Modular construction refers to a process in which a building is constructed off-site, under controlled plant conditions, using prefabricated components. Modular construction offers numerous advantages such as time and cost saving, less wastage of construction material, and flexibility to reconfigure building design. The growing need for homes and offices, coupled with rising construction costs, have increased the demand for modular construction.
The Global Modular Construction Market is estimated to be valued at US$ 97.33 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period from 2024 to 2030.
Modular construction has emerged as a cost-effective and convenient alternative to conventional construction. Growing awareness about the environmental and financial benefits of modular construction is expected to drive the market during the forecast period.
Key Takeaways
Key players operating in the modular construction market are Gaiam, CAP Barbell, Marcy, PowerBlock, Bowflex, Bayou Fitness, Gold's Gym, Valor Fitness, Body Solid, Universal, NordicTrack, Weider, runtfit, Titan Fitness, Yes4All, Ativafit, B luxury, Fitness Gear, XMark Fitness, Core Home Fitness. These players are focusing on introducing innovative and sustainable construction techniques to gain a competitive advantage.
In terms of opportunities, rapid urbanization and increasing infrastructure development activities across regions provide significant growth opportunities for modular construction market players. Additionally, cost savings of 10-15% through optimized designs and 25-30% reduction in project construction schedules makes modular construction an attractive option.
Globally, modular construction market players are expanding their operations in Asia Pacific and Middle East & Africa. These regions are expected to witness highest construction spending over the coming years due to ongoing infrastructure development projects. Key players have entered into partnerships with local construction players to leverage growth opportunities in emerging markets.
Market Drivers
Time efficiency - Modular construction can reduce the project timeline by 25-50% compared to traditional construction. This is a major driver, as it allows end-users to save costs and start business operations quickly.
Cost efficiency - Modular construction offers savings of 10-15% through optimized designs. It also reduces construction wastage. This makes modular construction an economically viable solution.
Market Restrains
Transportation challenges - Transportation of large and heavy modular units to construction sites poses challenges. This increases overall project costs.
Lack of acceptance - Traditional construction practices are more commonly used. Changing acceptance of modular construction concept among end-users can hamper market growth.
Segment Analysis
Residential Modular Construction Market Scope is dominating sub segment due to rising demand for affordable housing and prefab homes. Modular construction allows faster completion of residential projects at competitive costs. Standard designs and factory production help meet increasing housing needs in less time. Commercial modular building is another major segment. Standardized modules allow rapid assembly of commercial structures like retail outlets, hotels and office spaces as per requirements. Education sector is also adopting modular classrooms and campuses to cope with infrastructure expansion. Healthcare sector utilizes modular construction for clinics, care facilities and portable doctor's offices.
Global Analysis
North America currently leads the modular construction market due to growing adoption in the United States. Standardization efforts by U.S organizations and supportive government policies promote modular building applications across commercial and residential domains. Europe follows North America with major demand from countries including the United Kingdom, Germany and France driven by standard building codes and initiatives for sustainable construction. Asia Pacific is poised to be the fastest growing regional market where government focus on affordable housing and infrastructure modernization fuels modular building market growth. China, India and Japan contribute significantly to rising modular construction activities in Asia Pacific.
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