Modular Construction Market

New Projects, Acquisitions, Agreements, Partnerships, Joint Ventures, and Expansions are Some of the Major Strategies Adopted by the Market Players to Achieve Growth in the Modular Construction Market

Modular construction is an offsite and resource-efficient method to construct code-compliant buildings in a factory-controlled environment. It offers numerous benefits in terms of quality control, faster build times, greater flexibility and reuse, cost savings, and environmental benefits. In this innovative construction method, buildings are produced in modules and are assembled on-site to create a desired facility structure. It involves the same materials used to construct conventionally-built facilities and adherence to the same design standards & codes for conventionally-built facilities but reduces construction time by 30%-50%. The modular construction market is estimated at USD 112.42 billion in 2018 and is projected to reach 157.19 billion by 2023, at a CAGR of 6.9%. The increase in concern towards work-zone safety, need for time-saving and cost-effective construction methods, and rising demand for affordable houses are expected to propel the growth of the modular construction market.

The modular construction market is dominated by major players such as Laing O’Rourke (UK), ATCO (Canada), Red Sea Housing (Saudi Arabia), Bouygues Construction (France), and VINCI (France). Their modular construction capabilities, geographical presence, and adoption of growth strategies contribute toward their leading position in this market. These players have adopted various strategies to expand their global presence and increase their market share. Contracts, new projects, acquisitions, agreements, partnerships, joint ventures, and expansions are some of the major strategies adopted by the market players to achieve growth in the modular construction market.

The duration 2014–2018 witnessed several new projects and contracts in the modular construction market by key players to strengthen their market presence and create awareness about this dynamic construction technology. Partnerships & agreements was the third-most adopted strategy by market players to develop new projects, meet consumer demands, and enhance market presence.

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Laing O’Rourke is one of the key manufacturing companies in the modular construction market. Its strong business portfolio and focus towards the transformation of conventional construction technologies by offsite and modular technologies contribute toward its significant position in the modular construction market. Strong global presence and adoption of growth strategies such as contracts, partnerships, new projects, agreements, expansions, and joint ventures have ensured its leading position in the market. In February 2018, the company entered into a long-term partnership with Stanhope plc and Network Homes to help solve the UK’s housing crisis by managing and delivering precision-engineered homes across the South East.

ATCO is one of the premier corporations in Canada that offers modular construction solutions through its ATCO’s Structures & Logistics Global Business Unit. Its modular housing solutions include relocatable structures, permanent structures, and site services. The company’s strong foothold in Canada and Australia and presence in over 100 countries, coupled with a sound product portfolio, contribute to its significant market position. It undertakes contracts and acquisitions as growth strategies to expand its market presence and create a stable channel in the growing market. In 2016, ATCO acquired a 50% stake in Sabinco Soluciones Modulares (Sabinco) from Sitrans Servicios Integrados de Tranportes (Sitrans) to expand its modular structures business in South America. Sitrans retained the remaining 50% stake of Sabinco, which now operates under the name ATCO-Sabinco S.A.

Related Reports:

Modular Construction Market by Type (Permanent, Relocatable), Material (Steel Precast Concrete, Wood, Plastic), End-Use Sector (Housing, Commercial, Education, Healthcare, Industrial), and Region - Global Forecast to 2023

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