The modular construction market is anticipated to grow by US$154.8 million by 2023 rapidly growing at a CAGR of 5.95% during the forecast period. The global modular construction market is driven by  increase in industrialization and rising urbanized population. These factors have helped shape the modular construction market and are expected to boost the growth. Companies in the modular construction market could also face challenges such as declined purchase affordability in some regions and unfavorable government policies in some countries. The details covered in the modular construction market report cover all the aspects of the industry. modular construction market analysts have also shared growth projections in the report and have suggested modular construction market players to plan growth strategies accordingly.

Market Segmentation

The global modular construction market has been segmented based on material, construction, product, application. On the basis of application, the market for modular construction is segmented based on residential, commercial, industrial. Additionally, the market on the basis of construction, is segmented into permanent modular, and relocatable modular. The global market for modular construction is also covered based on material segment which is further split into concrete, steel, plastic, wood and other. The market on the basis of product is further segmented into walls, roofs floor, columns beams and others.

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Factors like growth in spending capacity and increasing up gradation of the existing infrastructure support the modular construction market growth. The performance of the modular construction market has also been studied for the past and current years. Additionally, the modular construction market report provides analysis of these segments. The modular construction market segmental analysis provided in the report offers major details about the modular construction market performance and future.

Regional Overview

Companies in the modular construction market are spread across the world. The modular construction market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American modular construction market has many companies across the United States, Canada, and Mexico. Europe has companies in the modular construction market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the modular construction market across India, China, and Japan in the Asia-Pacific region is also presented in the report. The modular construction market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the modular construction market can be found in the market research report.

Competitive Landscape

The modular construction market is supported by rising environmental concerns and the growing interest in energy saving cost benefit construction. The population growth around the world and increasing demand of modular construction market based services and products also support the market growth. However, the modular construction market growth can be affected due to high cost and lack of awareness. The report covers all such details which will help companies in the modular construction market to strengthen their business plan and improve their product portfolio. The modular construction market research report also provides company profiles of major companies. The company profiles of many organizations operating in the modular construction market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the modular construction market. New companies and established businesses can plan their strategies based on this data provided in the modular construction market research report.

Industry News

After acquiring a majority stake in Dutch modular builder Jan Snel, Japanese factory-made housing firm Daiwa House Group plans to grow in Europe. A share purchase agreement with Flexbuild, Jan Snel's holding firm, was signed by the parties. With a proposal to carry out industrialized construction across Europe, Flexbuild and Jan Snel will become part of Daiwa, they said. In Asia, North America and Australia, Daiwa House is already involved. Rising infrastructure shortages and skills shortages in Europe have led to a rise in demand for smarter housing solutions in the sector, they claim.