Prefabrication and modular construction have both become more popular over the last year or so, and it isn’t hard to see why. Both trends are energy efficient and cost-effective, which is ideal at a time when most material prices are rising, or high already!
Companies and corporations are still discovering the wide range of benefits offered by modular construction. Almost 40% of low-rise office buildings worldwide incorporate modularly constructed elements. However, the home construction sector has been slower to adopt modular construction, having built only 2% of new single-family homes using modular techniques.
Because prefab and modular items are built in a factory instead of on-site, construction teams and companies worry less about weather risks and worker safety on-site. Excess prefab materials are also recycled when they’re damaged or unused, so companies cut back on waste as well.
Part of the construction industry trends we’ll continue to see into 2019 will probably be modular and prefabricated construction projects. Modular construction companies are making the news, in part because of the rate at which they can build residential and commercial buildings. Modular construction is a prefabricated approach to building repetitive structures. So office buildings, hotels, apartments and other such buildings are great for modular and prefabricated buildings.
In the past few years, modular construction techniques have continued to grow, especially in the residential construction sector. Advancements in modular design have given rise to more affordable structures that use better construction materials and take a shorter time to complete.
The modular construction market is projected to grow at a compound annual growth rate of 6.9% from $112.4 billion today to $157 billion by 2023. And buildings constructed through offsite, prefabricated modular units are stacking increasingly taller.