Global modular construction market valuation guide, Turnkey prefabricated bathroom module, Building value
Global modular construction market valuation rise
2 Apr 2021
A new report from ResearchandMarkets.com has found that the global market for modular construction will expand from £65.4 billion to £82.6 billion by 2025, expanding at a Compound Annual Growth Rate (CAGR) of 5.7%. The report cites the surge in interest from merchants and consumers alike in the cost-effective construction method.
Global modular construction market set for £82.6 billion valuation in 2025
The report also notes a string of additional trends that are causing the construction sector to look increasingly towards modular and prefabricated designs. Primarily, the perfect storm of reduced workforces, reduced project schedules and property shortages is driving this growth. In addition, the ever-increasing focus on sustainability and greener building techniques is also driving the conversation towards modular construction to support government initiatives across the globe.
A shift from building on-site to factories could radically overhaul the global construction sector. Modular construction in its simplest term means manufacturing standardised components of a structure off-site, ready to be assembled on-site. It’s a trend that’s already making waves in kitchen and bathroom designs, where turnkey prefabricated bathroom modules can not only focus on the structure but the interior design too. A company like Hydrodiseño offers three different types of prefabricated bathrooms, in materials as diverse as concrete or steel.
Modular constructions are normally comprised of a steel frame, cold-form steel wall panels and a steel frame which is hot-rolled at temperatures approaching 1,000 degrees Centigrade. Steel framework is the most popular material in the modular construction sector due to its attractive strength-to-weight ratio. Steel is also more beneficial than wooden-framed structures in terms of performance, security and fire resistance, minimising the need for periodic maintenance during the module’s lifespan.
The growing trend of modular offices
The report also claims that modular offices could be the fastest-growing segment of the global modular construction market, due to the portability and functionality of office designs. The report says that businesses are “increasingly demanding” new modular offices because the construction of their new premises doesn’t “disrupt the ongoing working environment”, which can have a negative impact on day-to-day productivity and employee health.
While modular office space can help to prevent loss of earnings during the redesign process, it is also increasingly attractive to temporary workers and contractors that demand feature-laden short-to-medium-term workspace. The beauty of modular office constructions is that they can be transported anywhere, anytime, with one office capable of being used and moved in multiple locations.
McKinsey’s 2019 report, titled Modular construction: From projects to products, suggests that modular projects have already developed a “solid track record” for speeding up project timelines by as much as 50%.
Sustainable modular constructions have been on display for several years at the BRE Innovation Park, located at its headquarters in Watford, Hertfordshire. The Park, which began life as a showcase of Modern Methods of Construction (MMC), confirmed a new partnership with “Project Etopia” in March 2019. Project Etopia has since built a smart weather and fire-resilient demonstration modular home at the Watford Innovation Park. Project Etopia is seeking certification with the BRE for its BPS 7014 Standard for Modular Systems for Dwellings, which would help to give confidence to lenders, insurers and homeowners alike in the “integrity and durability” of domestic modular construction as well as its commercial sibling.
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