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Top Players in Modular Construction Market are Guerdon Modular Buildings, Laing O’Rourke, ATCO, Red Sea International Company, Bouygues Construction, VINCI Construction Grands Projets, Skanska AB, Algeco, KLEUSBERG GmbH & Co. KG, Katerra and Lendlease Corporation
The global modular construction market is anticipated to gain momentum from the rising adoption of technologically advanced manufacturing techniques in the construction companies. In their latest report, Fortune Business Insights states that the overallmodular constructionmarket is expected to grow from USD 64.85 Billion in 2018 to USD 107.21 Billion by 2026 at a CAGR of 6.5% during the forecast period.
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The report highlights the answers to various questions, especially which segments and regions to focus on during the forecast period for prioritizing investments and efforts. It provides elaborate data about the modular construction market trends, obstacles, growth drivers, key market players, and other major challenges. Apart from these, it offers comprehensive details regarding the competitive developments, namely, expansions, new product launches, acquisitions, mergers, and contracts.
List of Top Key Players Mentioned in the Report:
An Overview of the Impact of COVID-19 on this Market:
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“WillScot Corporation Acquires Modular Space Holdings to Increase Market Reach”
In June 2018, WillScot Corporation, a provider of modular classrooms, mobile offices, portable storage containers, and other temporary workspaces, announced that it has acquired Modular Space Holdings, Inc., a manufacturer of temporary and permanent modular buildings. The total cost of the acquisition was approximately USD 1.2 Billion. The company also received a ‘no action’ letter from the Canadian Competition Bureau. The acquisition will aid WillScot in expanding its reach and develop a robust partner for its vendors and clients. The financing of the entire deal was done through a mixture of borrowings and recent debt and equity offerings under its credit facility. WillScot upsized and amended its revolving credit facility to USD 1.425 Billion.
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“Healthcare Segment to Exhibit Immense Growth Backed by Rising Shift Towards Prefabrication”
In terms of application, the market is grouped into education and institutions, commercial, healthcare, hospitality, and others. Out of these, the healthcare segment is projected to showcase lucrative growth. It is likely to occur as the healthcare providers are looking for prefabrication as a feasible option. Therefore, the demand for time and cost efficiency is growing. Various healthcare providers are using prefabrication for headwalls, washrooms, and even entire hospitals. According to a few sources, around 49% of modular construction is used in the healthcare sector. It proves that the utilization of prefabrication has increased notably since the past few years. Additionally, the rising healthcare expenditure will also increase modular construction market growth across the world. In the U.S., for instance, per capital healthcare expenditure is approximately USD 12,000.
“Increasing Number of Construction Activities to Favor Growth in Asia Pacific”
The market can be geographically divided into Europe, the Middle East and Africa, North America, Latin America, and Asia Pacific. Out of these regions, Asia Pacific is expected to showcase the fastest global modular construction market growth during the forthcoming years. It is likely to occur because of a rise in the number of construction activities that are taking place because of a high demand from the commercial and residential sectors. Moreover, the governments of numerous countries in this region are taking several initiatives to promote eco-friendly housing facilities amongst the masses. The government of Singapore, for instance, has made it mandatory to use prefabricated modules for the housing projects on government lands. Combined with this, the popularity of prefabricated construction is anticipated to increase in the coming years owing to the growing subsidies. All these factors would augment the modular construction market share of Asia Pacific during the forecast period.
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