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The global modular construction market reached US$ 76.1 billion in 2021 and is projected to grow to US$ 109 billion by 2027, reflecting a CAGR of 6.17%. This method involves off-site construction of prefabricated buildings and is faster, cost-effective, and sustainable compared to traditional approaches. Increasing demand for quick and economical construction solutions, alongside environmental awareness, is propelling market growth. Key players include Lendlease Corporation (LLESY) and others, with rising consumer expenditure and supportive government policies further enhancing prospects.
The global modular construction market is projected to reach USD 162.40 billion by 2030 with a CAGR of 7.3%. Key drivers include infrastructural growth in developing countries, rapid urbanization, and technological advancements. The report highlights that the permanent segment holds the largest revenue share due to high-quality off-site construction. In 2021, the steel material segment dominated, while residential applications showed significant adoption due to cost and time efficiencies. Europe led revenue share in 2021 due to increased housing needs. High initial capital requirements present barriers for new entrants.
According to Technavio, the global senior living market is projected to grow by USD 91.37 billion from 2023 to 2027, with an estimated CAGR of 5.65%. North America held the largest share in 2022 and is expected to contribute 39% to this growth. The aging baby boomer population and increasing demand for nursing care are major drivers. Technological advancements in mobile applications and smart home solutions are also influencing this market positively. However, challenges include low retirement savings among baby boomers, impacting investment in senior living facilities.
Saint-Gobain North America, through its subsidiary CertainTeed Gypsum, has initiated a circular economy project in Buchanan, New York. This collaboration with Cooper Recycling and Structure Tone aims to reclaim gypsum wallboard waste, converting it into new products and diverting 20 tons of waste from landfills. The initiative aligns with Saint-Gobain's global strategy to reduce waste and achieve a net zero carbon footprint by 2050. The Buchanan plant also plans to expand recycling efforts, enhancing sustainability in construction projects.
Accenture and Google Cloud announced an expansion of their global partnership, committing to grow talent and enhance joint capabilities. The focus is on developing solutions leveraging AI, data analytics, and cybersecurity to help clients digitally transform. Accenture will increase Google Cloud certifications to 15,000, and new global innovation hubs will be established. This partnership has already seen successful implementations, such as Lendlease's Podium Property Insights platform aimed at optimizing space utilization and improving employee experiences.
Lendlease, Rubicon Technologies, Mycocycle, and Rockwood Sustainable Solutions have successfully completed a groundbreaking pilot study utilizing mycoremediation technology to recycle asphalt shingles, addressing significant waste issues in construction. This collaboration aims to divert millions of tons of shingles, which typically end up in landfills, and demonstrates a model for a circular economy. By combining used shingles with fungi to create reusable products, the initiative underlines the importance of sustainability in construction and aligns with broader environmental goals.
Edwards and Company, a 157-year-old insurance brokerage in Sayville, NY, has appointed Ted Xenakis as President of its Construction Group. Previously at AON, Ted specialized in retaining and expanding business within the construction sector. His extensive background includes risk management roles at JRM Construction Management and Lendlease, focusing on casualty coverage and insurance strategies for large firms. Edwards CEO Kevin Rogers expressed enthusiasm about Ted's expertise, aiming to elevate client services and risk management in the construction industry.
WiredScore has announced the successful completion of a US$15M Series B funding round, led by Beringea, increasing total funds raised to US$28M. The investment aims to enhance its mission of improving digital connectivity in buildings worldwide. Over the past year, WiredScore has expanded into 13 new countries and launched initiatives to bolster its presence in the multifamily market. CEO Arie Barendrecht emphasized the importance of tech in addressing challenges in the built environment, with a goal of impacting 1 billion people through smart buildings in the next decade.
Ameresco (NYSE: AMRC) has partnered with Hickam Communities (LLESY) for a $102 million energy conservation project at Hickam Air Force Base in Hawaii. The initiative aims to modernize over 2,500 military housing units, targeting a 30% reduction in energy consumption over 25 years. This project is expected to yield $13 million in annual cost savings to cover improvement and operational costs. Construction is set for completion in early 2025, enhancing energy efficiency and comfort for military families while aligning with sustainability goals.
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