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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 Country 2024-2032
Market Report I 2024-03-02 I 125 Pages I IMARC Group
The North America modular construction market size reached US$ 27.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 42.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
Modular construction includes off-site prefabrication of single or multi-storey structures before being installed on the main construction site. It includes the construction of various components, such as ceilings, doors, walls, floors, beams, columns, etc., that are joined together to make a single structure by deploying cranes and other lifting or rigging tools. Modular construction offers easy relocation or expansion, improved quality control, reduced construction time, better design options, and minimized waste production. In North America, modular construction is increasingly being adopted as a sustainable and eco-friendly alternative to traditional construction methods.
The increasing demand for prefabricated building structures along with growing focus on reducing overall construction cost and time is primarily driving the market for modular construction in North America. Furthermore, the rising number of infrastructure projects, including healthcare facilities, corporate buildings, modern housing centers, educational institutes, etc., is also propelling the market growth. Additionally, the rising environmental concerns towards increasing level of carbon emissions from conventional construction methods are further driving the demand for modular construction in the region. The introduction of numerous government initiatives for promoting the construction of green buildings across the United States and Canada, is also catalyzing the market. Moreover, the high prevalence of extreme cold weather in the region leading to shorter daytime and heavy snowfall that inhibit on-site construction methods is also propelling the need for modular construction. Moreover, the growing integration of numerous advanced technologies with prefabrication methods, such as 3D printing, artificial intelligence, Building Information Modeling (BIM) etc., are expected to further drive the market for modular construction in North America.
The outbreak of the COVID-19 pandemic, in early 2020, however, has negatively impacted the market for modular construction in North America. The introduction of stay-at-home measures across the region has led to the postponement of numerous construction activities, disrupted supply chains, and led to the temporary closure of facilities, thereby hampering the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the North America modular construction market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on division, sector and material.
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
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being 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.
Key Questions Answered in This Report
1. What was the size of the North America modular construction market in 2023?
2. What is the expected growth rate of the North America modular construction market during 2024-2032?
3. What are the key factors driving the North America modular construction market?
4. What has been the impact of COVID-19 on the North America modular construction market?
5. What is the breakup of the North America modular construction market based on the division?
6. What is the breakup of the North America modular construction market based on the sector?
7. What is the breakup of the North America modular construction market based on the material?
8. What are the key regions in the North America modular construction market?
9. Who are the key players/companies in the North America modular construction market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 North America Modular Construction Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Division
6.1 Permanent Modular Construction (PMC)
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Relocatable Buildings (RB)
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Sector
7.1 Public
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Residential
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Commercial
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Material
8.1 Wood
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Concrete
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Steel
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Country
9.1 United States
9.1.1 Market Trends
9.1.2 Market Breakup by Division
9.1.3 Market Breakup by Sector
9.1.4 Market Breakup by Material
9.1.5 Market Forecast
9.2 Canada
9.2.1 Market Trends
9.2.2 Market Breakup by Division
9.2.3 Market Breakup by Sector
9.2.4 Market Breakup by Material
9.2.5 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Aries Building Systems, LLC
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 ATCO Ltd.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 Boxx Modular, Inc. (Black Diamond Group Limited)
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4 Mobile Modular Management Corporation (McGrath RentCorp, Inc.)
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 Modular Genius, Inc.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Satellite Shelters, Inc.
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 Triumph Modular Corporation
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Vanguard Modular Building Systems, LLC
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.9 Vesta Modular
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Willscot Corporation
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
Figure 1: North America: Modular Construction Market: Major Drivers and Challenges
Figure 2: North America: Modular Construction Market: Sales Value (in Billion US$), 2018-2023
Figure 3: North America: Modular Construction Market: Breakup by Division (in %), 2023
Figure 4: North America: Modular Construction Market: Breakup by Sector (in %), 2023
Figure 5: North America: Modular Construction Market: Breakup by Material (in %), 2023
Figure 6: North America: Modular Construction Market: Breakup by Country (in %), 2023
Figure 7: North America: Modular Construction Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 8: North America: Modular Construction (Permanent Modular Construction) Market: Sales Value (in Million US$), 2018 & 2023
Figure 9: North America: Modular Construction (Permanent Modular Construction) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 10: North America: Modular Construction (Relocatable Buildings) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: North America: Modular Construction (Relocatable Buildings) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: North America: Modular Construction (Public) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: North America: Modular Construction (Public) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: North America: Modular Construction (Residential) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: North America: Modular Construction (Residential) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: North America: Modular Construction (Commercial) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: North America: Modular Construction (Commercial) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: North America: Modular Construction (Others) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: North America: Modular Construction (Others) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: North America: Modular Construction (Wood) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: North America: Modular Construction (Wood) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: North America: Modular Construction (Concrete) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: North America: Modular Construction (Concrete) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: North America: Modular Construction (Steel) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: North America: Modular Construction (Steel) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: North America: Modular Construction (Others) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: North America: Modular Construction (Others) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: United States: Modular Construction Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: United States: Modular Construction Market: Breakup by Division (in %), 2023
Figure 30: United States: Modular Construction Market: Breakup by Sector (in %), 2023
Figure 31: United States: Modular Construction Market: Breakup by Material (in %), 2023
Figure 32: United States: Modular Construction Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: Canada: Modular Construction Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: Canada: Modular Construction Market: Breakup by Division (in %), 2023
Figure 35: Canada: Modular Construction Market: Breakup by Sector (in %), 2023
Figure 36: Canada: Modular Construction Market: Breakup by Material (in %), 2023
Figure 37: Canada: Modular Construction Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: North America: Modular Construction Industry: SWOT Analysis
Figure 39: North America: Modular Construction Industry: Value Chain Analysis
Figure 40: North America: Modular Construction Industry: Porter's Five Forces Analysis
Table 1: North America: Modular Construction Market: Key Industry Highlights, 2023 & 2032
Table 2: North America: Modular Construction Market Forecast: Breakup by Division (in Million US$), 2024-2032
Table 3: North America: Modular Construction Market Forecast: Breakup by Sector (in Million US$), 2024-2032
Table 4: North America: Modular Construction Market Forecast: Breakup by Material (in Million US$), 2024-2032
Table 5: North America: Modular Construction Market Forecast: Breakup by Country (in Million US$), 2024-2032
Table 6: North America: Modular Construction Market: Competitive Structure
Table 7: North America: Modular Construction Market: Key Players
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