Due to an increase in government initiatives to promote green buildings and lower waste produced during construction activities, the modular construction market is anticipated to have considerable growth over the forecast period. For instance, the State Council of China issued a directive in 2016 stating that approximately 30% of the structures would be prefabricated. Additionally, the Australian Minister for Industry, Science & Technology announced that in 2019, Australia would invest US$ 2 million in the establishment of a collaborative lab that would aid the manufacturers in the creation of cutting-edge and environmentally friendly prefabricated buildings.
The market for Modular Construction exceeded USD 147 billion in 2022, and from 2023 to 2032, it is expected to grow at a 6.5% CAGR.
Prominent Players in the Modular Construction Industry:
1. Laing O’rourke: Established in 2003. Based in England, in the United Kingdom. From Leatherhead, England, an independent distribution network operator. Launching Australia's first renewable fleet of 250t crawler cranes and telehandlers, Laing O'Rourke announces an AUD$12 million investment in electric construction equipment.
2. Red Sea Housing: Established in 2006. Red Sea International Co.'s Saudi Arabian headquarters offers industrial and residential communities flexible living and working spaces. It includes real estate investment and development, civil contracting for office and residential structures, the manufacture of paints, coatings, construction machines, and equipment, as well as repair and maintenance services. The company has three reportable segments: Paints and related services; Non-concrete Residential and Commercial Buildings, which are the main source of revenue; Rentals from Investment Properties. In addition to other countries, it is present in Saudi Arabia, Ghana, the United Arab Emirates, Papua New Guinea, and Algeria.
3. Bouygues Construction: Built in 1950. Headquarters are in France's Guyancourt. a company that designs, constructs, and restores the buildings and infrastructure necessary for a sustainable society. The business develops public transport systems and designs, builds and renovates homes and neighbourhoods, and produces low-carbon energy. Equans' acquisition by Bouygues was completed today, marking an important breakthrough for the company.
4. Vinci: Built in 1899. Headquarters in France. One of the biggest investors in transport infrastructure worldwide is Vinci. Vinci is the largest airport operator in the world in terms of controlled passenger numbers because to its significant concession assets, which include 65 airports spread across 12 countries and 4,400 kilometres of toll highways in France. Less than a fifth of the group's revenue comes from the concessions division, but it generates the majority of operating profit. Engineering and construction services are offered in a wide range by Vinci's contracting company. A significant chunk of Kontron AG's (formerly S&T AG) IT services business is acquired by VINCI Energies.
5. Kleusberg GmbH & Co. Kg: KLEUSBERG, established in 1948, works on building projects for businesses in the construction, trade and public contracting sectors. Fertigbauten-Systembauten Kleusberg GmbH & Co KG manufactures and erects prefabricated structures. The business erects modular, standardised, or movable buildings as well as designs, fabricates, and customises prefabricated building components. Germany and its neighbouring countries are served by Kleusberg.
6. Kef Katerra: Established in 2014. Headquarter location: Bangalore, India (Karnataka). Owner of a manufacturing business for buildings focused on technology. The business specialises in off-site production and uses robotics and automation in innovative manufacturing processes for goods including pre-cast concrete, prefabricated bathroom pods, joinery and furniture, and aluminium and glass facades.
*Definition: Modular construction refers to a process in which building components are constructed off-site. These components are then transported as a completed component to a building site.
