Top companies in the global modular construction market include Guerdon Modular Buildings, the Red Sea International Company, Bouygues Construction, VINCI Construction Grands Projects, Skanska AB, Algeco, Katerra and Lendlease Corporation

Pune, India, May 12, 2021 (GLOBE NEWSWIRE) – The global modular construction market size is projected to reach $ 114.78 billion by 2028, with a CAGR of 6.1% over the forecast period. The market size in 2020 was $ 72.11 billion. The growing global demand for green construction will be the primary driver of this market’s growth, according to Fortune Business Insights ™ in its report, entitled “Modular Construction Market, 2021-2028”. .

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The modular construction sector saw increasing demand around the world due to the increase in the number of residential and commercial buildings. However, the new trend of green infrastructure heralds a groundbreaking era in the construction industry. Modular technologies have proven to be a promising solution to meet the green desires of consumers and governments around the world as these designs are environmentally friendly designed to drive the growth of this market. According to the UK-based charity WRAP, off-site construction of a modular building uses 67% less energy than traditional on-site construction. In addition, the number of infrastructure projects in urban and rural areas has increased due to rapid urbanization and the introduction of the latest manufacturing techniques, which could prove beneficial for the growth of this market.

COVID-19 effects:

The COVID-19 pandemic and the subsequent lockdown brought all construction activities to a standstill worldwide. This has resulted in a decline in the demand for expensive structures in most countries around the world and has severely damaged the construction business. As a result, the number of new residential and commercial construction projects has declined during this pandemic, which is likely to hamper the growth of the modular construction market. With investments in new construction technologies declining due to the coronavirus, this market recorded a moderate growth rate of 5.2% in 2020 and is expected to reach a value of $ 75.89 billion in 2021.

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Market segmentation:

This market is divided into permanent modular structure and relocatable modular structure by type. The application divides the market into retail, healthcare, education and institutions, hospitality, and others. In terms of geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Highlights / Summary:

This research report provides an in-depth study of the driving factors, restraints, and trends related to the growth of the market. Additionally, this report offers a detailed assessment of the market segments and regional developments in the market. Additionally, this report provides a comprehensive analysis of the strategies used by the leading players to strengthen their market positions.

Driver / Restrictions:

Growing industrialization in developing countries to stimulate the market

The modular construction activities in various industries such as healthcare, education, hospitality and others have increased which has led to growth of this market. In Fort Lewis, Washington, for example, Williams Scotsman, a modular construction company, built a dental clinic with bespoke specialist departments. In addition, these designs are inexpensive and take less time to design than conventional designs. This is also an important factor in the growth of this market. Aside from these factors, the increasing number of government initiatives related to infrastructure in large cities and rural areas has resulted in increased demand for modular buildings and hence the growth of this market.

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Regional insights:

Environmentally friendly construction projects to promote market growth in the Asia-Pacific region

The Asia-Pacific region is expected to grow rapidly in modular building market share due to the increasing number of green construction projects for residential and commercial buildings such as China’s Vertical Forest and Korea’s National Institute of Ecology. In addition, the goal of environmentally friendly building solutions in this region is to increase the demand for modular constructions and to encourage large construction companies to invest more in state-of-the-art building technologies. In 2020, the region’s market size was $ 22.38 billion.

The North American market is expected to grow rapidly due to the increasing demand for green infrastructure in various industries such as healthcare, apartment buildings, and others. In Europe, the market is expected to grow at a reasonable pace due to planned efforts by governments to reduce greenhouse gas emissions from the construction sector.

Competitive landscape:

Adoption of the latest construction techniques by key players to increase competition

Prominent companies in this market are focused on adopting the latest in modular building methods to drive innovation in the construction sector. In addition, the increasing spending on research and development activities for the construction of green buildings by key players will help expand their business and strengthen their market position.

Industry development:

November 2019: Katerra receives a commercial construction project from India-based Vaishnavi Group to build Vaishnavi Tech Square in Bengaluru. As part of the contract, Katerra will build ten floors for office space as well as multi-storey parking spaces and two additional basement floors.

List of Key Players Covered in Modular Construction Market report:

  • Guerdon Modular Buildings

  • Red Sea International Company

  • Bouygues construction

  • VINCI Construction Grands projects

  • Skanska AB

  • Algeco

  • Katerra

  • Lendlease Corporation

Quick Buy – Modular Construction Market Research Report:

Main table of contents:

  • introduction

    • Definition according to segments

    • Research approach

    • swell

  • Summary

  • Market dynamics

    • Macro and microeconomic indicators

    • Drivers, restrictions, opportunities and trends

    • Effects of COVID-19

      • Short term effects

      • Long-term effect

  • Competitive landscape

    • Business strategies adopted by key players

    • Consolidated SWOT Analysis of Key Players

    • PESTLE analysis

    • Porter’s Five Forces Analysis

    • Global Modular Building Market Share Analysis and Matrix, 2020

  • Key market insights and strategic recommendations

  • Key player profiles (provided for 10 players only)

    • overview

      • Key management

      • Headquarters etc.

    • Offers / business areas

    • Key details (key details are subject to the availability of data in the public area and / or in chargeable databases.)

      • Employee size

      • Important financial data

        • Past and current earnings

        • Gross margin

        • Geographical share

        • Division share

    • Recent developments

  • Primary interview responses

  • Appendix / Appendix

    • Estimates and forecasts of the global size of the modular construction market (quantitative data), by segment, 2017-2028

      • By type (value)

      • After application (value)

        • Commercially

        • Health care

        • Education & Institutional

        • hospitality

        • Others (residential buildings, religious buildings, etc.)

      • By region (value)

        • North America

        • Europe

        • Asia Pacific

        • Middle East and Africa

        • Latin America

    • North America Modular Construction Market Size Estimations and Forecasts (Quantitative Data), by Segment, 2017-2028

      • By type (value)

      • After application (value)

        • Commercially

        • Health care

        • Education & Institutional

        • hospitality

        • Others (residential buildings, religious buildings, etc.)

      • By country (value)

        • United States

          • After application (value)

            • Commercially

            • Health care

            • Education & Institutional

            • hospitality

            • Others (residential buildings, religious buildings, etc.)

        • Canada

          • After application (value)

            • Commercially

            • Health care

            • Education & Institutional

            • hospitality

            • Others (residential buildings, religious buildings, etc.)

Table of contents continued…!

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