North America Modular Construction Market Size Report 2023-2028

IMARC Group, a leading market research company, has recently releases report titled "North America Modular Construction Market Report by Division (Permanent Modular Construction (PMC), Relocatable Buildings (RB)), Sector (Public, Residential, Commercial, and Others), Material (Wood, Concrete, Steel, and Others), and Region 2023-2028." The study provides a detailed analysis of the industry, including the North America modular construction market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the North America modular construction market?

The North America modular construction market size reached US$ 25.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

What is modular construction?

Modular construction is a building technique involving pre-fabricating individual units or modules in a controlled factory environment. These pre-made sections are transported to the construction site and assembled to form a complete structure. This method streamlines the construction process, allowing quicker project completion than traditional construction methods. One of the key advantages is efficiency; by constructing modules in a factory, teams can work in a controlled setting, which often results in higher quality and less waste. Modular construction is highly versatile and suitable for various applications, including residential homes, commercial buildings, and industrial facilities. It offers flexibility for customized designs, meeting specific needs or aesthetic choices. It is known for its contributions to sustainable building practices, including material efficiency and the potential for reuse in future projects. As a result, modular construction is gaining immense traction in modern construction practices across North America as a reliable, efficient, and flexible building method.

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What are the growth prospects and trends in the North America modular construction industry?

The North America modular construction market is primarily driven by the escalating need for rapid and cost-effective construction solutions, particularly in the housing and commercial sectors. With the construction process being quicker and often less expensive than traditional methods, businesses and homeowners find value in this approach. Moreover, ongoing technological advancements in design and manufacturing that offer more sophisticated and customized modular solutions are positively influencing market growth. Apart from this, the rising focus of North America on sustainable building practices has accelerated the adoption of modular construction, as it generally produces less waste and can be more energy efficient. Additionally, the increasing labor shortages in the construction industry have augmented the demand for modular construction as an attractive alternative. Besides this, the escalating need for quickly deployable structures like healthcare facilities amid COVID-19 has catalyzed market growth. Furthermore, several favorable government policies and incentives that support innovative construction practices for both residential and commercial purposes are contributing to market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Division:

Permanent Modular Construction (PMC)
Relocatable Buildings (RB)

Breakup by Sector:

Public
Residential
Commercial
Others

Breakup by Material:

Wood
Concrete
Steel
Others

Breakup by Country:

United States
Canada

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Who are the key players operating in the industry?

The report covers the major market players including:

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.

Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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