Modular Construction Market Expected to Hit $120.4 billion by 2027| Concludes MarketsandMarkets™ 

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Modular Construction Market Expected to Hit $120.4 billion by 2027| Concludes MarketsandMarkets™ 

March 14
12:41 2023
Modular Construction Market Expected to Hit $120.4 billion by 2027| Concludes MarketsandMarkets™ 
Browse 360 market data Tables and 46 Figures spread through 288 Pages and in-depth TOC on “Modular Construction Market”
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

Modular construction is a type of construction process in which a structure is built off-site in components or modules and then transported and assembled on the job site. This approach to construction has several advantages, including the ability to build in controlled, indoor environments and the ability to construct projects more quickly, with less waste and fewer disruptions. Modular construction is becoming more popular due to its ability to create more efficient and cost-effective construction projects.

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The global modular construction market 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% during the forecast year. The construction industry observed a substantial change with the establishment of prefabricated technology, as it permits building more structures with decreased time and cost, as compared to the conventional on-site construction method. The modular construction technique offers the advantages of greater flexibility and reuse, quality control, cost savings, faster build times, and environmental benefits.  

Permanent modular buildings are most commonly used in commercial, educational, and industrial settings. They are constructed off-site in a factory setting and then transported to the desired construction site. Modular buildings provide numerous advantages, including cost savings, improved quality, quicker construction time, and the ability to customise the design to meet specific needs. The need for faster and more cost-effective construction methods is driving the increased demand for modular construction. The permanent modular building segment is expected to lead the modular construction market in the coming years, owing to the increasing adoption of modular construction.

Steel is expected to be the fastest-growing segment in the modular construction market from 2022 to 2027 as a result of its numerous advantages, including superior structural stability and durability, low maintenance, and high fire resistance. Furthermore, steel is a low-cost, versatile material that can be used in both permanent and temporary structures. Furthermore, modular steel buildings are simple to assemble and can be quickly erected, making them ideal for the construction of hospitals, schools, and other commercial and residential structures. Furthermore, the use of steel in modular construction allows architects to design flexible and sustainable buildings that can adapt to changing occupant needs.

Europe is the largest modular construction market, accounting for roughly 40% of the global market share. This is due to the growing demand for energy-efficient and sustainable construction techniques, as well as the need for quick construction of infrastructure projects like schools and hospitals. Furthermore, the European Union has set ambitious energy efficiency targets, which has increased demand for green construction techniques such as modular construction.

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A few of the major players are, 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 implemented various growth strategies, such as acquisitions, investments, expansions, joint ventures, and partnerships to enhance their market shares and boost their product portfolios.

Laing O’Rourke is a global engineering company and construction company. The company plans, constructs, capitals, and upholds the built environment by enhancing the facilities to educate, and withstand communities. It possesses an extent of construction, manufacturing, engineering, and specialist service companies, which combine in order to deliver its clients with inclusive investment, growth, as well as organization capability.

Red Sea Housing is a diverse organization offering reasonable housing, engineering housing, and building material solutions across the globe. It functions as a “Red Sea International Company” and encompasses productions of Red Sea Affordable Housing (RSAH), Red Sea Housing Services (RSHS), and Red Sea Building Materials (RSBM). The company has a robust base across the world, with a existence in over 65 countries. With manufacturing, operations, and sales offices through the Middle East, Africa, and Australia.

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