We know we’re biased, but we believe the modular construction industry is great, and for good reason, as it’s growing in popularity across a multitude of sectors. In recent modular construction news, a report has shown that the global modular and prefabricated buildings market is set for growth over the next five years. In this blog post we will explore the amount of predicted growth and the reasons behind it.
It is predicted that revenues in this sector are set to hit £167bn globally by 2025, thanks to the sustainable approach of off-site construction. The suggested main factor behind the predicted growth in prospects and revenue is the industry’s constantly evolving approach to adopting environmentally sustainable and regulatory-compliant construction practices.
The growing usage of materials such as timber and aluminium composites in constructing prefabricated buildings are currently seen as sustainable solutions for construction projects, as a more energy-efficient alternative to concrete. This has led to may sectors realising the benefits of choosing modular construction to create new buildings.
Considering this, it has been found that throughout 2019, Europe had significant interest in the modular construction market. This has accumulated in an escalation in private housing, commercial, and infrastructure construction, coupled with an increase in privately funded projects in education and the health sectors. On top of this, significant cost, labour and time savings in off-site construction add to the popularity of off-site modular manufacturing processes.
Namely, there has been significant investment in modular technologies in the UK. Japanese modular giant Sekisui House formed a joint venture with Urban Splash, and Goldman Sachs invested in modular builder TopHat, showing a real shift in our industry and giving recognition to off-site construction techniques.
Moving Forward, What Growth Opportunities Should Modular Companies Aim To Secure?
Modular companies should aim to:
- Promote more cost-effective and environmentally sustainable solutions that are compliant with regulations mandated globally.
- Continue to gain wide coverage by improving product portfolios that can be customised to end-user specifications and also promote the ease of the manufacturing and installation processes as a whole service experience.
- Show the high-level quality and precision that is provided by off-site modular construction, that cannot be replicated on the same timescale and budget of a traditional build.
Talk to Springfield
We can provide a multitude of bespoke, high-quality buildings from modular and portable to prefabricated and jackleg across a plethora of sectors - ensuring we can meet the exact requirements of every single client.
The off-site techniques we employ here at Springfield are representative of the developments of this construction method over the past few decades so that we can create buildings with increased quality and precision in comparison to traditional construction methods.
The distinctive benefits of off-site building construction are shown in the developments within the industry and the market outlook for the future. If you would like to find out more about the modular buildings we offer then visit our website, or contact our team by calling 01744 851958.
Published: Jan 10 2020 in Industry News