Steel Modular Construction Market will reach USD 438.8 billion by 2032Biggest Innovation with Top Key Players -Red Sea Housing, Bouygues Construction, Skanska, KLEUSBERG, Lendlease, Laing O'Rourke, ATCO, VINCI, Algeco Scotsman, KEF Katerra

The global modular construction market size is projected to grow from USD 92.3 billion in 2021 to USD 438.8 billion by 2032, at a CAGR of 7.75% from 2021 to 2032. The growth of this market is attributed to increase in concern towards work-zone safety, need for lower environmental impacts, and supportive government initiatives. Increase in population and rapid urbanization (translating to a large number of new construction projects) 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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Global Steel Modular Construction: Top Key Players

Red Sea Housing, Bouygues Construction, Skanska, KLEUSBERG, Lendlease, Laing O'Rourke, ATCO, VINCI, Algeco Scotsman, KEF Katerra

The healthcare segment is projected to be the fastest-growing end-use sector in the modular construction market from 2020 to 2025.
Many healthcare facilities and hospital contractors are turning to modular construction for bathrooms, headwalls, and even entire hospitals. Modular construction offers quiet, safe, and clean applications for medical, surgical, clinical, and dental use. In this sector, importance is given to shortening construction schedules and reducing costs while seeking high-quality building materials and designs.

All the requirements for healthcare buildings (new rehabilitation clinics, emergency rooms, operating rooms, hospital extensions, laboratories, diagnostic centers, or other medical facilities) can be delivered in 50% less time with the help of modular buildings. Modular construction techniques can also be used to provide custom-built facilities with minimum budgets, along with maintaining strict medical and esthetic specifications.

Product types uploaded in the Steel Modular Construction are:

Permanent Modular Construction, Temporary Modular Construction

Key applications of this report are:

Commercial, Residential, Industrial

The market is growing because of things like lower construction costs and shorter building times, as well as a rise in demand for new buildings due to more people living in cities and rapid urbanization. But the lack of skilled workers in developing countries slows down the demand for modular construction. On the other hand, an increase in investments in infrastructure projects is likely to give market players a good chance to grow during the forecast period.

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In terms of both value and volume, the Asia Pacific modular construction market is projected to grow at the highest CAGR during the forecast period.
In terms of value and volume, the Asia Pacific region is projected to grow at the highest CAGR from 2020 to 2025. Factors such as the ready availability of raw materials and manpower, along with sophisticated technologies and innovations, have driven the growth of the economy in the Asia Pacific region. According to the World Bank, the two economic giants of the Asia Pacific region, China and Japan, are the world's second- and third-largest economies as of 2019.

According to the World Bank, Asia Pacific was the fastest-growing region, in terms of both population and economic growth. According to the Population Reference Bureau, China, India, and other emerging Asia Pacific countries had a combined population exceeded 4.5 billion in 2019, which is projected to become an increasingly important driver for global consumption of modular construction over the next two decades.

Key Market Players
Key players, such as Laing O'Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Kleusberg GmbH (Germany) have adopted various growth strategies, such as acquisitions, contracts, agreements, and new projects to increase their market shares and enhance their product portfolios.

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.

Increasing Investments in Infrastructure Opens a Wide Opportunities for Market Players

All over the world, infrastructure investment needs are growing a lot, especially in developing economies. The world is expected to spend around USD 78 trillion on building infrastructure between 2014 and 2025. Also, infrastructure spending has recovered from the global financial crisis and is expected to grow by more than USD 5 trillion per year by 2025. As more people move to cities in places like India, Japan, Indonesia, Nigeria, Mexico, and China, they are likely to spend more on things like homes and businesses.

Also, modular construction is becoming more popular because it has many advantages, such as better structural stability, faster and better construction, more flexibility, less waste, and less need for labor. With all of these benefits, a lot of new people are trying their luck in this market to take advantage of the growth and make good money. With this, more professionals and even new companies are getting into the modular construction market, hoping to make a big name for themselves.

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RRecent Developments
In June 2020, Algeco Group strengthened its Nordic presence by announcing the acquisition of Wexus Group AS (Norway) from Norvestor Equity AS and other shareholders. Wexus is a leading provider of high-quality modular building solutions in the Nordic region. Headquartered in Norway, Wexus also has operations in Sweden and a modern production facility in Estonia. Wexus operates a fleet of 1,600 units, had 110 employees and revenues of USD 33.6 million in FY2019.
In December 2019, Fluor announced that its joint venture COOEC-Fluor Heavy Industries, Co., Ltd. fabrication yard in Zhuhai, China, safely completed the entire module program for the Kuwait Integrated Petroleum Industries Company (KIPIC) Al-Zour project in Kuwait. To achieve this, COOEC-Fluor delivered 188 modules in 20 separate shipments with a combined weight of 65,000 metric tons. In addition, the yard fabricated more than 95,000 pipe spools of carbon, alloy, and stainless steel pipe, which will be installed by the project team at the site.

North America

North America being a developed region and having the presence of superpowers like the U.S. and Canada, owes a significant share of the global modular construction market that stood at USD 28 billion in 2021 and growing at a rapid pace to USD 53 billion by 2030 at a CAGR of 7%.

Europe -

Europe is the second dominant region in terms of market value for the said market, which stands at USD 33 billion in 2021 and is expected to reach USD 49 billion by 2030 at a CAGR of 6%. Europe is known as the industrial hub of the world, which is why it has a significant market share in every industrial segment, including the modular construction market.

Asia-Pacific -

Asia-Pacific is the most dominant and leading region among the three regions, which has a market value of USD 67 billion in 2021 and is going to reach USD 139 billion by 2030 at a CAGR of 8%. Asia-Pacific is one of the most fast-paced developing regions. With the presence of major emerging economies like India and China, it does have a major market share in nearly every industrial segment out there.

Key Highlights

The global modular construction market to grow at USD 271 billion in 2030 at a CAGR of 8% from the early figures of USD 138 billion in 2021.
Based on type, the permanent segment is the dominating the global market with a market value of USD 87 billion in 2021 and is expected to grow at USD 148 billion in 2030 at a CAGR of 7%.
On the basis of material, the global modular construction market is classified into steel, wood, and concrete, where wood owes the major market share that accounts for USD 95 billion in 2021 and is anticipated to grow to USD 179 billion in 2030 at a CAGR of 7%.
The Asia-Pacific region is the most dominant and owes the major market share among the other regions. The market in Asia-Pacific was valued at USD 67 billion in 2021 and is going to reach USD 139 billion by 2030 at a CAGR of 8%.

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