The Modular Construction Market Size is rapidly expanding, propelled by technological advancements, consumer demands, and emerging business models. As industries rely more on cutting-edge solutions, understanding market dynamics becomes critical for businesses to thrive. This article provides a detailed overview of the Modular Construction Market, including its size, share, key companies, regional trends, and frequently asked questions, to assist you in staying informed and making data-driven decisions.
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Modular Construction Market Overview: Size and Growth Projections
The global Modular Construction Market is projected to grow from USD 84.63 billion in 2023 to USD 151.48 billion by 2032, at a CAGR of 6.8% during the forecast period. and recent industry developments are:
- SG Blocks Inc., a designer and fabricator of modern modular blocks, partnered with ATCO Structures. Through this partnership, both companies contribute to the national modular fleet rollout in the U.S.
- Modulaire Group, a global provider of modular spaces and business areas, acquired Procomm Site Service Ltd., which provides portable, modular accommodation in Europe. Through this acquisition, Modulaire group can strengthen its market position in the European market.
- Etex Group has announced acquiring a majority stake in e-Loft. This French offsite construction company offers solutions in three modular domains: single-family modular homes, modular multifamily residential complexes, and 3D wood technology-based custom-designed buildings. This acquisition is expected to boost Etex Group's modular construction business.
- Balfour Beatty has acquired two residential community developments, Retreat at Schillinger in Schillinger, Alabama, and Paces Brook in Columbia, South Carolina, in a multifamily property deal with ApexOne Investment Partners, adding 530 residential units to the company's multifamily portfolio.
- Algeco Group, a global service provider in modular and prefabricated construction, acquired Wexus Group AS, a modular space rental service provider. Through this partnership, Algeco Group extended its footprints in Nordic countries.
The Modular Construction Market is experiencing significant growth as demand increases across multiple industries. With technological advancements and expanding applications, the market size is expected to steadily increase in the coming years, fueled by innovations and a growing emphasis on efficiency.
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Modular Construction Market Share: Who’s Leading the Pack?
In the highly competitive Modular Construction Market, a few leading companies control a sizable portion of the market. These key players are driving the pace through innovation, strategic partnerships, and acquisitions. Here's a quick look at some of the leading companies shaping the market:
- Guerdon Modular Buildings (U.S.)
- Laing O'Rourke (U.K.)
- ATCO (Canada)
- Red Sea International Company (Saudi Arabia)
- Bouygues Construction (France)
- VINCI Construction Grands Projets (U.K.)