Modular & Prefabricated Construction Market Forecasts Study 2027 | Business Opportunities and Future Investments
By 2027, the global modular & prefabricated construction market size will have crossed $200 billion. The growing number of approvals for single- and multi-family residential projects is driving the product uptake, especially across North America.
Rising inclination toward sustainable building technologies will accelerate global modular & prefabricated construction market forecast through 2027. As these products are manufactured off-site, they can be an ideal solution catering to the needs of remote locations, highly populated regions, and where the construction site is located on expensive land. Many contractors have been showing increased interest in these solutions, as they are less dependent on weather and enable faster completion of projects.
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Recently, in April 2022, Plant Prefab announced that it has successfully secured a contract for prefabricating the final phase in Olympic Valley’s custom homes. The company has been developing luxury homes in the area since last few years. Carving out a niche in the market, the company prefabricates parts of homes for efficiently dealing with labor and weather constraints.
It will manufacture modules of living spaces such as living rooms, bathrooms, bedrooms, and kitchen, and then ship them to the site, where they can be set up in as little as a single afternoon. Earlier, the company delivered its prefabricated products to San-Diego-based The Brown Studio, where it built three new 4,627 sq.ft. custom homes. Since it began working on the first-phase project, Plant Prefab has prefabricated over 33 single-family homes for the developer.
Superior quality offered by low-rise prefab buildings has been a major driver of the Australian prefab industry. These alternatives are eco-friendly and cost-effective, at the same time offering better quality than traditional buildings. More individuals across the country have been opting for these high-end homes that appear expensive but cost much lesser than conventional construction options.
Although presently, the modular construction industry represents only 3% of the national construction revenue, the changing perspectives about the prefab construction industry have been. As availability of skilled construction labor is becoming a major hassle for contractors, traditional methods are likely to be replaced by offsite manufacturing.
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Data Tables
TABLE 1 Global modular & prefabricated construction market estimates & forecast (Million Square Foot) (USD Million), 2017-2027
TABLE 2 Global modular & prefabricated construction industry volume estimates & forecast by type, (Million Square Foot), 2017-2027
TABLE 3 Global modular & prefabricated construction industry revenue estimates & forecast by type, (USD Million), 2017-2027
TABLE 4 Global modular & prefabricated construction market volume estimates & forecast by material, (Million Square Foot), 2017-2027
TABLE 5 Global modular & prefabricated construction market revenue estimates & forecast by material, (USD Million), 2017-2027
TABLE 6 Global modular & prefabricated construction industry volume estimates & forecast by application, (Million Square Foot), 2017-2027
TABLE 7 Global modular & prefabricated construction market revenue estimates & forecast by application, (USD Million), 2017-2027
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