The report “Modular Construction Market by Type (Permanent, Relocatable), Material (Steel, Concrete, Wood), Modules, End-Use (Residential, Retail & Commercial, Education, Healthcare, Office, Hospitality), and Region - Global Forecast to 2025”, The global modular construction market size is projected to grow from USD 82.3 billion in 2020 to USD 108.8 billion by 2025, at a CAGR of 5.75% from 2020 to 2025. 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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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.
- In October 2019, ATCO Structures & Logistics opened a custom-built manufacturing plant and hire yard facility on the Gold Coast, Queensland. The state-of-the-art factory is the latest in a series of new and modern ATCO facilities, including plants in Perth and Santiago, Chile…
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Key Questions Addressed by the Report:
- What are the global trends in the modular construction market? Would the market witness an increase or decline in the demand in the coming years?
- What is the estimated demand for different end-use sectors of modular construction?
- Where will the strategic developments take the industry in the mid to long-term?
- What are the upcoming industry applications and trends for modular construction?
- Who are the major players in the modular construction market globally?
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