|Global Modular and Prefabricated Buildings Market, Forecast to 2025|
|Increasing Labor Costs and Construction Timelines are Boosting the Adoption of Prefabricated and Modular Buildings Across the Globe|
Growth opportunities in the global modular and prefabricated buildings market look robust over the next six years. A global uptick in construction activities and significant cost, labor, and time savings in offsite construction are key factors driving market revenues toward $215 billion by 2025. With a constantly evolving regulatory landscape, adopting more environmentally sustainable and regulatory-compliant construction practices will boost prospects and revenues in the more mature markets of Western Europe and North America. Frost & Sullivan expects the market to expand at a sturdy CAGR of 6.3% from 2018-2025.
“Despite increased construction costs from an off-site construction, a net saving of up to 7% is possible because of shortened construction periods,” said Prathmesh Limaye, Senior Analyst, Chemicals & Materials in Infrastructure & Mobility. “In addition, prefabricated buildings are increasingly being perceived as sustainable solutions for construction projects due to a growing usage of materials, such as timber and aluminum composites, that are more energy efficient than concrete.