IMARC Group, a leading market research company, has recently releases report titled “North America Modular Construction Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 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.
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 the process of constructing standardized components of buildings in an off-site setting that are later installed at the main construction site. It is widely adopted for temporary or permanent facilities, such as classrooms, military housing, industrial facilities and camps.It facilitates improved quality control, easy relocation or expansion, diversified design options and minimum construction time. In North America, modular construction is gaining widespread prominence among the masses since this method generates lesser waste and creates fewer site disturbances while offering customization according to the requirements of the customers.
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What are the growth prospects and trends in the North America modular construction industry?
The market in North America is primarily driven by significant growth in the construction industry. Along with this, increasing investments by public and private agencies in infrastructural development projects are creating a positive market outlook. Also, the escalating demand for affordable housing facilities across the region has further encouraged developers to adopt the modular construction solution. Moreover, an enhanced focus on sustainable development and the rising concerns regarding carbon emissionsfrom traditional construction methods are acting as major growth-inducing factors. Coupled with numerous initiatives undertaken by various government agencies in the region for promoting the construction of green buildings, this is providing a boost to the market growth. Additionally, continual technological advancements, such as the integration of building information modeling (BIM) and 3D printing with modular construction methods,and rapid growth in the industrial sector are favorably impacting the market.
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:
Breakup by Material:
Breakup by Country:
- United States
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.
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