LONDON--(BUSINESS WIRE)--The global dry construction market size is expected to grow by USD 22.73 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The rise in global building construction and infrastructure activities is the most significant factor that will drive the growth of the global dry construction market. The number of new constructions in several developed and emerging countries are on the rise after the prolonged depression in the construction market. The recovery in the US economy has created optimism among home buyers, leading to increased demand for new single and multi-family homes. Moreover, several countries are also investing in infrastructure development. For instance, in March 2017, the US government planned to invest USD 1 trillion in various infrastructure development plans, including the construction of airports, hospitals, and schools. Several private players in the construction industry are also undertaking new commercial mega-projects, of which many are already in the construction phase. Such increase in construction activities is expected to drive the growth of the market.
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As per Technavio, the growth in modular and panelized constructions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Dry Construction Market: Growth in Modular and Panelized Constructions
The growth in modular and panelized construction is one of the key trends that will drive the growth of the market. Modular construction and panelized construction is centralized in a factory where the modules or panels are manufactured. Modular construction assembles modules to create a whole housing or building unit, whereas, panelized construction assembles pre-fabricated individual roof, floor, and wall panels together for setting up a building. They offer several advantages in on-site construction such as shorter construction duration and reduced labor, which are further driving the adoption of these techniques.
“Factors such as the increasing adoption of energy and resource-efficient construction methods, and the improving quality and energy efficiency of dry construction will have a significant impact on the growth of the dry construction market value during the forecast period,” says a senior analyst at Technavio.
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Dry Construction Market: Segmentation Analysis
This market research report segments the dry construction market by end-user (residential buildings and commercial buildings) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the dry construction market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as an increase in private and public housing in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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