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North America Modular Construction Market Size, Share & Industry Analysis, By Type (Permanent (PMC) and Relocatable), By Material (Concrete, Steel, and Wood), By Application (Commercial, Healthcare, Education & Institutional, Hospitality, and Others (Residential and Religious buildings)), Country Forecast 2023-2030

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI107748

 

KEY MARKET INSIGHTS

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The North America modular construction market size is projected to grow at a CAGR of 7.1% during the forecast period. The North America market for modular construction is projected to grow from USD 21.49 billion in 2023 to USD 34.82 billion by 2030.


The prefabricated construction industry in North America has been growing steadily in recent years, with the increasing adoption of this construction method across various sectors, including residential, commercial, and industrial construction. In North America, it is particularly popular for single-family homes, hotels, and student housing. Prefabricated construction has several advantages over traditional construction methods, including faster construction times, lower costs, and reduced waste. It also offers greater design flexibility and can be customized to meet specific project requirements. Several factors, including the need for affordable housing, labor shortages in the construction industry, and the increasing focus on sustainability and energy efficiency in building design, drive the growth of prefabricated construction in North America. Also, increasing demand for residential building construction and infrastructure projects in the residential construction sector is driving market growth.


LATEST TRENDS


Short Construction Project Deadlines in the Region to Propel the Growth of Market


Modular construction can complete projects faster than traditional on-site buildings due to several factors. In traditional construction, site preparation and construction work happen sequentially, meaning the site needs to be prepared before any work can begin on the building. However, in modular construction, the site preparation and the construction of the modules happen simultaneously. This reduces the overall construction time since the modules are built in a factory while the site is prepared. Since the modules are built off-site in a factory, the required on-site work is reduced, which means the construction process is faster than the existing method. Additionally, this type of construction can be completed in almost any weather condition, eliminating weather-related delays and driving North America modular construction market growth


DRIVING FACTORS


Increasing use of Prefabricated Construction in Hospitality Industry Drives Market Growth


In North America, prefabricated construction in the hospitality industry is increasing as it offers several benefits over traditional construction methods. Prefabricated construction significantly reduces the time required for construction since most of the building components are pre-manufactured in a factory setting. This allows for faster project completion times and reduced disruption to hotel operations. Prefabricated construction can often be less expensive than traditional construction since it requires fewer on-site labor hours and can be completed in less time. Additionally, standardized components and assembly line production can reduce material costs. Prefabricated construction offers greater flexibility in design and customization, allowing for a more tailored approach to the hotel's and its guests' needs and preferences. Prefabricated construction offers a high level of quality control since the building components are manufactured in a controlled environment with strict quality assurance protocols. This results in fewer defects and errors in the finished product. These factors are driving the North America modular construction market share during the forecast period.


RESTRAINING FACTORS


High Construction Labor Cost in the region Restrains Market Growth


The effect of high labor costs in North America on the construction market can be significant. When labor costs are high, it becomes more expensive for construction companies to hire and retain skilled workers, leading to higher prices for construction projects. This can make it more difficult for companies to compete with lower-priced alternatives, such as overseas ones. Additionally, high labor costs can lead to a shortage of skilled labor. The abovementioned factor restrains the growth of the market in the region.


KEY INDUSTRY PLAYERS


ATCO Limited Company holds a prominent market share in the region. It is due to the availability of manufacturing units throughout the region. Furthermore, Katerra Inc., Mobile Modular Management Corporation, Boxx Modular (Black Diamond Group), Aries Building Systems, Vanguard Modular Building Systems, Modular Genius, Vesta Modular, Triumph Modular Corporation, Satellite Shelters and other players are also focusing on the adoption of the various business strategies such as partnership, product development and business expansion and investing in Canada infrastructure program to increase their market share.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • January 2023Pacific Mobile Structure, a regional provider of prefabricated construction modules, acquired the Texas-based family-owned group Sustainable Modular Management (SMM). With this acquisition, Pacific Mobile will be able to expand its affordable housing business in Texas. 

  • May 2021 – MiTek, a subsidiary company of Berkshire Hathaway, launched its own modular construction company. Berkshire Hathaway Inc. is entering the U.S. construction and real estate business with this strategy.


REPORT COVERAGE


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The market report provides an in-depth analysis of the market dynamics and competitive landscape. It provides key insights, including recent industry developments in the market, such as mergers & acquisitions, macro and microeconomic factors, SWOT analysis, and company profiles.


Report Scope & Segmentation



















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 7.1% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type



  • Permanent (PMC)

  • Relocatable



By Material



  • Concrete

  • Steel

  • Wood



By Application



  • Commercial

  • Healthcare

  • Educational & Institution

  • Hostility

  • Others (Residential, Religious Buildings)



By Country



  • U.S. (By Application)

  • Canada (By Application)






Frequently Asked Questions

The market will exhibit steady growth at a CAGR of 7.1%, tin the forecast period (2023-2030).

Increasing use of prefabricated construction in hospitality industry is expected to drive the market growth.

ATCO Limited Company, Ltd., Mobile Modular Management Corporation, Boxx Modular (Black Diamond Group), Modular Genius are the major market players in the North America market.

U.S. dominated the market in 2022.

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