IMARC Group's report titled "North America Modular Construction Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the North America modular construction market share. The market size reached US$ 27.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 42.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
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Factors Affecting the Growth of the North America Modular Construction Industry:
- Environmental and Sustainability Concerns:
The increasing emphasis on sustainability and environmental concerns represents one of the primary factors influencing the market positively. In addition, the escalating demand for construction practices that minimize waste, reduce energy consumption, and lower carbon footprints is strengthening the growth of the market. Moreover, many modular construction companies are using eco-friendly materials and technologies, which resonate with both clients and regulatory bodies. Modular construction enables precise material management, reducing construction waste, and incorporating energy-efficient designs. The desire to meet sustainability targets and adhere to green building standards is pushing developers and builders to explore modular construction as a responsible and environment friendly option.
- Technological Advancements:
Continuous technological advancements and design innovation are strengthening the growth of the market. These technologies allow for precise planning, error reduction, and customization, ensuring that modular buildings meet specific requirements and regulations. Moreover, innovative materials and construction methods are constantly emerging, making modular construction an attractive option for those looking to create aesthetically pleasing, energy-efficient, and functional spaces. Furthermore, ongoing innovations in construction methods, such as off-site assembly lines and advanced assembly techniques, contribute to the attractiveness of modular construction. These methods streamline the production process, improve efficiency, and enhance quality control.
- Sustainable and Net-Zero Buildings:
The rising trend of sustainable and net-zero buildings is creating a positive outlook for the market. Governments and organizations are setting ambitious sustainability goals, including achieving net-zero emissions. Modular construction aligns with these objectives by enabling the incorporation of energy-efficient technologies and sustainable materials. Apart from this, several builders are leveraging modular construction to create green and eco-friendly structures that meet regulatory requirements and appeal to environmentally-conscious consumers and investors. Modular buildings can easily incorporate renewable energy sources such as solar panels and wind turbines. These technologies further reduce the carbon footprint of a building and contribute to its energy independence.
Leading Companies Operating in the North America Modular Construction Industry:
- Aries Building Systems, LLC
- ATCO Ltd.
- Boxx Modular
- Inc. (Black Diamond Group)
- Mobile Modular Management Corporation (McGrath RentCorp, Inc.)
- Modular Genius, Inc.
- Satellite Shelters, Inc.
- Triumph Modular Corporation
- Vanguard Modular Building Systems, LLC
- Vesta Modular
- Willscot Corporation.
North America Modular Construction Market Report Segmentation:
By Division:
- Permanent Modular Construction (PMC)
- Relocatable Buildings (RB)
Permanent modular construction holds the largest market share due to its cost-effectiveness, sustainability, and ability to provide long-lasting, high-quality structures in a shorter timeframe compared to traditional construction methods.
By Sector:
- Public
- Residential
- Commercial
- Others
The residential sector represents the largest market segment, driven by increasing demand for affordable housing solutions, faster construction timelines, and the flexibility to meet diverse housing needs in North America.
By Material:
- Wood
- Concrete
- Steel
- Others
Wood dominates the modular construction market due to its eco-friendly and sustainable properties, versatility in design, and cost-effectiveness.
Regional Insights:
- United States
- Canada
The United States’ dominance in the modular construction market is attributed to its robust construction industry, favorable regulatory environment, significant investment in infrastructure, and the adoption of modular methods to address various construction needs across diverse sectors in North America.
North America Modular Construction Market Trends:
The expansion of healthcare facilities in North America is creating a positive outlook for the market. Modular construction offers the speed and adaptability required to build temporary hospitals, testing centers, and medical facilities in response to emergencies. Additionally, the aging population in North America is leading to increased demand for healthcare services, making modular construction an ideal choice for quickly adding capacity to existing healthcare infrastructure.
The rising awareness among the masses and developers about the efficiency and speed offered by modular construction as compared to traditional construction methods is contributing to the market growth. Modular components are fabricated in factories, reducing on-site labor requirements and the likelihood of weather-related delays.
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