Modular Construction Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The global modular construction market is estimated to reach over USD 42,800 million by the end of this year and is projected to register a CAGR of over 8.5% during the forecasted period.
The sporadic outbreak of the COVID-19 pandemic in 2020 and the first half of 2021 drastically curtailed the construction sector due to imposed government bans and restrictions, thereby limiting the growth of the modular construction market. However, the sector has been recovering well since restrictions were lifted. An increase in house sales, new project launches, and increasing demand for new offices and commercial spaces have been leading the market recovery over the last two years.
Key HighlightsThe modular construction market is highly fragmented, with no player holding a significant share to influence the market. Some of the major players in the market (in no particular order) include Skanska, Bouygues Construction, WillScot Mobile Mini Holdings Corp., ATCO Ltd, and SEKISUI CHEMICAL CO., LTD.
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