Modular Construction Market Trend, Size & Share Report, 2027

Modular Construction Market
Overview of Modular Construction Market. The global modular construction market size is expected to register a growth of 5.7% over the forecast period.

According to recent market research the "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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Permanent modular buildings, by type, are reported as the largest market share in the modular construction market. Permanent modular construction saves time and labor which are necessary for construction, thereby lowering the construction cost significantly. It also offers high-quality control in comparison to on-site construction. These reasons drive the demand for this construction technique.

Steel, by material, is the fastest-rising segment for the modular construction market from 2022 to 2027, in terms of value and volume. Steel frames are also lighter in contrast to other wall materials, which set aside building structures created from them to be craned and transported into a place in a more efficient manner, resulting in less disturbance to the local area and reducing cost.

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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.

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.

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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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