Steel Modular Construction Market was valued at USD 112 Billion in 2022 and is projected to reach USD 193 Billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030.
The steel modular construction market has witnessed significant growth from 2018 to 2022, driven by several factors, including the increasing demand for sustainable building practices and the growing need for quick, cost-effective construction methods. Modular construction, which involves pre-fabricating steel components off-site and assembling them on-site, offers several advantages over traditional construction methods, including faster project completion times and reduced labor costs. As of 2022, the global steel modular construction market was valued at over USD 10 billion, with projections suggesting robust growth through the 2020s.
During this period, steel modular construction was primarily popular in residential and commercial sectors, particularly in North America, Europe, and parts of Asia. The demand for modular buildings surged as industries sought ways to reduce construction costs, optimize space, and address labor shortages. Additionally, steel’s durability, resilience, and sustainability made it an attractive choice for developers and contractors. Innovations in steel manufacturing and modular assembly methods contributed significantly to reducing costs, making it easier for small and large companies alike to invest in these construction methods.
The next decade, from 2023 to 2033, is expected to bring even greater demand for steel modular construction. The global emphasis on reducing carbon emissions and the increasing focus on energy-efficient buildings will likely drive continued adoption of steel modular techniques. As cities become more congested and urban sprawl continues, modular steel construction presents a viable solution for meeting housing and infrastructure needs quickly and sustainably. Analysts predict the market could grow by a CAGR of 6-8% during this period, with major investments flowing into emerging markets like Southeast Asia, the Middle East, and Africa.
New technological advancements, such as smart modular systems and more refined construction materials, will further enhance the flexibility and efficiency of steel modular construction. These innovations will improve the ability to scale projects, offering solutions for everything from affordable housing to commercial buildings. Furthermore, the construction industry’s ongoing labor shortages will continue to play a role in boosting the demand for modular construction, as these methods require less manual labor on-site and can be carried out more efficiently with automated processes.
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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, Japan, 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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