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.
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
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