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Modular Construction Market to Hit USD 114.78 Billion by 2028; Algeco Consolidates its Position in Australia by Acquiring Net Modular

April 08, 2021 | Machinery & Equipment

The global modular construction market size is expected to showcase considerable growth by reaching USD 114.78 billion by 2028. Fortune Business Insights in its latest report, titled, “Modular Construction Market Size, Share & COVID-19 Impact Analysis, By Type (Permanent Modular Construction, and Relocatable Modular Construction), By Application (Commercial, Healthcare, Education & Institutional, Hospitality, and Others), and Regional Forecast, 2021-2028.”, mentions that the market stood at USD 72.11 billion in 2020 and is projected to exhibit a CAGR of 6.1% between 2021 and 2028. The increasing demand for green modular infrastructure is expected to favor the product’s demand in the forthcoming years.


Algeco Acquires Net Modular to Strengthen its Position in Australia


In February 2020, Algeco Group, a leading modular space leasing company, announced the acquisition of Newt Modular, an Australian company. Algeco, having its presence in Europe and Asia-Pacific, aims to strengthen its position in Australia. Net Modular is a leading provider of premium modular infrastructure for school has a central contract with New South Wales Department of Education and Public Works with a validity of around 30 years. The acquisition is expected to strengthen the company’s position in the education sector driving the demand for advanced modular infrastructure development activities.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/modular-construction-market-101662


Increasing Demand for Green Modular Infrastructure to Propel Market Growth


In March 2021, Argos announced the introduction of its green solution products that is likely to benefit the construction manufacturers. Among them, the company has launched Edifika, a process adopted for construction of modular systems that reduce waste, primarily generates less CO2, and helps to increase the durability of the working processes. The increasing demand for green modular infrastructure that involves adoption cost-effective and eco-friendly materials is gaining traction across the globe. Moreover, supportive government initiatives that promote the use of sustainable construction is expected to boost the global modular construction market growth in the forthcoming years. For instance, the Government of Singapore has already mandated the adoption of PPVC (prefabricated, pre-finished, volumetric construction) elements in several construction projects developed on government lands.


Key Players Focus on Partnerships to Brighten Their Market Prospects


The market is experiencing healthy competition among key players that are focusing on partnering other companies to expand their modular construction portfolio and further boost sales revenues. Additionally, the other major companies are striving to maintain their presence by adopting strategies such as merger and acquisition, facility expansion, and collaboration that will bode well for the growth of the market in the forthcoming years.


Industry Development:



  • November 2019: Katerra secured a commercial project with Vaishnavi Group that involves development of Vaishnavi Tech Square. As per the contract, the company plans to build ten floored office space, along with two basement floors, and a multi-level parking garage in an overall space of 521,400 square feet in Bengaluru.


List of the Companies Profiled in the Global Market:



  • Guerdon Modular Buildings (Boise, Idaho)

  • Laing O'Rourke (Dartford, United Kingdom)

  • ATCO (Alberta, Canada)

  • Red Sea International Company (Jeddah, Kingdom of Saudi Arabia)

  • Bouygues Construction (Paris, France)

  • VINCI Construction Grands Projets (Brentford, United Kingdom)

  • Skanska AB (Stockholm, Sweden)

  • Algeco (London, United Kingdom)

  • KLEUSBERG GmbH & Co. KG (Wissen, Germany)

  • Katerra (Menlo Park, California)

  • Lendlease Corporation (Sydney, Australia)


Further Report Findings:



  • Asia-Pacific is expected to remain dominant and hold the highest position in the market in the forthcoming years. This is attributable to the rising construction activities due to the growing demand for the development of residential and commercial sectors in countries such as India and China. Moreover, the growing foreign direct investment (FDI) in the IT and telecommunications, automotive, and healthcare sector is anticipated to boost the demand for commercial spaces in India. Asia-Pacific stood at USD 22.38 billion in 2020.

  • The market in North America is expected to experience considerable growth in the forthcoming years. This is due to the increasing demand for modular engineering processes across construction sector that is propelling the demand for prefab infrastructure in education, healthcare, and residential domains in countries such as the U.S.

  • Based on application, the educational & institutional segment held a global modular construction market share of about 27.2% in 2020 and is likely to showcase exponential growth during the forecast period. This is ascribable to factors such as the growing demand for cost-effective and efficient construction across educational institutes worldwide.


Table of Segmentation:














































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



Type, Application, Region



By Type




  • Permanent Modular Construction (PMC)

  • Relocatable Modular Construction (RMC)



By Application




  • Commercial

  • Healthcare

  • Education & Institutional

  • Hospitality

  • Others (Residential, Religious Buildings, etc.)



By Region




  • North America (By Type, Application, and Country)

    • The U.S. (By Application)

    • Canada (By Application)



  • Europe (By Type, Application, and Country)

    • The UK (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe



  • Asia Pacific (By Type, Application, and Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Europe



  • The Middle East & Africa (By Type, Application, and Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa



  • Latin America (By Type, Application, and Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America




Modular Construction Market
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