Predictions for Prefabricated Construction
Modular, or prefabricated, construction offers significant advantages to conventional building methods. For instance, it is more cost-effective, flexible and has a shorter time to completion. And now, the market is anticipated to grow.
A new report from Market Research Future shows the global modular construction market is expected to increase at a compound annual growth rate of more than 6.6 percent from 2016 until 2022, reaching $104 million at the end of the period.
This growth is due to a number of factors. With rising industrialization, the need for time-saving construction methods are required, which has widened the scope of modular construction. Additionally, this form of construction gets rid of jobsite issues such as access routes and traffic or security and storage of materials.
Also, factories are often located next to shipping hubs, aiding the flow of materials while reducing shipping costs. Therefore, this form of construction is often more cost-effective.
Geographically, the rising demand for infrastructure in the Asia-Pacific region has fueled the market for modular construction. This region will see a market size of $36.1 million by 2022.
With this growth anticipated, the jobsite of the future might not be at the jobsite at all, but rather in an off-site location where structures can be prefabricated more efficiently than in the past