A new report shows modular is forecast to grow worldwide to $129 billion by 2023. Last week we wrote about the rapid growth of permanent modular construction here in the United States as measured from 2014 to 2017. This forecast includes all types of modular construction — both relocatable and permanent — and covers markets throughout the world. It’s an estimate of “all things modular” worldwide. And the number is massive.
The total market size in 2023, $129.67 billion, represents a compound annual growth rate of over 7% and was issued by Markets and Markets. In addition to growth within the US, the report notes that modular construction is growing rapidly throughout Asia, with China representing the largest growth and market share.
The adoption of off-site modular construction throughout the world is a positive trend for everyone involved in this industry. The cost-savings due to the efficiencies associated with constructing most of a building within a controlled environment are driving this world-wide expansion.
To put this growth in context, $129 billion is about 5 times the annual revenue of McDonald’s. Modular is going mainstream!
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