Steel Modular Construction Market expected to reach at USD 128.8 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 91.67 billion in 2021 to USD 128.8 billion by 2032, at a CAGR of 6.75% 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

This report examines all the key factors influencing growth of global Steel Modular Construction, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Steel Modular Construction unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, scope of NPD in new markets, pricing strategies, innovation possibilities and much more.

Product types uploaded in the Steel Modular Construction are:

Permanent Modular Construction, Temporary Modular Construction

Key applications of this report are:

Commercial, Residential, Industrial

his research report categorizes the modular construction market based on type, material, module, end-use sector, and region.

Based on type:
Permanent
Relocatable
Based on the Material:
Steel
Wood
Concrete
Based on the Module:
Four-sided
Open-sided
Partially open-sided
Mixed modules & floor cassettes
Modules supported by a primary structure
Others
Based on the End-Use Sector:
Residential
Office
Education
Retail & Commercial
Hospitality
Healthcare
Others
Based on the region:
North America
Europe
Asia Pacific
Middle East & Africa
South America
Recent 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.

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Steel Modular Construction: Regional analysis includes

Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
North America (the United States, Mexico, and Canada.)
South America (Brazil etc.)
The Middle East and Africa (GCC Countries and Egypt)

End-User Outlook:
On the basis of the End-User, the market is segmented into Housing, Commercial, Healthcare, Education and Industrial. The housing sector is leading the market with 53.2% market share, and is likely to dominate in the coming years owing to an increase in residential housing construction activities in the Asia Pacific with rapid urbanization, strong economic growth, and burgeoning population.

The commercial sector was valued at USD 17.58 billion in 2019, and is expected to flourish over the years due to rapid industrialisation across the globe and the regional markets of China, the U.K., and the U.S. are estimated to generate robust demand for commercial spaces like hotels, offices, and showrooms, thus, leading to an increase in the construction activities.

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Market-O-Nomics
The global Modular Construction Market is forecasted to grow at a rate of 6.4% CAGR from USD 119.96 Billion in 2019 to USD 191.62 Billion in 2027.
Permanent modular construction is used in various sectors comprising office and administrative space, residential, K-12 education, healthcare, higher education student housing, publicly-funded facilities, retail, and hospitality. These factors drive the demand for this construction technique.
The commercial sector is estimated to become the second-largest end-use sector in the market. The relocatable modular construction technique is most popularly used in the commercial sector because of the low-cost of reconfiguration, the ease of relocation, fast delivery, quick return on investment, enormous flexibility, and accelerated depreciation schedules.
The growing e-commerce industry, along with increasing industrialization, has resulted in rising demand for inventory storage buildings and warehouses. Therefore, the demand for modular construction in industrial applications is likely to grow in the next few years.
Among the end-user segment of the market, healthcare and commercial sectors are estimated to register the highest CAGR of 6.6% over the forecasted period. The high growth rate of the geriatric population is a factor driving the healthcare sector. It is estimated by the year 2050, one in every four people in the region will be over the age of 60.
The Middle East and Africa are estimated to generate a huge demand for relocatable modular construction in the coming few years. The growing trend of providing housing facilities to migrant blue-collar laborers working on ongoing industrial and construction projects is likely to boost the market.

Report includes Competitor's Landscape:

➊ Major trends and growth projections by region and country
➋ Key winning strategies followed by the competitors
➌ Who are the key competitors in this industry?
➍ What shall be the potential of this industry over the forecast tenure?
➎ What are the factors propelling the demand for the Toll Like Receptor 8?
➏ What are the opportunities that shall aid in significant proliferation of the market growth?
➐ What are the regional and country wise regulations that shall either hamper or boost the demand for Toll Like Receptor 8?
➑ How has the covid-19 impacted the growth of the market?
➒ Has the supply chain disruption caused changes in the entire value chain?

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