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inkwoodchirag · 1 year ago

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Emerging Technologies Favorable to Global Prefabricated Construction Market

As per Inkwood Research, the Global Prefabricated Construction Market is expected to record a CAGR of 8.70% in terms of revenue during 2023-2032.

“Browse 59 Market Data Tables and 54 Figures spread over 230 Pages, along with an in-depth TOC on the Global Prefabricated Construction Market Forecast 2023-2032.”

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Prefabricated construction encompasses prefabricated modules and panels in a factory-like setting. It is considered an environmental-friendly method. Over the years, the global prefabricated construction market has witnessed the launch of disruptive technologies like smart construction.

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Emerging Modern Technology and Advanced Solutions propel Growth Opportunities

The construction landscape is being transformed by prefabricated construction, leading to a shift in the traditional approach. Manufacturers of prefabricated structures are actively pushing the boundaries of modern building techniques to enhance accessibility. Consequently, prefabricated construction is gaining traction due to a range of innovative technologies.

One notable advancement is the integration of automation into prefabrication processes. By utilizing an autonomous factory production method, prefab buildings can be manufactured swiftly, cost-effectively, and with high quality. This is achieved through the development of a standardized set of interchangeable building components, which can be utilized across various building designs. Moreover, virtual reality (VR) and augmented reality (AR) are increasingly being embraced. These technological tools prove particularly useful during the planning and design phases.

Non-Residential is the Largest Revenue-Generating Application

The demand for prefabricated houses is growing as more prospective home buyers recognize the advantages of this construction method. For instance, the prefabricated house industry in Europe is expanding due to the increasing importance placed by consumers on comprehensive solutions that meet modern requirements. Furthermore, the acceptance of this production form and the simplified planning & consenting processes are expected to further boost the demand. Similarly, well-developed prefabricated options are more likely to fulfill the need for high-quality and sustainable homes.

Another significant factor driving the adoption of prefabricated housing is the convenience it offers, which is perceived by most respondents as a ‘one-stop-shop’ solution for housing. This factor holds considerable influence in almost all countries, although the appeal of the easy building appears to be less significant in Poland compared to other countries.

Asia-Pacific: Fastest-Growing and Dominating Region

The Asia-Pacific prefabricated construction market growth is attributed to the increasing construction activities. The surge in construction stems from the rapid population growth and the demand for new residential and commercial structures.

China, a prominent manufacturer of prefabricated building materials, is facing an immediate need for affordable housing projects. Furthermore, government initiatives in several Asian nations, including Singapore, China, India, and Hong Kong, are also propelling market expansion within the region.

The market rivalry is high, with players vying for significant market share. Some of the leading companies in the market include Bouygues Bâtiment International, Cornerstone Building Brands, Berkeley Group (Berkeley Modular), Astron, etc.

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About Inkwood Research

Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.

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Related Reports:

GLOBAL MODULAR CONSTRUCTION MARKET

GLOBAL PRECAST CONCRETE MARKET

GLOBAL BUILDING INSULATION MARKET

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inkwoodchirag · 1 year ago

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Global Modular Construction Market is Set to Generate $137.42 Billion by 2032

Inkwood Research predicts the Global Modular Construction Market to surge with a 6.68% CAGR by 2032, and is predicted to generate a revenue of $137.42 billion during the forecast period, 2023-2032.

“Browse 43 market data Tables and 46 Figures spread over 230 Pages, along with an in-depth TOC on the Global Modular Construction Market Forecast 2023-2032.”

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Modular construction, involving the off-site fabrication of entire building units, reduces on-site construction time and enhances versatility. Its efficiency is boosted by digital tools facilitating design and logistics. Modular construction addresses space scarcity and reduces material costs, and is increasingly popular, especially in the hotel and residential sectors. The trend is growing in Asia-Pacific due to housing shortages and labor costs, despite the challenges of low site productivity. Enhanced performance investment by key regional players suggests continued growth in modular construction.

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Labor Shortage Globally Expected to Drive the Market Growth

Labor shortages can significantly impact the high-demand construction industry. Solutions include formulating favorable policies for migrant laborers and incorporating automation. Lack of skilled labor prolongs project schedules, impairing consumer experience.

Concrete set to Lead the Material Segment

Modular concrete construction uses precast components assembled on-site, and its usage extends to various structures due to its resilience and high early strength. Concrete is increasingly used in modular construction, especially in high-rise buildings. Recent advancements have seen the introduction of 3D concrete printing technology, creating 3D modular structures with robots and CNC equipment, accelerating the construction process and prompting investment from modular construction firms.

Asia-Pacific – Dominating Region

The modular construction market in Asia-Pacific is flourishing thanks to a surge in competition and R&D investment. Countries like Japan, China, and Australia are seeing a rise in high-end prefab options for residential and commercial structures.

However, the market is fragmented, with no single firm dominating. The demand for affordable, sustainable solutions intensifies competition, but regional operation limits rivalry among firms. Thus, a moderate competitive rivalry is anticipated in the foreseeable future.

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