2024 Market Report by Kings Research "Modular Construction Market Size, Share and Ranking, Overall Sales and Demand Forecast 2024-2031" provides an extensive examination of Modular Construction Market attributes, size assessments, and growth projections through segmentation, regional analyses, and country-specific insights, alongside a scrutiny of the competitive landscape, player market shares, and essential business strategies
Modular Construction Market size was recorded at USD 86.32 billion in 2023, which is estimated to be valued at USD 92.33 billion in 2024 and reach USD 147.75 billion by 2031, growing at a CAGR of 6.9% during the forecast period.
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Top Companies in the Modular Construction Market
- Katerra
- Laing O'Rourke
- Skanska
- Red Sea Housing Services
- Bouygues Construction
- Turner Construction
- Algeco
- Mandarin Construction
- Bechtel Corporation
- Lendlease Corporation
Competitive Landscape and Strategic Developments
The report identifies a fragmented competitive landscape with over 300 significant providers globally, though consolidation is accelerating through strategic acquisitions and partnerships. Notable market leaders include:
Integrated Providers: Companies such as Katerra, CIMC Modular Building Systems, and Skanska Modular that manage the entire value chain from design through manufacturing and installation
Specialized Manufacturers: Firms focused exclusively on module production, including Guerdon Modular Buildings, Westchester Modular Homes, and Laing O'Rourke
Traditional Construction Companies: Established players that have developed modular divisions, such as Bouygues Construction, Lendlease, and Obayashi Corporation
Urban Densification Pressures
Rapid urbanization continues to drive demand for accelerated construction methodologies that minimize community disruption. The report identifies that urban infill projects utilizing modular construction techniques typically reduce neighborhood disruption by 60-80% compared to traditional building methods, a critical advantage in densely populated areas where construction impacts must be minimized.
Housing Affordability Crisis Response
The persistent global housing affordability crisis has elevated modular construction's profile as a potential solution for delivering quality housing at reduced costs. The research indicates that modular residential projects typically achieve 15-20% cost savings compared to conventional construction methods while maintaining comparable quality standards. This economic advantage has positioned modular construction as a key strategy in addressing affordable housing shortages in major metropolitan areas worldwide.
Environmental Sustainability Imperatives
Stringent environmental regulations and corporate ESG (Environmental, Social, and Governance) commitments are catalyzing the shift toward modular construction. The research indicates that modular projects typically achieve 20-30% greater energy efficiency throughout building lifecycles compared to traditional construction, with corresponding reductions in carbon footprint. The precision manufacturing environment also optimizes material usage, with average waste reduction of 75% compared to conventional construction sites.
Technological Integration
The convergence of Building Information Modeling (BIM), Internet of Things (IoT) capabilities, and advanced manufacturing technologies has dramatically enhanced the sophistication of modular construction solutions. Digital twin technology allows for precise visualization and optimization before physical construction begins, while automated production lines have increased manufacturing precision while reducing costs.
"The integration of artificial intelligence in design and manufacturing processes represents a quantum leap for modular construction," noted Dr. Harrington. "AI-optimized designs are now capable of addressing complex architectural requirements while simultaneously maximizing manufacturing efficiency and material utilization."
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