The Global Modular Construction Market to Rise at 6.03% CAGR during 2021-2028 Period, Premium Residential Construction Method to Drive Growth

The global modular construction market is likely to reach over $850 billion in construction by 2025, thanks to rising demand for cost-effective, and premium residential development. According to the US Census Bureau, the average price for manufactured homes reached $87.3 k in February, 2021 in US. Moreover, the total number of manufactured homes in the US reached 8.1 thousand of units in total in the month of February. The high-price tag associated with these homes speaks volumes about the growing demand for premium manufactured homes in the US in the current year.

This also confirms what many believe the potential of modular homes for the future, with rising demand for efficiency, and quality in these homes. The slow pace of growth in the commercial establishment sector remains a challenge for growth in the global modular construction market. However, growing demand for high-end manufactured or mobile homes will likely create new opportunities for growth in the global modular construction market.

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Segment by Type

Walls

Roof & Floors

Columns & Beams

Others

Segment by Application

Commercial

Residential

Industrial

By Company

ACS Group

Skanska AB

Komatsu

LARSEN & TOUBRO

Balfour Beatty

Kiewit Corporation

Taisei Corporation

Red Sea Housing

System House

LARSEN & TOUBRO

Market segment by Region, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Despite the premium quality products in the modular construction market, the housing also promises to meet demands for low-income households with affordable homes. According to the US Census Bureau, the price of modular homes, or manufactured homes remains half the price of the site-built homes today. This happens due to the prefabricated structure, designs, and speedy construction method for prefab homes. These homes can be constructed without consideration for conventional problems like weather conditions, making construction delays a thing of the past, saving enormous costs, and delivering quick returns.

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