Market Size of Europe Modular Construction Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
