Modular Building Industry Analysis Report: Its Market Size growing with a CAGR of 13%, By Applications, Types and Region forecasted for period from 2024 to 2031
The "Modular Building Market" has experienced impressive growth in recent years, expanding its market presence and product offerings. Its focus on research and development contributes to its success in the market.
Modular Building Market Overview and Report Coverage
Modular building is a construction method in which individual components or modules are prefabricated in a factory setting and then assembled on-site to create a full structure. This method offers numerous advantages such as cost-effectiveness, speed of construction, and sustainability.
The future outlook of the modular building market is bright, with continued growth expected due to the increasing demand for affordable housing, schools, offices, and healthcare facilities. The market is projected to grow at a CAGR of 13% during the forecasted period(2024 - 2031).
Current trends in the modular building market include advancements in technology and design, a focus on sustainability and energy efficiency, and the increasing adoption of modular construction by both residential and commercial sectors. The market forecast indicates a positive outlook for the modular building industry, with potential for significant growth in the coming years. Overall, the modular building market presents a promising opportunity for innovation and growth in the construction industry.
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Market Segmentation
The Modular Building Market Analysis by Types is segmented into:
- Stationary Tiny House
- Mobile Tiny House
The stationary tiny house market refers to small dwellings that are permanently placed on a foundation, offering a more permanent housing solution. On the other hand, the mobile tiny house market involves small homes that are built on a trailer or wheels, allowing for easy transportation and flexibility in location. Both markets cater to individuals seeking a simpler and more sustainable lifestyle, with the stationary option focusing on stability and permanence, while the mobile option offers the freedom to travel and explore different locations.
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The Modular Building Market Industry Research by Application is segmented into:
- Residential
- Commercial
- Industrial
The modular building market serves various markets including residential, commercial, and industrial applications. In the residential sector, modular buildings are used for single-family homes, multi-family buildings, and affordable housing projects. In the commercial sector, modular buildings are utilized for offices, schools, healthcare facilities, and retail spaces. In the industrial sector, modular buildings are commonly used for warehouses, manufacturing facilities, and energy infrastructure projects. This versatile market provides efficient and cost-effective building solutions for a wide range of applications.
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In terms of Region, the Modular Building Market available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The modular building market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa is experiencing robust growth due to increasing demand for cost-effective and sustainable construction solutions. Key players in the market include 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, and Laing O’rourke.
Market opportunities in these regions are driven by advancements in technology, government initiatives promoting eco-friendly construction practices, and the need for rapid infrastructure development. Key growth factors include the ability to significantly reduce construction time, minimize waste, and increase energy efficiency in buildings. The modular building market is expected to expand further in these regions as the demand for flexible and customizable construction solutions continues to rise.
Modular Building Market Emerging Trends
The global modular building market is seeing a rise in demand for eco-friendly and sustainable construction methods. Emerging trends include the use of advanced technology such as Building Information Modeling (BIM) and prefabricated elements to streamline the construction process. Current trends in the market include the increasing popularity of modular buildings for healthcare facilities, schools, and residential developments. Additionally, growing urbanization and the need for affordable housing solutions are driving the growth of the modular building market worldwide. Innovative designs, flexible customization options, and cost-effective solutions are also some of the key trends shaping the industry.
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Major Market Players
- 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
The modular building market is highly competitive with several key players in the industry. Alho Systembau GmbH, a Germany-based company, is known for its high-quality modular construction solutions. Atco, a Canadian company, is a global leader in modular building and workforce housing solutions. Skyline Champion Corporation, based in the United States, is one of the largest modular home manufacturers in North America.
Horizon North Logistics, also based in Canada, specializes in modular construction for remote work camps and workforce accommodations. Cavco Industries, Inc., Clayton Homes, and Fleetwood Australia are all prominent players in the modular building market, providing a wide range of modular homes and buildings.
Daiwa House, Seikisui House, and Kleusberg are key players in the Asian and European markets, known for their innovative modular construction techniques. Vinci, a French company, is a major player in the global construction industry, including modular building solutions.
Red Sea Housing, a Saudi Arabian company, specializes in modular construction for the oil and gas industry and other sectors. Portakabin, a UK-based company, is a leading supplier of modular buildings for various industries.
According to recent reports, the modular building market is expected to grow at a CAGR of around 6% from 2021 to 2026. The market size is estimated to reach over $120 billion by 2026.
In terms of sales revenue, some of the key players in the modular building market have reported the following figures:
- Skyline Champion Corporation: $ billion in 2020
- Clayton Homes: $580 million in 2020
- Daiwa House: $37.88 billion in 2020
Overall, the modular building market is expected to continue growing, driven by factors such as the increasing demand for sustainable and cost-effective construction solutions. Key players in the industry are investing in innovation and technology to meet the evolving needs of the market.
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