What is Global Modular Building Market?
The Global Modular Building Market is a vast and dynamic sector that encompasses the production and sale of pre-fabricated buildings. These buildings are constructed off-site, in sections or modules, and then transported to their final location for assembly. This method of construction offers numerous benefits, including reduced construction time, cost efficiency, and environmental sustainability. The market is driven by a variety of factors, including the growing demand for affordable housing, the increasing need for temporary structures in various industries, and the rising popularity of green construction methods. However, the market also faces several challenges, such as regulatory issues and the perception of modular buildings as inferior to traditional structures. Despite these challenges, the market is expected to grow significantly in the coming years, driven by technological advancements and increasing awareness of the benefits of modular construction.
Stationary Tiny House, Mobile Tiny House in the Global Modular Building Market:
The Global Modular Building Market is divided into two main segments: Stationary Tiny Houses and Mobile Tiny Houses. Stationary Tiny Houses are small, permanent structures that are built off-site and then transported to their final location. These houses are typically used as affordable housing options or as secondary dwellings on a property. On the other hand, Mobile Tiny Houses are portable structures that can be moved from one location to another. These houses are often used as vacation homes, guest houses, or as a means of achieving a minimalist, nomadic lifestyle. Both types of tiny houses are growing in popularity due to their affordability, sustainability, and the flexibility they offer to homeowners.
Residential, Commercial, Industrial in the Global Modular Building Market:
The Global Modular Building Market finds application in various sectors, including Residential, Commercial, and Industrial. In the Residential sector, modular buildings are used to provide affordable housing solutions. They are also used as secondary dwellings, vacation homes, and in the construction of tiny house communities. In the Commercial sector, modular buildings are used for a variety of purposes, including office buildings, retail stores, and hospitality facilities. They offer a quick and cost-effective way to construct commercial structures, with the added benefit of being able to relocate or modify the buildings as needed. In the Industrial sector, modular buildings are used for temporary or permanent facilities, such as warehouses, factories, and worker accommodations. They offer a flexible and efficient solution for industries that require additional space or facilities on a temporary basis.
Global Modular Building Market Outlook:
The Global Modular Building Market is on a positive growth trajectory. In 2022, the market was valued at US$ 121260 million. It is projected to reach a value of US$ 162500 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period of 2023-2029. The residential sector is the largest consumer of modular buildings, accounting for 62% of the total market. This is indicative of the growing demand for affordable and sustainable housing solutions worldwide. The market's growth is expected to be driven by technological advancements, increasing awareness of the benefits of modular construction, and the rising demand for temporary structures in various industries.
| Report Metric | Details |
| Report Name | Modular Building Market |
| Accounted market size in 2022 | US$ 121260 in million |
| Forecasted market size in 2029 | US$ 162500 million |
| CAGR | 5.0% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| By Region |
|
| By Company | ALHO Systembau GmbH, Atco, Skyline Champion Corporation, Horizon North Logistics, Cavco Industries, Inc, Clayton Homes, Daiwa House, Portakabin, Seikisui House, Vinci, Red Sea Housing, Fleetwood Australia, Kleusberg, Laing O’rourke |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
