buildings, Red Sea Housing Services, SEKISUI CHEMICAL CO. Ltd., System House R & C Co. Ltd., WillScot Mobile Mini Holdings Corp, Westchester Modular Homes, Koma Modular

Asia-Pacific was the largest region in the modular construction market share in 2023. The regions covered in the modular construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the modular construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The modular construction primary types include permanent and relocatable. Permanent elements remain in place for extended periods, fitting into existing structures or designed around modular building techniques. Materials like steel, wood, and concrete are used in various forms such as four-sided, open-sided, partially open-sided modules, mixed modules, floor cassettes, and those supported by primary structures. These modular variations cater to residential, office, educational, retail, commercial, hospitality, healthcare, and other sectors.

This report provides modular construction market statistics, including modular construction industry global market size, regional shares, competitors with a modular construction market share, detailed modular construction market segments, market trends and opportunities, and any further data you may need to thrive in the modular construction industry. This modular construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The modular construction market includes revenues earned by entities by constructing or engineering prefabricated constructions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.