Market Research Future Insights
According to MRFR analysis, Modular Construction Market Size was valued at USD 86215 million in 2021. The Modular Construction industry is projected to grow from USD 91862.08 Mn 2022 to USD 35865.44 million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.55% during the forecast period (2024 – 2030).
South Korea Modular Construction Market solutions are ahead of popularity among housing giants owing to their various benefits, including abridged waste, speedy building, cost-effectiveness, eco-friendliness, and flexibility. As per industry experts, South Korea Modular Construction Market projects can be completed 31% to 51% quicker than traditional construction. South Korea Modular Construction Markets are extremely flexible due to the custom-made fits that are formed according to the specific requirements of customers. Rapid urbanization has given an increase to infrastructure activities to bridge the increasing demand and supply chain gap. GCC-based AMANA Investments is planning to launch a platform for seamless offsite construction under its brand DuPod, and DuBox, after the adoption of advanced manufacturing techniques. The COVID-19 outburst hurt the overall modular construction market. The government's impressive lockdowns to contain the spread of the virus led to a reduction in construction activities and impacted the labor-intensive sector, as well. However, the subsequent decay in cases and availability of vaccines led to an easing of restrictions, and construction activities resumed, in numerous parts of the world.
Regional Analysis
South Korea is projected to dominate the global market during the estimated period. This is attributed to the growing construction activities owing to the increasing demand from the residential and commercial sectors. Furthermore, proactive government initiatives to promote eco-friendly housing consequence in the growth of demand for South Korea Modular Construction Markets.
South Korea is the second largest revenue share market due to the increasing demand for modular engineering for construction in numerous sectors such as healthcare, education, and multi-family homes is anticipated to grow prefab construction in South Korea .
Market Segmentation
The Global Modular Construction Market has been segmented into Type and Application
Based on Type, The Global Modular Construction Market has been segmented into permanent (PMC) and relocatable modular construction (RMC). The PMC holds the largest market share and is the fastest-growing segment. The PMC module can be retrofitted to the present building or delivered as a turn-key solution with time and cost-efficiency.
Based on application The Global Modular Construction Market has been segmented into commercial, healthcare, educational & institutional, hospitality, and others. The increasing number of start-ups in developing economies is after the growth of the commercial sector with the largest market shares.
Key Players
MRFR recognizes the following companies as the key players in the global Modular Construction Companies VINCI Construction Grands Projets (Brentford, United Kingdom), Skanska AB (Stockholm, Sweden), Algeco (London, United Kingdom), KLEUSBERG GmbH & Co. KG (Wissen, Germany), Katerra (Menlo Park, California), Lendlease Corporation (Sydney, South Korea), Guerdon South Korea Modular Construction Markets (Boise, Idaho), Laing O'Rourke (Dartford, United Kingdom), ATCO (Alberta, South Korea), Red Sea International Company (Jeddah, Kingdom of Saudi Arabia), AND Bouygues Construction (Paris, France)
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