LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global prefabricated construction market predicts a CAGR of around 6% during the period 2018-2022.
The report segments the global prefabricated construction market by type (panelized construction and modular construction) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global prefabricated construction market, according to Technavio heavy industry researchers:
- Rise in global construction and infrastructure development activities: a major market driver
- Adoption of dry construction techniques: emerging market trend
- In 2017, the Americas held the largest share of the global prefabricated construction market
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Rise in global construction and infrastructure development activities: a major market driver
The rise in global construction and infrastructure development activities is one of the major factors driving the global prefabricated construction market. The number of new constructions in several developed and emerging countries is on the increase after a prolonged depression in the global construction market. For instance, the residential housing completions in the US grew by 8.2% during July 2016-December 2017. The recovery in the US economy has created optimism among home buyers, leading to the increased demand for new single and multi-family homes. It is also expected that the pent-up demand from the recession period will also propel the growth of the housing market.
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Adoption of dry construction techniques: emerging market trend
One of the primary advantages of dry construction is that buildings or houses can be constructed in an extremely brief period when compared with brick and mortar houses. As components used in dry construction are prefabricated in factories, they only require being assembled at the site of construction. This has led to an increase in the demand for dry construction materials over wet construction. Home buyers in several countries, particularly developed countries, are insistent on high quality, fast construction times, and after-construction redesign and renovation. Conventional brick and mortar constructions cannot meet all these requirements. Thus, real estate developers and construction contractors are increasingly switching to dry construction techniques to overcome these challenges.
According to a senior analyst at Technavio for research on construction, “Dry construction includes the use of materials such as gypsum board, plywood, wallboard, metal supports and stone wool that only need to be screwed, riveted, or wrenched together and do not require additional time such as mortar to set-in. This significantly cuts down on the installation time, and the process is not affected by the external environment such as moisture or rainfall.”
Global market opportunities
In 2017, the Americas held the largest share of the global prefabricated construction market, accounting for a share of more than 42%. The region is expected to post a steady growth during the forecast period. A key factor that has been contributing to the increased demand for prefabricated construction in the region is the growing demand for single and multi-family homes, led by low mortgage rates. A major share of the demand for prefabricated construction in the region is concentrated in the US and Canada.
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