Modular Fabrication Market Size Worth USD 220.26 Billion 2030| CAGR of 6.07%
According to a recent report by Reports and Data, the global modular fabrication market size was USD 129.6 billion in 2021 and is projected to grow at a revenue CAGR of 6.07% during the forecast period. The demand for modular fabrication products and technologies has increased due to the need for quick construction and the requirement to reduce time and labor involvement. Modular fabrication is on the rise in the US, according to the American Road & Transportation Builders Association (ARTBA), as the number of construction activities, including parking lots, private highways, driveways, and bridges, increases. Additionally, there is a growing need for an indoor construction environment to minimize work-zone safety concerns and reduce environmental impact, which can reduce worker accidents and liability risks. Off-site construction generates less waste and disturbance on-site compared to on-site construction, and modern fabrication techniques have reduced the need for ladders and scaffolding, which can prevent falls and close work in tight spaces. These factors contribute to a reduction in the environmental impact of construction and are expected to increase the prevalence of modular fabrication in the coming years.
Permanent modular fabrication, which uses off-site lean manufacturing techniques to prefabricate whole buildings, either one story or multiple stories, in modular sections, is a sustainable and innovative method of delivery. PMC buildings are constructed in a controlled and safe environment using wood, steel, or concrete, and are used in the construction of multi-story buildings, schools, offices, and housing. Relocatable buildings, on the other hand, are constructed from lightweight wood and rigid plastic, and are ideal for buildings requiring temporary housing, clinics, medical facilities, stores, and temporary commercial spaces.
The commercial segment is expected to register a significantly fast revenue CAGR over the forecast period as the construction of shopping centers, offices, malls, and other buildings across the world increases. The education and healthcare segment is also expected to grow at 5.30% during the forecast period as the demand for clinics, laboratories, operating rooms, hospital extensions, diagnostic centers, and other medical facilities increases.
Europe is driving the demand for modular construction due to increasing government infrastructure spending, foreign investment in the construction sector, and extreme cold weather in the region, which causes shorter days and heavy snowfall. The North American market will account for the second-largest market share in 2021 due to the increasing use of modular fabrication in the oil and gas industry.
The market report profiles companies such as Laing O'Rourke, Red Sea Housing Services, Bouygues Group, Vinci SA, Algeco Scotsman, Kleusberg GmbH & Co. KG, CIMC Modular Building Systems, Larsen & Toubro, Balfour Beatty, ACS Group, and Guerdon Modular Buildings, among others.
The global modular fabrication market has been segmented by Reports and Data based on type (permanent and relocatable), end-use (residential, commercial, industrial, education and healthcare), and region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa).
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Modular Fabrication Market: Drive factors
The modular fabrication market is being driven by various factors. The increasing number of construction activities and the demand for quick construction with reduced time and labor involvement are among the primary drivers. This has led to an increasing need for an indoor construction environment, which reduces worker accidents and liability risks. The use of modular fabrication products and technologies has become increasingly popular due to work-zone safety concerns and the need to minimize environmental impact.
Compared to on-site construction, off-site building generates less waste and less disturbances on the site. As a result of the controlled factory environment, less waste is generated, and the extra raw materials can be recycled in-house. All of these factors contribute to a reduction in the environmental impact of construction, which is expected to increase the prevalence of modular fabrication in the coming years.
Moreover, the commercial segment is expected to register a significantly fast revenue CAGR over the forecast period due to the construction of shopping centers, offices, malls, and other buildings across the world. Modular fabrication will become increasingly popular as the demand for clinics, laboratories, operating rooms, hospital extensions, diagnostic centers, and other medical facilities increases. Additionally, increasing government infrastructure spending, foreign investment in the construction sector, and extreme weather conditions in some regions are driving the demand for modular construction.
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