According to the latest report by IMARC Group, titled "North America Modular Construction Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the North America modular construction market is anticipated to grow at a CAGR of
5.2% during 2023-2028. Modular construction is the process of constructing standardized components of buildingsin an off-site setting that are later installed atthe 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 massessince this method generates lesser waste and creates fewer site disturbances while offeringcustomization according to therequirements of the customers.
North America Modular Construction Market Trends:
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.
- On the basis of the division, the market has been bifurcated into permanent modular construction (PMC) and relocatable buildings (RB).
- Based on the sector, the market has been segmented into public, residential, commercial and others.
- On the basis of the material, the market has been segregated into wood, concrete, steel and others.
- Based on the country, the market has been divided into the United States and Canada.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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, and Willscot Corporation.
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