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Modular & Prefabricated Construction Market Size

Report ID: GMI4829
Published Date: Apr 2024
Report Format: PDF

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Modular & Prefabricated Construction Market Size

Modular & Prefabricated Construction Market was valued at USD 155.3 billion in 2023 and is anticipated to register a CAGR of 5.7% between 2024 and 2032, due to the rising demand for affordable housing as well as increasing global investments in healthcare & commercial infrastructure development.

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Rapid urbanization & industrialization is expected to increase the number of new projects, particularly in the commercial and industrial sectors. This is expected to drive global expansion in the construction industry. Increasing technological advancements in the building industry, along with the benefits of modular construction such as faster building schedules, reduced costs, greater flexibility, reuse, and less material waste, are driving product demand.

Modular & Prefabricated Construction Market Report Attributes
Report Attribute	Details
Base Year:	2023
Modular & Prefabricated Construction Market Size in 2023:	USD 155.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.7%
2032 Value Projection:	USD 254 Billion
Historical Data for:	2021 - 2023
No. of Pages:	320
Tables, Charts & Figures:	300
Segments covered:	Product Type, Material, Application, Region
Growth Drivers:	Increasing demand for affordable & smart housing Increasing industrial activities Rapid urbanization and industrialization
Pitfalls & Challenges:	Volatile prices of raw materials Logistics and transportation issues

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The cost constraints associated with the transportation and logistics of various sizes of modular structures could be a significant barrier to modular & prefabricated construction industry growth. Modular construction is primarily carried out in rural areas due to the availability of cheap labour. However, transporting completed modular constructions across long distances can be expensive. Truck usage laws, which regulate weight limits and impose other restrictions, further compound the difficulties.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of modular & prefabricated construction was reached USD 155.3 billion in 2023 and is projected to expand at 5.7% CAGR from 2024 to 2032, due to the rising demand for affordable housing as well as increasing global investments in healthcare & commercial infrastructure development.

The permanent construction segment in the modular & prefabricated construction market accumulated 54% share in 2023 owing to their ability to incorporate into an existing structure or designed to stand alone.

Europe modular & prefabricated construction industry held 42% revenue share in 2023 and is estimated to grow at 6% CAGR between 2024 and 2032, on account of the increasing number of migrants necessitating the construction of temporary and permanent dwelling buildings.

ACS Group, Algeco (Modulaire Group), Berkeley Modular Limited, Bouygues Construction, DUB0X, Guerdon, LLC, Hickory Group, Kiewit Corporation, Kleusberg GmbH, Laing ORourke, Larsen & Toubro Limited, Lendlease Corporation, Red Sea International, Riko Group, Satellite Shelters, Sekisui House, Ltd., Skanska, Taisei Corporation, and VINCI Construction are some of the leading modular & prefabricated construction companies worldwide.