Modular Construction Market set to hit $211.8 billion by 2035, as integration of smart building technologies spurs transformation

Industry revenue for Modular Construction is estimated to rise to $211.8 billion by 2035 from $95.1 billion of 2023. The revenue growth of market players is expected to average at 6.9% annually for period 2023 to 2035. Modular construction is critical across several key applications, including Permanent Modular Construction, Relocatable Modular Units, Steel Modular Construction and Wood Modular Construction. The report unwind growth & revenue expansion opportunities at Type, Material and Application with industry revenue Forecast.

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The Modular construction market is characterized by intense competition, with a number of leading players such as Laing O'Rourke, Skanska, Katerra, WillScot and Algeco. These players are pushing the boundaries of innovation & technological advancements and forging strategic partnerships to expand the existing reach of the market, thereby shaping its growth trajectory and future prospects by enlarging the total addressable market.

The Modular construction market is projected to expand substantially, driven by the Reduced Construction Time and Sustainability and Waste Reduction. This growth is expected to be further supported by Industry trends like Cost-Effective Solutions; and position the market's continued expansion to reach $151.7 billion by 2030. Moreover, the key opportunities, such as Expansion in Emerging Markets, Advancements in Modular Technology and growing demand for sustainable buildings, are anticipated to create opportunistic revenue pockets in major demand hubs including U.S., China and UK.

The U.S., China, UK, Canada and Germany are leading the market, driving a significant share of global demand. Businesses in these countries can expect steady revenue growth of 4.5% to 6.6% annually from 2023 to 2035. At the same time, India, Brazil and Mexico are emerging as exciting new opportunities, with fast-growing markets and evolving industry landscapes creating fresh avenues for expansion.

North America and Asia-Pacific are the two most active and leading regions in the market. With challenges like High Initial Investment, Logistical Challenges and limited design flexibility, market Eco-System from Material Supplier / Modular Manufacturer / Transportation Provider and to Contractor is expected to evolve & expand further; and industry player’s will be pushed to make strategic shifts towards emerging markets including India, Brazil and Mexico for expansion of the total addressable market (TAM).

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