North America Modular Construction Market Is Set To Reach USD Billion  By 2033, Growing At A CAGR Of 7.1

Key Insights

The North America Modular Construction Market size was valued at USD 21.49 USD Billion in 2023 and is projected to reach USD 34.73 USD Billion by 2032, exhibiting a CAGR of 7.1 % during the forecast period. Modular construction or prefabrication is a form of construction that adopts the technology of prefabrication of individual building units offsite before being transported to their final location. This method includes different types such as volumetric panelized as well as hybrid types which have their benefits. Volumetric modular construction involves building whole rooms in factories to guarantee quality and reduce the time of the construction process. Panelized systems consist of prefabricated panels that are assembled on the site; this method is very flexible in terms of design and construction methods. The fourth type is a hybrid method, which incorporates features of both mass production and penalization technologies. The main characteristics of modular buildings are quality engineering, affordability, and environment-friendliness. High-tech design and assembly line production ensure modular construction’s efficiency in using materials and reducing construction duration. The target areas where it is used include residential, commercial industrial, and institutional buildings, with projects required to be completed with optimal speed and scale. There are numerous reasons for choosing modular construction. It speeds up construction and reduces the time needed for occupants to realize profits on their investment. Also, off-site fabrication means less interference with other parts of a site and fewer safety risks associated with the work.

North America Modular Construction Trends

• Increasing adoption of off-site construction methods
• Growing popularity of modular construction in commercial and institutional buildings
• Use of advanced technologies in modular construction

Driving Forces: What's Propelling the North American Modular Construction Market

• Growing population and urbanization
• Shortage of skilled labour in the construction industry
• Government regulations promoting sustainable and affordable housing

Challenges and Restraints in North America Modular Construction Market

• High upfront costs
• Lack of awareness about modular construction
• Resistance to change in the traditional construction industry

Emerging Trends in North America Modular Construction

• Integration of digital technologies and automation
• Development of eco-friendly and sustainable modular buildings
• Rise of modular construction in healthcare and hospitality sectors

Growth Catalysts in North America Modular Construction Industry

• Government incentives and funding: Government initiatives, such as tax credits and grants, provide financial incentives for modular construction projects, reducing their cost and increasing accessibility.
• Accelerated investment in research and development: Ongoing advancements in modular construction technologies, materials, and processes enhance efficiency, reduce construction time, and improve quality.
• Growing demand for flexibility and scalability: Modular buildings offer adaptability and scalability, fulfilling the evolving needs of businesses, institutions, and residential developments.
• Emphasis on environmental sustainability: Modular construction aligns with sustainability goals by minimizing waste, promoting energy efficiency, and facilitating LEED certification.
• Mitigation of labor shortages: Modular construction reduces the reliance on traditional construction workforce, addressing labor shortages and enhancing productivity.

Market Segmentation: North America Modular Construction Analysis

Type:

• Permanent
• Material:
  • Concrete
  • Steel
  • Wood
• Application:
  • Commercial
  • Healthcare
  • Education & Institutional
  • Hospitality
  • Others (Residential and Religious buildings and industry developments)

Leading Players in the North America Modular Construction Market

• Atco Ltd. (Canada)
• Katerra Inc. (U.S.)
• Mobile Modular Management Corporation (U.S.)
• Boxx Modular (Black Diamond Group) (U.S.)
• Aries Building Systems (U.S.)
• Vanguard Modular Building Systems (U.S.)
• Modular Genius (U.S.)
• Vesta Modular (U.S.)
• Triumph Modular Corporation (U.S.)
• Satellite Shelters (U.S.)

Significant Developments in the North America Modular Construction Sector

• Launch of new modular building systems
• Partnerships between modular construction companies
• Government funding for modular construction projects

Comprehensive Coverage North America Modular Construction Market Report

• Comprehensive analysis of market dynamics, trends, and drivers
• Segmentation and forecast of the market by type, material, application, and region
• Detailed profiles of leading players in the industry
• Insightful case studies and industry best practices
• Comprehensive regional analysis of the North America modular construction market

Regional Insight

• The U.S. is the largest market for modular construction in North America, followed by Canada.
• The growth in the U.S. market is driven by factors such as rising demand for affordable housing and the increasing popularity of modular construction in commercial buildings.
• The Canadian market is expected to grow steadily over the forecast period, driven by government initiatives promoting sustainable and affordable housing.