IMARC Group, a leading market research company, has recently releases report titled “North America Modular Construction Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the North America modular construction market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the North America modular construction market?
The North America modular construction market size reached US$ 25.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
What is modular construction?
Modular construction refers to the construction of standardized building components in a separate location and installing them later at the primary construction site. It involves the prefabrication of two-dimensional (2D) and three-dimensional (3D) volumetric structures in off-site factories with controlled industrial conditions. It uses individual modules or sections such as bathroom pods, kitchens, and complete or partial rooms produced in a facility using standard materials and code of construction. It is also widely deployed for temporary and permanent structures, including industrial facilities, classrooms, military housing, and camps. Additionally, it allows easy relocation or expansion, several design choices, enhanced quality control, and reduced construction duration. Owing to these benefits, modular construction is gaining immense traction in North America due to its ability to minimize waste, reduce disruptions at the construction site, and provide customization options tailored to customer preferences.
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What are the growth prospects and trends in the North America modular construction industry?
The market is primarily driven by the significant expansion in building and construction activities. In addition, the growing population, rising disposable income, and increasing demand for prefabricated building structures, which reduce construction costs and time, are contributing to the market growth. In line with this, the rising number of infrastructure projects, including modern housing centers, healthcare facilities, corporate buildings, and educational institutes, are influencing the market growth. Moreover, the continuous technological advancement and the incorporation of artificial intelligence, 3D printing, and building information modeling (BIM) with the prefabrication method represent another major growth-inducing factor. Besides this, the growing environmental concerns regarding carbon (CO2) emissions from traditional construction methods are accelerating the product adoption rate. Along with this, the implementation of several government initiatives to promote green buildings in North America due to the increasing prevalence of extremely cold weather, characterized by shorter daytime and heavy snowfall, is propelling the modular construction methods market. Apart from this, modular construction market is growing at different rates in North American region due to rapid urbanization, the growing population, increasing construction activities, and rising disposable income. Moreover, the industry is expected to face competition in the upcoming years as various key players are implementing competitive strategies to sustain their presence in the market. For instance, in June 2021, VESTA Modular collaborated with BD Modular Solutions, a leading player in the modular market established in 2016. Through this acquisition, VESTA Modular, based in Southfield, Michigan, intends to strengthen its presence in the western states and enhance its customer service capabilities. Additionally, the escalating demand for new hospitality, housing, and industrial structures and the increasing adoption of modular construction in urban and semi-urban areas for office space are providing a thrust to the market growth. Furthermore, the increasing adoption of modular construction, as it offers clean and noisy free construction without disturbing patients in the upgradation of healthcare infrastructure, is creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Division:
Permanent Modular Construction (PMC)
Relocatable Buildings (RB)
Breakup by Sector:
Public
Residential
Commercial
Others
Breakup by Material:
Wood
Concrete
Steel
Others
Breakup by Country:
United States
Canada
Who are the key players operating in the industry?
The report covers the major market players including:
Aries Building Systems, LLC
ATCO Ltd.
Boxx Modular, Inc. (Black Diamond Group)
Mobile Modular Management Corporation (McGrath RentCorp, Inc.)
Modular Genius, Inc.
Satellite Shelters, Inc.
Triumph Modular Corporation
Vanguard Modular Building Systems, LLC
Vesta Modular
Willscot Corporation.
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