Europe Modular Construction Market Size (2024 - 2029)

European Modular Construction Market Analysis

The European modular construction market is estimated to reach USD 10332 million by the end of this year and is expected to grow at a CAGR of greater than 5% during the forecast period.

• The COVID-19 pandemic wreaked havoc on the economy, resulting in construction being halted and impacting labor-intensive sectors. The outbreak of the pandemic caused market turbulence and uncertainty across Europe. Furthermore, stock market volatility hurt manufacturer stock prices and trade volumes. As a result, new residential and non-residential development had declined significantly, reducing the demand for modular construction.
• The modular construction market is expected to grow because of the rising demand for permanent modular construction. This is because modular construction saves time and money compared to traditional construction.
• However, the higher initial funding required for setting up production on a huge scale and the high risk of project failure while shipping the finished construction model to the preferred site might pose a hindrance to the market's growth. Moreover, the impact of the recession could further weaken demand for modular construction across the European region.
• On the other hand, the growing need for higher-quality, eco-friendly homes all over the continent could be a chance for the modular construction market to grow.
• Germany is expected to lead the market for modular construction over the next few years because it has the biggest construction industry in Europe.

European Modular Construction Industry Segmentation

Modular construction is a construction technique that involves the prefabrication of 2D panels or 3D volumetric structures in off-site factories and transportation to construction sites for assembly. This process has the potential to be superior to traditional construction in terms of both time and cost. The Europe modular construction market is segmented by type, material, end-user, and by geography. By type, the market is segmented into permanent and relocatable. By material, the market is segmented into steel, concrete, wood, and plastic. By end-user the market is segmented into commercial, industrial/institutional, and residential. The report covers market sizes and forecasts for four major countries across the region. For each segment, the market sizing and forecast have been done on the basis of revenue (in USD million).