Prefabrication is a technology that the world is yet to adopt at large. It has been commonly used in Europe so far. Prefabrication is sustainable and socially beneficial way to build, which is why the Indian subcontinent is now adopting it gradually.
Prefabricated modular construction are those where manufacturing happens in a plant and then the components are assembled on site. The controlled environment within the factory leaves minimal chances of human error and improves precision. Therefore, modular construction offers significant advantage over conventional buildings such as being economical, flexibility of design, less construction time to name a few.
With rapidly growing population, prefabrication is the new manufacturing industry which is on the cusp of boom. Researchers across the world are looking at how this flourishing industry can offer safe, affordable and sustainable housing solutions.
The newer generation of prefabricated structures have lightweight construction and stronger structural components. These buildings also offer have better thermal insulation properties. Prefabrication also offers opportunities to have acoustic walls, floors and ceilings by combining durable and sustainable materials into systems such as sandwich panels.
The Modular Construction Market worldwide is projected to reach USD 104 million by the end of the forecast period and is expected to show a burgeoning growth at CAGR of 6% by the year 2022.
Market Research Analysis:
According to a recent market analysis, the modular construction market will experience higher growth rate as compared to previous years. As of now, the underlying challenge is that markets are facing shortage of skilled labor and fluctuating material costs. Growing economies and urbanization has led to increasing need for infrastructure. In the years to come, the commercial sector is expected to the larges consumer of prefabricated structures.
Prefabrication is also environmentally sustainable, with the layout drawn out and planned before execution. Construction waste left behind is minimal in the process. Through the use of automation, efficiency is improved further. Consequently, the future of all buildings, construction and manufacturing has the potential to change significantly as a result of these practices. The modular construction market is driven by growth in construction and infrastructure industries. Industry experts have thus pronounced prefabrication as the next evolving phase of industrialization.