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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.
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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.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
Type, Application, Region