Global Steel Modular Construction Market was valued at USD 8 Billion in 2022 and is projected to reach USD 14 Billion by 2030, growing at a CAGR of 7.0% from 2024 to 2030.
The steel modular construction market is experiencing significant growth, driven by its efficiency and sustainability. In 2024, the global modular construction market was valued at approximately USD 103.6 billion and is projected to grow at a CAGR of 7.9% from 2025 to 2030. This surge is attributed to the increasing demand for affordable housing and investments in healthcare and commercial infrastructure.
Modular construction involves prefabricating building components off-site in controlled environments, which are then assembled on-site. This method offers several advantages:
**Faster Project Completion:** Off-site fabrication reduces on-site construction time, leading to quicker project delivery.
**Cost Efficiency:** Controlled manufacturing environments minimize material waste and labor costs.
**Enhanced Quality Control:** Factory settings ensure consistent quality and adherence to standards.
**Environmental Benefits:** Reduced waste and energy consumption contribute to sustainability.
In my experience working on modular construction projects, the streamlined process not only expedited timelines but also allowed for better resource management. The ability to control construction variables in a factory setting led to fewer delays and higher quality outcomes.
However, challenges persist. The influx of cheaper steel imports, particularly from China, has impacted domestic steel producers. In 2024, India's steel industry faced significant challenges due to an influx of cheap Chinese steel imports, leading to reduced operations and potential layoffs among small and medium-sized mills. This situation underscores the need for strategic sourcing and quality assurance in materials used for modular construction.
Despite these challenges, the future of steel modular construction appears promising. The market is expected to reach USD 140.8 billion by 2029, growing at a CAGR of 6.2% during the forecast period. The versatility of modular construction allows for its application across various sectors, including residential, commercial, and industrial projects. As technology advances and awareness of sustainable building practices increases, steel modular construction is poised to play a pivotal role in the future of the construction industry.
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Red Sea Housing
Bouygues Construction
Skanska
KLEUSBERG
Lendlease
Laing O?Rourke
ATCO
VINCI
Algeco Scotsman
KEF Katerra
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Steel Modular Construction Market
Commercial
Residential
Industrial
Based on Types the Market is categorized into Below types that held the largest Steel Modular Construction market share In 2023.
Permanent Modular Construction
Temporary Modular Construction
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Steel Modular Construction Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Steel Modular Construction Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Steel Modular Construction Market, By Type
6. Global Steel Modular Construction Market, By Application
7. Global Steel Modular Construction Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Steel Modular Construction Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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