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 Compound Annual Growth Rate (CAGR) of 5.75% during the forecast year. The construction industry witnessed a significant change with the introduction of prefabricated technology, as it allows building more structures with reduced time and cost, as compared to the conventional on-site construction method. The modular construction method offers the benefits of greater flexibility and reuse, quality control, cost savings, faster build times, and environmental benefits.
The modular construction market is classified, on the basis of material, into steel, wood, and concrete. Steel is projected to register the fastest growth in the modular construction market during the forecast period. In modular construction, buildings are typically constructed with a steel frame, steel, cold form steel wall panels, and hot-rolled steel framework. In terms of material consumption, steel accounts for the largest share in the modular construction market. It is known for its strength-to-weight serviceability. Steel frames offer numerous advantages over wood framed relocatable buildings. These include design flexibility, strength, structural integrity, durability, security, and fire resistance, reducing the need for repairs and maintenance throughout the building’s lifespan.
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Steel modular buildings have numerous advantages in terms of structural integrity, design flexibility, strength, durability, fire resistance, and less need for repairs and maintenance throughout the lifespan of the building have contributed towards its leading share in the modular construction market
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.
Contracts, new projects, and agreements accounted for the largest share of all the strategic developments that took place in the modular construction market between 2017 and 2020. Key players such as Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Kleusberg GmbH (Germany), Katerra (US), Bechtel Corporation (US), and Fluor Corporation (US) adopted these strategies enhance their market presence and strengthen their manufacturing and distribution capabilities in the modular construction industry.
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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.
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 provider 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.
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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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