According to a market research report, the report “Modular Construction Market by Type, Module (Four-Sided Modules, Open-Sided Modules, Partially Open Sided Modules, Mixed Modules & Floor Cassettes, Modules Supported By a Primary Structure), Material, End-Use Sector, Region – Global Forecast to 2027”, size is projected to grow from USD 91.0 billion in 2022 to USD 120.4 billion by 2027, at a CAGR of 5.7% from 2022 to 2027. The growth of this market is attributed to an increase in concern for work-zone safety, the need for lower environmental impacts, and supportive government initiatives. A growth in population and swift urbanization offer opportunities for the growth of the modular construction market. However, factors such as lack of awareness and volatility in transportation charges may inhibit the growth of the market.
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360 Market data Tables
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288 Pages and in-depth TOC on “Modular Construction Market – Global Forecast to 2027”
This report also provides a comprehensive analysis of the companies listed below:
The major Players in the modular construction market includes Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Algeco Scotsman (UK), and Kleusberg GmbH (Germany). These players have adopted various growth strategies, such as acquisitions, investments, expansions, joint ventures, and partnerships to increase their market shares and enhance their product portfolios.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the modular construction market.
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Laing O’Rourke is a global construction and engineering company. The company designs, constructs, funds, and maintains the built environment by providing the facilities to educate, accommodate, transport, employ, care for, and sustain communities. It owns a number of construction, manufacturing, engineering, and specialist service companies, which combine in order to provide its clients with comprehensive investment, development, as well as management capability. The company’s key services include building construction, engineering expertise, investment and development, infrastructure construction, modular manufacturing, and support services. Laing O’Rourke follows their 70:60:30 design for manufacturing assembly, where 70% of the construction is conducted offsite, leading to a 60% improvement in productivity, and a 30% improvement in the delivery schedule. Through its wide business portfolio, it serves numerous sectors comprising buildings, power, transport, water & utilities, oil & gas, and mining & natural resources.
Red Sea Housing is a diversified organization offering affordable housing, industrial housing, and building material solutions to the world. It operates as a “Red Sea International Company” and comprises businesses of Red Sea Affordable Housing (RSAH), Red Sea Housing Services (RSHS), and Red Sea Building Materials (RSBM). Red Sea Housing Services is one of the most advanced and largest modular building solution provider throughout the Middle East & Africa, and Asia. The company operates through three business divisions: industrial housing, affordable housing, and building materials. Industrial housing involves supplying turnkey solutions in urban and remote places, worldwide. The affordable housing segment is engaged in producing modular building systems for customers in North Africa and the Middle East.
Red Sea’s building materials division complements the industrial housing products and is constantly growing by investing in new technologies. Its partnership with Sherwin Williams (US) has made the company the exclusive distributor of Sherwin William’s paint in the Middle East. The various sectors served by the company are infrastructure, government, building & construction, mining, defense, oil & gas, manufacturing, and hotels & hospitality.
The Europe region is projected to lead the modular construction market, in terms of both value and volume from 2022 to 2027. Construction, one of the biggest and most valuable manufacturing sectors in the region, is highly fragmented and consists of a considerable number of large, medium-sized, and small construction companies. The construction players in the industry have adopted various technologies as a strategy to sustain the growing demand and competition. In Europe, high levels of cost inflation, labor shortages, and several delays push the construction industry into a modern method of building and have a direct impact on the increased demand for modular construction. However, one of the main reasons for using modular technology is to pace up the delivery time compared to traditional on-site construction.
The Europe region is projected to lead the modular construction market, in terms of both value and volume from 2022 to 2027. Construction, one of the biggest and most valuable manufacturing sectors in the region, is highly fragmented and consists of a considerable number of large, medium-sized, and small construction companies. The construction players in the industry have adopted various technologies as a strategy to sustain the growing demand and competition. In Europe, high levels of cost inflation, labor shortages, and several delays push the construction industry into a modern method of building and have a direct impact on the increased demand for modular construction. However, one of the main reasons for using modular technology is to pace up the delivery time compared to traditional on-site construction.
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