Modular Construction MarketApplication, Growth, Opportunities, Top Companies, Trends, Key Segments, Regional Insights, and Forecast to 2029

The modular construction market is rapidly growing, offering cost-effective, efficient building solutions with reduced construction time. Key regions driving this growth include North America, Europe, and Asia-Pacific.
The global modular construction market [https://www.marketsandmarkets.com/Market-Reports/modular-construction-market-11812894.html] size is projected to grow from USD 104.1 billion in 2024 to USD 140.8 billion by 2029, at a CAGR of 6.2% during the forecast period. The modular construction market is set to grow due to rising urbanization, population growth, and the need for rapid, cost-effective building solutions. Advancements in technology and design have enhanced the quality and customization options, making modular construction attractive for various building types. Additionally, its sustainability benefits, such as reduced waste and energy consumption, further drive its adoption. As these trends persist, the modular construction market is expected to expand significantly in the near future.

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Modular Construction Companies

A few of the major players in the modular construction [https://www.marketsandmarkets.com/Market-Reports/modular-construction-market-11812894.html] market are, Laing O'Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Modulaire Group (UK), Bechtel Corporation (US), Fluor Corporation (US), Lendlease Corporation (Australia), 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, founded in 1978, is a globally renowned construction and engineering company headquartered in Dartford, England. With a strong emphasis on innovation and sustainability, Laing O'Rourke has established itself as a leader in the construction industry. One of its notable strengths lies in modular construction, where buildings are constructed off-site in controlled factory conditions before being assembled on-site. This approach allows for faster project delivery, improved quality control, and reduced environmental impact. Laing O'Rourke's commitment to excellence, coupled with its expertise in modular construction, positions it as a key player in shaping the future of the construction industry.

Atco Ltd., founded in 1947, stands as a prominent leader in diverse sectors, encompassing structures, logistics, energy, and utilities. The company's headquarters, situated in Calgary, Canada, serves as a hub for its global operations. With a robust presence across continents, Atco Ltd. is renowned for its innovative modular construction solutions, providing swift and adaptable building solutions for various needs, from remote work camps to urban developments. Through its unwavering dedication to quality, integrity, and sustainability, Atco Ltd. continues to shape industries and enrich communities worldwide.

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Fluor Corporation, established in 1912 and headquartered in Irving, Texas, USA, stands as a global leader in engineering, procurement, fabrication, construction, and maintenance services. With modular construction as one of its key strengths, Fluor doesn't adopt a one-size-fits-all approach. Instead, the company collaborates closely with each client to devise a tailored project execution strategy that optimizes value. Its integrated approach to fabrication solutions provides clients with a spectrum of options precisely tailored to their unique requirements. This commitment to customization ensures that Fluor delivers solutions that align perfectly with client needs, fostering efficiency, innovation, and sustainability in every project undertaken.

The companies have initiated the following developments:

* In 2021, the Chinese company Broad Group accomplished the construction of a modular 10-storey apartment block, known as the Living Building, in Changsha, China, in just over a day. The building was assembled by cranes assembling in 28 hours.
* In June 2022 Kleusberg GmbH & Co. KG completed a new building at the Augsburg University of Applied Sciences swiftly in just four months, utilizing Kleusberg's solid wood panel modular construction.
* In July 2022, Robotics Australia Group and Laing O'Rourke entered a partnership to integrate robotic-related technologies in modular construction.
* In December 2023, Red Sea International has entered into an agreement with Baker Hughes Company, a global leader in oilfield services. This four-year agreement entails the design, manufacture, supply, and operation of modular accommodation facilities in the Eastern Province, aimed at supporting oil exploration operations in the region.
* In June 2021, Red Sea International was granted a contract by The Royal Commission for Al Ula (RCU) for the comprehensive design, construction, supply, and installation of 150 modular accommodation units.
* In 2021, Skanska UK and Abri made a partnership to build over 750 modular homes in the UK in the next five years.

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