Market Valued At $137.8 Billion In 2021, Expected to Grow at a CAGR Of 8%
The global modular construction market was valued at USD 137.8 billion in 2021 and is expected to grow to USD 271 billion by 2030. The market is expected to grow at a CAGR of 8% from 2022-2030.
The global modular construction market is divided into three regions: North America, Europe, and Asia-Pacific. The Asia-Pacific region is the most dominant and leading of the three regions. The area was valued at USD 67 billion in 2021, just under 50% of the entire market value. It is projected to reach USD 179 billion by 2030 at a CAGR of 7%. Asia-Pacific is one of the world's most fast-paced developing regions. With major emerging economies such as India and China, it has a significant market share in almost all industrial segments.
Europe is the second most dominant region in market value for the global modular construction market. Valued at $ 33 billion in 2021, the area is expected to grow to USD 49 billion by 2030 at a CAGR of 6%. Europe is known as the industrial hub of the world, which contributes to the region excelling lead in most industrial segments.
North America is the third most dominant region, valued at USD 28 billion in 2021. The area is expected to experience growth rapidly, outpacing Europe and reaching USD 58 billion at a CAGR of 7%. North America is a developed region with the presence of international superpowers Canada and the U.S.A., contributing significantly to the company in market share.
When looking at materials in the industry, the global modular construction market is classified into steel, wood, and concrete. Wood owes a significant market share that accounted for USD 95 billion in 2021 and is expected to grow to USD 179 billion in 2030 at a CAGR of 7%.
Factors Contributing to Growth in The Market
For more market projections on the global modular construction industry, check out GlobeNewsWire.com:
“Modular construction is a new way that homes and businesses are being built. The growth of cities and industries has made economies grow quickly, which has made the need for modular buildings grow. This is because modular buildings cost less as they take less time to build. This is likely to have a big effect on the demand for housing, clean water, energy, transportation infrastructure, food, and social services. In turn, this means that more cost-effective modular construction methods are used to make sure that the quality is the same everywhere.
So, when cities grow quickly, the government and people spend more money on building homes and infrastructure, which makes the demand for modular construction go up a lot. The main benefits of modular construction technology are its high performance and its ability to keep projects on schedule by moving quickly through the designing, building, and finishing stages. Also, the modular construction method lets designers choose which parts to cast based on how well they work. This saves both time and money. Professionals like modular construction because it can be done quickly and lasts for a long time, which helps the market grow.
Not only this, modular construction has higher efficiency, which is why it is used for both homes and businesses; modular construction uses high-performance materials. These products make buildings more efficient, durable, and flexible. They also meet the long-term demand and construction needs of high-performance structures. Also, modular construction has many benefits, such as long-lasting durability, attractive designs, and high-quality building. These benefits can be used when building homes, businesses, and parking garages. Also, modular wooden construction is very popular because it saves energy, does not need much upkeep, and keeps costs down overall.”
From Modular Construction Market Size Is Projected To Reach Usd 271 Billion By 2030, Growing At A Cagr Of 8%: Straits Research - GlobeNewsWire
Photo Source: S2A Modular (https://www.s2amodular.com/)
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Written by S2A Modular & Associates Inc.
July 18th, 2022