Modular construction is witnessing a surge in innovation and adoption, with recent patents showcasing advancements in seamless integration, automated manufacturing, and versatile framing systems. Despite a temporary decline in patent applications and deals, the industry is poised for growth, with the US leading in adoption and driving global trends in modular construction practices. GlobalData’s modular construction market report provides comprehensive analysis of the modular construction market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the construction industry regarding modular construction. It provides an overview of recent developments in modular construction-related deals, talent acquisition, and patent filings within the construction industry.
Diverse applications of modular construction in construction industry
Construction companies in the field of modular construction are leveraging new technologies and applications to innovate and improve their businesses. Recent patents reveal advancements such as bathroom fixtures with seamless integration, automated manufacturing of wall modules for modular building units, and a modular building system using special openC beams for lightweight structures. Additionally, a connector system for container-based structures allows for versatile framing systems using standard shipping containers. These technologies offer benefits such as efficient construction processes, cost-effectiveness, and versatility in design. Acquirers of these patents stand to gain a competitive edge in the modular construction industry by incorporating these innovative solutions into their projects, leading to enhanced efficiency and quality in construction projects.
The industry experienced a 47% decline in the number of modular construction-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of modular construction-related patent applications in the construction industry witnessed a drop of 3% compared with Q4 2022.
Strategic deal trends in modular construction in construction industry
Construction companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in modular construction. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of modular construction in the construction industry.
In Q4 2023, the number of modular construction-related deals in the construction industry declined by 20% compared with Q4 2022. On a quarterly basis, there was 14% increase in the number of deals in Q4 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q4 2023, the construction industry experienced a 33% drop compared with the previous quarter. On an annual basis, job postings also grew by 16%. Notably, office and administrative support occupations, with a share of 17%, emerged as the top modular construction-related job roles within the construction industry in Q4 2023, with new job postings rising by 325% quarter-on-quarter. Architecture and engineering occupations came in second with a share of 16% in Q4 2023, with new job postings dropping by 48% over the previous quarter. The other prominent modular construction roles include business and financial operations occupations with a 13% share in Q4 2023, and management occupations with a 13% share of new job postings.
Black Diamond Group, Black & Veatch Holding, Cavco Industries, Hickory Group, and Alstar Oilfield Contractors are among the top companies leading in modular construction hiring within the construction industry.
Countries driving adoption of modular construction in construction industry
The US is the leading country in modular construction adoption within the construction industry, boasting the highest number of modular construction-related patents, jobs, and deals. Meanwhile, Germany, South Korea, Indonesia and Canada also maintain significant positions in modular construction adoption within the construction industry.
In conclusion, despite a temporary decline in patent applications and deals, the modular construction industry exhibits strong potential for growth and innovation, driven by advancements in efficiency, cost-effectiveness, and versatile design solutions.
To further understand GlobalData's analysis on modular construction in the construction industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
