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The market for modular construction is being driven by the rising demand for swift construction activities. As various sustainable techniques are deployed in modular construction solutions, they are being increasingly deployed, which is augmenting the market growth. Moreover, modular construction prevents high labour costs and long construction time, hence boosting the industry growth. The increasing cost-effectiveness of modular construction is surging its use in emerging economies such as India, Brazil, and Indonesia, which is significantly contributing to the market growth. In addition, the development of innovative construction methods that can create constructed modules with enhanced quality and design while offering precision and durability is expected to augment the market growth. Increasing investments in the housing and commercial sectors owing to exponential population growth is providing further impetus to the market growth.
One of the leading companies in the market, Bouygues Construction’s (OTCMKTS: BOUYF) Singapore-based subsidiary, Drageges Construction, was chosen to build the Woodleigh Lane Residences residential development by CEL Unique Development in February 2018. The company is expected to deploy modular construction solutions to enhance the design and quality of products. The project is based on a modular system in reinforced concrete, with 65% of the superstructure factory-built. The modules are expected to be manufactured in a controlled environment, therefore optimising their quality, safety, and delivery times. The project marks a milestone in the company’s growing activities in Singapore. Such projects of the leading companies are expected to drive the market growth in the forecast period.
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The major players in the global modular construction market are Bouygues Construction, Balfour Beatty plc, Larsen & Turbo (L&T) Limited, and JL Construction, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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