Global Modular Construction for high Rise Buildings Market Overview
The modular Construction for High Rise Buildings Market Size was valued at USD 6.5 Billion in 2022. The modular construction for high rise buildings market industry is projected to grow from USD 6.86 Billion in 2023 to USD 10.614 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2032). Increased urbanization & industrialization in developing nations are the main major market drivers for the growth of the worldwide modular construction for high rise building industry. A considerable impact on market expansion to meet growing consumer demands is also projected to result from the population boom.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Modular Construction for High Rise Buildings Market Trends
Rapid urbanization and industrialization, along with accelerated construction and high productivity, are driving market growth
Building residences and businesses using a novel technique called modular construction for high rise buildings. It is considered to be a new approach to construction. Rapid economic expansion brought on by growing urbanization and industrialization has raised demand for modular structures. This is so that the overall cost can be reduced by constructing modular buildings more quickly. Urbanization is accelerating in developing nations like Asia, Latin America, and Africa as a result of their rapid population growth. The need for housing, clean water, electricity, transportation infrastructure, food, and social services is anticipated to be significantly impacted by this. As a result, more high rise structures are constructed using methods that provide uniform quality at a lower cost. Rapid urbanization hence boosts government and individual spending on housing and infrastructure, which sharply raises the need for modular constructions for high rise buildings. High performance and the capacity to keep projects on schedule by moving swiftly through the designing, building, and finishing stages are the key advantages of modular construction for high rise buildings technology. Additionally, the modular construction for high rise buildings approach enables designers to select which pieces to cast in accordance with how well they function, saving both time and money. Professionals frequently choose modular construction for high rise buildings since it can be completed more quickly and lasts longer, which boosts the market CAGR.
High-performance materials are used in modular construction for both high rise residential and commercial buildings. The long-term demand for and construction requirements for high-performance structures are met by these products, which make buildings more effective, resilient, and adaptable. Additionally, there are many advantages to modular construction, including its excellent quality, enduring sturdiness, and appealing designs. Building homes, businesses, and parking garages all have access to these advantages. Furthermore, modular timber construction is highly favored because it uses less energy, needs less upkeep, and lowers total expenses.
The need for infrastructure investment is increasing significantly everywhere in the world, but particularly in developing economies. The globe is anticipated to spend almost USD 78 trillion on infrastructure between 2014 and 2025. Additionally, infrastructure expenditure has bounced back from the financial crisis and is anticipated to increase by more than USD 5 trillion annually by 2025. Spending on infrastructure, such as homes and businesses, is anticipated to rise as more people move to cities in developing nations like India, Japan, Indonesia, Nigeria, Mexico, and China. Furthermore, modular construction for high rise buildings is growing in popularity because to its many advantages, including improved structural stability, more flexibility, reduced waste, quicker and better construction, and reduced labour requirements. With all these benefits, a lot of new competitors are trying their luck in the aforementioned industry to capitalize on the expansion and generate substantial profits. As a result, more experts and even start-ups are entering the modular construction for high rise buildings market and attempting to establish themselves as major players. Thus, driving the modular construction for high rise buildings market revenue.
Modular Construction for High Rise Buildings Market Segment Insights
Modular Construction for High Rise Buildings Material Insights
The modular construction for high rise buildings market segmentation, based on material includes Steel. The steel segment dominated the market. Modules having four sides, open sides, specific modules for stairs or elevators, and modules that don't carry any weight are also used to construct steel buildings. Steel modular construction is suitable for parking lots, mixed-use commercial and retail spaces, and residential buildings due to its strength and longevity. These elements will give market participants excellent opportunities to expand their companies on a level during the coming few years.
Modular Construction for High Rise Buildings Building Height Insights
The modular construction for high rise buildings market segmentation, based on building height, includes Up to 70 Meters. The up to 70 meters category generated the most income. When it comes to high-rise structures, modular construction can be a practical choice for structures up to 70 meters tall. This height range enables more flexibility and convenience in prefabricated module transportation, logistics, and installation. For high-rise structures up to 70 meters in height, modular construction can result in substantial time and cost savings.
Figure 1: Modular Construction for High Rise Buildings Market, by Building Height, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Modular Construction for High Rise Buildings Module Type Insights
The modular construction for high rise buildings market segmentation, based on module type includes Bathroom Pods. The bathroom pods segment dominated the market. Prefabricated modules called bathroom pods are created in a controlled manufacturing environment away from the construction site. This method of manufacturing off-site enables accurate building, consistent quality control, and effective use of manpower and resources. By manufacturing the bathroom pods alongside other modules, the total building time can be reduced.
