Global Modular Construction Market

1. Modular Construction Market : Size, Share & Trends Analysis Report (2018-2032) The global market for Modular Construction is expected to grow between 2023 and 2032 due to technological advancements, quality control, cost savings, government support, and regulations. The Global Modular Construction Market was valued at USD 115.00 Billion in 2022 and is projected to reach USD 204.84 Billion by 2032, registering a CAGR of 5.90 % for the forecast period 2023-2032. Global Modular Construction Market Drivers Technological advancements: BIM is a digital representation of the physical and functional characteristics of a building. This allows architects, engineers, and construction professionals to create detailed 3D models of structures. BIM fosters collaboration, improves project visualization, and improves the entire process of designing and planning modular construction projects. Advances in manufacturing technology, such as automation and robotics, have streamlined the production of modular components. These techniques ensure manufacturing accuracy, reduce errors, and improve the overall efficiency of the manufacturing process. Robotics can be used with high precision for tasks such as cutting, welding, and assembling modules. Quality control: A controlled manufacturing environment allows for more effective identification and elimination of errors during the manufacturing stage. Quality control measures can help identify problems early and minimize the need for rework or corrections during on-site assembly. This contributes not only to improving quality but also to reducing costs. Quality control ensures that modular construction projects comply with local building codes, regulations, and industry standards. This is especially important to obtain regulatory approval and ensure the safety and structural integrity of the modular construction. Modular construction companies often seek third-party certification to verify the quality of their processes and products. Cost Saving: The controlled environment of a modular factory environment allows for more efficient use of labor. Skilled workers can specialize in specific tasks on your production line to minimize downtime and optimize productivity. This specialization and efficiency reduce labor costs compared to on-site construction, where a variety of factors can cause delays and inefficiencies. Modular construction often requires precise material planning and sourcing. The controlled manufacturing process allows excess material to be reused in other modules and projects, minimizing material waste. Reducing waste helps reduce material and disposal costs. Government support, and regulations: Developers and builders who opt for modular construction methods that are certified as sustainable or energy-efficient can receive financial incentives from numerous governments. By doing this, modular construction can become more competitive with traditional methods by lowering its upfront costs. Governments are putting tighter restrictions on the construction sector as worries about resource depletion and climate change grow. Due to its ability

2. to meet these requirements with less waste and energy consumption, modular construction is becoming a more appealing option for developers looking to get their projects approved. Global Modular Construction Market – Merger and Acquisitions • COOEC-Fluor Completes Module Program for KIPIC Al-Zour Project in Kuwait (2021) COOEC -Fluor Corporation announced that its joint venture COOEC-Fluor Heavy Industries, Co., Ltd. fabrication yard in Zhuhai, China, has safely completed the entire module program for the Kuwait Integrated Petroleum Industries Company (KIPIC) Al-Zour project in Kuwait. “The COOEC-Fluor yard completed the modular program over 24 months from the start of steel fabrication to load out of the last modules,” said Chris Vertanness, vice president and director of operations at the yard. • Etex acquires a majority stake in leading French offsite construction company e-Loft (2021) International building materials specialist Etex announces it has acquired a majority stake in leading French offsite construction company e-Loft. The company becomes part of Etex’s New Ways division, which develops sustainable, industrialized and modular construction solutions. As such, the acquisition is a key milestone on Etex’s strategic roadmap and an enabler of our ambition to shape the future of construction by “inspiring ways of living”. • Modulaire Group continues to strengthen its presence in the UK with the acquisition of Procomm (2021) Modulaire Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Procomm Site Services Ltd (“Procomm”). Procomm is a leading provider of portable modular accommodation in the UK with a broad range of end markets including general construction, the public sector, and petrochemicals. • SG ECHO to Collaborate with ATCO Structures on National Modular Fleet Rollout (2021) SG Blocks, Inc. (“SG Blocks” or the “Company”), a leading designer, innovator, and fabricator of modular structures, announced today that SG ECHO would be engaging in a collaborative effort with ATCO Structures & Logistics, a one-stop provider of integrated energy, housing, transportation, and infrastructure solutions. ATCO has committed 20 units to be produced by SG ECHO as a part of a national rollout of modular fleet units throughout the U.S. With this, SG ECHO has the opportunity to continue providing ATCO with ongoing support through this initiative, which will require continued production over several years. • Algeco further strengthens its Nordic presence with the acquisition of Wexus Group (2020) Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announced that it has agreed to acquire Wexus Group AS (“Wexus”) from Norvestor Equity AS and other shareholders. Wexus is a leading provider of high-quality modular building solutions in the Nordic region. Headquartered in Norway, Wexus also has operations in Sweden and a modern production facility in Estonia. Wexus operates a fleet of c. 1,600 units, has c. 110 employees and revenues of c. USD35m (297 million NOK) in 2019.

3. Challenges Impacting the Global Modular Construction Market • Transportation Cost: Large modular units can be expensive to ship to the construction site, particularly if the project is far from the manufacturing facility. It is important to carefully weigh this cost consideration against the total cost savings realized from modular construction. Regulation Challenges: Building codes and regulations might not always mesh well with modular construction techniques. Modular construction adoption may be slowed down in some areas by the complexity of navigating the regulatory environment and getting approvals for modular projects. Site Accessibility and Assembly: Transportation and installation of modular units may be impacted by site accessibility issues, particularly in urban settings. The overall efficiency of the modular construction process may be impacted by space constraints or challenging site conditions, which may call for more complicated logistics. Integration with Traditional Construction: Coordination issues may arise when combining modular and conventional construction techniques on a single project. Project management and communication must be done well to guarantee a smooth integration between modules and on-site construction operations. • • • Download Sample Report : https://isayresearch.com/sample/2303 Contact Us iSay Solutions LLC 166 Geary St. 15th Floor Suite #212, San Francisco, California 94108, United States Contact no. :+14156709191 Email Id : support@isayresearch.com