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Modular Construction Market worth $108.8 billion by 2025 | Key Market Players are Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden) etc

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Modular Construction Market worth $108.8 billion by 2025 | Key Market Players are Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden) etc

August 10
20:27 2021
Modular Construction Market worth $108.8 billion by 2025 | Key Market Players are Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden) etc
Browse 153 market data Tables and 50 Figures spread through 220 Pages and in-depth TOC on “Modular Construction Market”
Modular Construction Market by Type (Permanent, Relocatable), Material (Steel, Concrete, Wood), Modules, End-Use (Residential, Retail & Commercial, Education, Healthcare, Office, Hospitality), and Region

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.

Residential, by end-use sector, accounted for the most significant demand for modular construction in 2019, in terms of value and volume. Modular construction can build residential building structures in about half the time as compared to conventional site-built construction methods. Countries are turning to the adoption of modular construction methods since it is eco-friendly and cost-effective due to the efficient in-factory processes and reduced waste.

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The Europe region is projected to lead the modular construction market, in terms of both value and volume from 2020 to 2025. Construction, one of the largest and most important manufacturing sectors in the region, is highly fragmented and consists of a significant number of large, medium-sized, and small construction companies. The construction players in the industry have adopted various technologies as a strategy to sustain the growing demand and competition. In Europe, high levels of cost inflation, labour shortages, numerous delays pushes the construction industry into a modern method of building and has a direct impact on the increased demand for modular construction. However, one of the main reasons for using modular technology is to speed up the delivery time compared to traditional on-site construction.

The modular construction market has thousands of companies which thrive in their domestic market. 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 adopted various growth strategies, such as acquisitions, investments, expansions, joint ventures, and partnerships to increase their market shares and enhance their product portfolios.

Laing O’Rourke is a global construction and engineering company. The company designs, constructs, funds, and maintains the built environment by providing the facilities to educate, accommodate, transport, employ, care for, and sustain communities. It owns a number of construction, manufacturing, engineering, and specialist service companies, which combine in order to provide its clients with comprehensive investment, development, as well as management capability. The company’s key services include building construction, engineering expertise, investment and development, infrastructure construction, modular manufacturing, and support services. Laing O’Rourke follows their 70:60:30 design for manufacturing assembly, where 70% of the construction is conducted offsite, leading to a 60% improvement in productivity, and a 30% improvement in the delivery schedule. Through its wide business portfolio, it serves numerous sectors comprising buildings, power, transport, water & utilities, oil & gas, and mining & natural resources.

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Red Sea Housing is a diversified organization offering affordable housing, industrial housing, and building material solutions to the world. It operates as a “Red Sea International Company” and comprises businesses of Red Sea Affordable Housing (RSAH), Red Sea Housing Services (RSHS), and Red Sea Building Materials (RSBM). Red Sea Housing Services is one of the most advanced and largest modular building solution providers throughout the Middle East & Africa, and Asia. The company operates through three business divisions: industrial housing, affordable housing, and building materials. Industrial housing involves supplying turnkey solutions in urban and remote places, worldwide. The affordable housing segment is engaged in producing modular building systems for customers in North Africa and the Middle East.

Red Sea’s building materials division complements the industrial housing products and is constantly growing by investing in new technologies. Its partnership with Sherwin Williams (US) has made the company the exclusive distributor of Sherwin William’s paint in the Middle East. The various sectors served by the company are infrastructure, government, building & construction, mining, defense, oil & gas, manufacturing, and hotels & hospitality.

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