Modular Construction for High Rise Buildings Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American modular construction for high rise buildings market area will dominate this market. There is an increasing need for speedy building fixes as well as for cheap, sustainable housing in the area. Increasingly, high-rise buildings are being built using modular construction techniques, which is being fueled by urbanization, population increase, and the need for buildings that are both economical and environmentally friendly.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MODULAR CONSTRUCTION FOR HIGH RISE BUILDINGS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe modular construction for high rise buildings market accounts for the second-largest market share. The region's emphasis on environmentally friendly building methods, strict building codes, and the need to alleviate the housing scarcity have all increased demand for modular construction. In addition, the demand for creative and adaptable construction solutions that can change with shifting urban environments is a major market driver in Europe. Further, the German modular construction for high rise buildings market held the largest market share, and the UK modular construction for high rise buildings market was the fastest growing market in the European region
The Asia-Pacific Modular construction for high rise buildings Market is expected to grow at the fastest CAGR from 2023 to 2032. Rapid urbanization and population expansion in the Asia Pacific area are driving up demand for high-rise structures. Due to its capacity to meet the demand for quick and effective building, modular construction is becoming more popular in this area. In order to address housing issues, shorten construction times, and improve construction quality, nations like China, India, and Singapore are investing in modular construction technologies. The market for modular construction in high-rise structures has enormous growth potential in this area. Moreover, China’s modular construction for high rise buildings market held the largest market share, and the Indian modular construction for high rise buildings market was the fastest growing market in the Asia-Pacific region.
Modular Construction for High Rise Buildings Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the modular construction for high rise buildings market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, modular construction for high rise buildings industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the modular construction for high rise buildings industry to benefit clients and increase the market sector. In recent years, the modular construction for high rise buildings industry has offered some of the most significant advantages to market. Major players in the modular construction for high rise buildings market attempting to increase market demand by investing in research and development operations include Walker Modular, Euro components Italia SPA, PUDA Industrial Co Ltd, Old castle Superpods, Neopod Systems, Intelligent Offsite, Interpod Offsite, The Pod System, B and T manufacturing and Elements Europe.
In Taiwan, PUDA is the biggest prefabricated bathroom manufacturer, and in Japan, PUDA is the leading prefabricated bathroom brand. Hotels, homes, hospitals, and other establishments frequently employ its products. More than ten years of experience exporting to the Middle East, Australia, and Japan. Their goods are frequently utilised in resorts, homes, hospitals, etc. With more than 25 years of expertise, PUDA is renowned for its customized bathroom pods, and it has led the way in the creation of high volumetric customized prefabricated bathroom solutions by utilizing cutting-edge manufacturing technology, original R&D planning, cutting-edge design, and assembly processes.
With the incorporation of modular bathrooms, Interpod offsite makes complicated worksite projects smarter. Its bathroom pods off-site 12 wet area trades, allowing builders and developers to concentrate on finishing their projects earlier than expected. Over 31,000 high-quality bathrooms for its clients in Australia and New Zealand are the consequence of their committed focus on bathroom pod manufacture. It works with builders and developers to reduce building costs and increase long-term development returns.
Key Companies in the modular construction for high rise buildings market include
- Walker Modular
- Euro components Italia SPA
- PUDA Industrial Co Ltd
- Old castle Superpods
- Neopod Systems
- Intelligent Offsite
- Interpod Offsite
- The Pod System
- B and T Manufacturing
- Elements Europe
Modular Construction for High Rise Buildings Industry Developments
November 2021: Bathroom pods have been produced by Old Castle Sure Pods. It necessitates simple installation in dorms, facilities for assisted living, and therefore commercial projects.
Modular Construction for High Rise Buildings Market Segmentation
Modular Construction for High Rise Buildings Material Outlook (USD Billion, 2018-2032)
Modular Construction for High Rise Buildings Building Height Outlook (USD Billion, 2018-2032)
Modular Construction for High Rise Buildings Module Type Outlook (USD Billion, 2018-2032)
Modular Construction for High Rise Buildings Regional Outlook (USD Billion, 2018-2032)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
Market Size 2022
USD 6.5 Billion
Market Size 2023
USD 6.86 Billion
Market Size 2032
USD 10.614 Billion
Compound Annual Growth Rate (CAGR)
Market Forecast Period
Market Forecast Units
Value (USD Billion)
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Material, Building Height, Module Type, and Region
North America, Europe, Asia Pacific, and the Rest of the World
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled
Walker Modular, Euro components Italia SPA, PUDA Industrial Co Ltd, Old castle Superpods, Neopod Systems, Intelligent Offsite, Interpod Offsite, The Pod System, B and T manufacturing and Elements Europe
Key Market Opportunities
Growth in construction industry
Increased popularity of such systems
Key Market Dynamics
The influx of capital from foreign direct investments (FDI) in the construction sector
Frequently Asked Questions (FAQ) :
The modular construction for high rise buildings market size was valued at USD 6.5 Billion in 2022.
The market is projected to grow at a CAGR of 5.60% during the forecast period, 2023-2032.
North America had the largest share in the Modular Construction for High Rise Buildings Market
The key players in the market are Walker Modular, Euro components Italia SPA, PUDA Industrial Co Ltd, Old castle Superpods, Neopod Systems, Intelligent Offsite, Interpod Offsite, The Pod System, B and T manufacturing and Elements Europe.
The steel category dominated the Modular Construction for High Rise Buildings Market in 2022.
The bathroom pods category had the largest share in the Modular Construction for High Rise Buildings Market
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