DUBLIN, IRELAND – The global modular construction market is expected to grow 8.78 per cent per year over the next five years, reaching US$97.13 billion by 2029, according to a new market report from Ireland-based Research and Markets. The current volume is US$63.76 billion.
The industrial/institutional sector is the largest segment in the modular construction market, stated a release. In recent times, the United States has seen a rise in industrial and institutional construction, which has propelled the demand for modular construction products. In the short term, rising demand from the construction industry in the Asia-Pacific region is expected to propel the market’s growth. However, the report stated, the increase in logistics costs and risk in transportation is expected to hinder the growth.
The modular construction market is highly fragmented, reports Research and Markets. The major players in the market include Skanska, Bouygues Construction, WillScot Mobile Mini Holdings Corp., Atco Ltd. and Sekisui Chemical Co.