Meticulous Research®, a leading global market research company, has published a report titled "Modular Construction Market Size, Share, Forecast, & Trends Analysis by Product (Permanent, Relocatable), Method (Closed, Open), Material (Wood, Steel, Concrete), Application (Residential, Commercial, Industrial, Healthcare) - Global Forecast to 2031."

According to this latest report, the global modular construction market is projected to reach $189.1 billion by 2031, growing at a CAGR of 6.9% from 2024 to 2031. The market's growth is driven by several factors, including cost-efficient installation, a shortage of skilled labor, and the need for faster project execution. Additionally, rising urbanization, the global affordable housing crisis, and a focus on sustainable building practices are expected to create further market opportunities. However, growth may be restrained by the perception that modular construction is limited to commercial projects, as well as manufacturing and transportation challenges.

A key trend in the market is the integration of digital technologies, automation, robotics, and artificial intelligence (AI).

The global modular construction market is segmented by product, method, material, and application. The report also evaluates competitors in various end-user industries and analyzes the market at the regional and country levels.

Product Segmentation
The market is divided into permanent modular construction (PMC) and relocatable modular construction (RMC). In 2024, the PMC segment is expected to hold the largest share of approximately 65%. This is due to the growing need for controlled manufacturing conditions, increased use in industrial buildings, and applications in residential construction.

Conversely, the RMC segment is projected to experience higher growth during the forecast period. This growth is driven by the demand for temporary facilities on construction sites, emergency shelters, and temporary retail spaces.

Method Segmentation
The market is also segmented into closed and open modular construction methods. In 2024, the closed modular construction segment is expected to hold the largest market share, attributed to the demand for high-quality buildings, cost reduction through material waste minimization, and the avoidance of weather-related project delays.

The open modular construction segment is projected to witness higher growth, driven by the demand for design flexibility and customization, and its use in public and cultural buildings.

Material Segmentation
Materials used in modular construction include wood, steel, concrete, and others. In 2024, the steel segment is expected to account for the largest share of approximately 43%. Its large market share is due to its strength, flexibility, and recyclability, making it ideal for durable modular structures. The steel segment is also anticipated to grow at the highest rate, driven by its use in commercial buildings, manufacturing facilities, and distribution centers.

Application Segmentation
The market applications include residential properties, commercial spaces, healthcare facilities, educational institutions, government and public sector buildings, aerospace and defense, and others. The residential properties segment is expected to hold the largest share of approximately 56% in 2024, due to the demand for cost-effective housing solutions, temporary shelters, and urban housing to address shortages and affordability issues. This segment is also projected to grow at the highest rate.

Regional Segmentation
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to hold the largest share of approximately 40%, driven by technological advancements, a shortage of skilled labor, demand for scalable modular spaces, and a focus on sustainability.

The Asia-Pacific region is expected to register the highest growth rate of approximately 8.5%, driven by rapid urbanization, the need for affordable housing, and government initiatives for smart cities and infrastructure development.

Key Players
Key players in the modular construction market include ATCO Ltd. (Canada), Guerdon, LLC (U.S.), Skanska AB (Sweden), Bouygues Construction (France), KLEUSBERG GmbH & Co KG (Germany), Lendlease Corporation (Australia), Red Sea International (Saudi Arabia), Bechtel Corporation (U.S.), Honomobo (Canada), WillScot Mobile Mini Holdings Corp. (U.S.), SG Blocks, Inc. (U.S.), Speed House Group of Companies (UAE), CIMC Modular Building Systems Holdings Co., Ltd. (China), Wernick Group (Holdings) Ltd. (U.K.), Giant Containers Inc. (Canada), Premier Modular Limited (U.K.), and LAING O'ROURKE (U.K.).

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Key questions answered in the report-
• Which are the high-growth market segments based on product, method, material, application, and geography?
• What was the historical market for the modular construction market?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, opportunities, and challenges in the modular construction market?
• Who are the major players, and what shares do they hold in the modular construction market?
• What is the competitive landscape like in the modular construction market?
• What are the recent developments in the modular construction market?
• What are the different strategies adopted by the major players in the modular construction market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global modular construction market, and how do they compete with the other players?

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