Industrialization of the Construction Industry Supported by Time, Cost & Carbon Reduction Goals Spurs Growth of Modular Offsite Construction Methods
Myriad benefits and superior attributes in terms of construction efficiency and productivity, and perennial demand for optimally designed metal framed buildings are poised to drive the global market for Nonresidential Prefabricated Building Systems to reach US$95 billion by 2024 . Capital-intensive non-residential projects across the world today are getting increasingly larger in scope and complex, with a number of these projects facing challenges in terms of schedule delays and chronic cost overruns. Engineering and construction (E&C), as an industry, is almost acceptable to the fact that nothing could ever be built on budget or time. This situation, combined with the ongoing mass retirement of baby boomers and the consequent lack of industry knowledge and experience, is driving global attention of builders, investors, and property developers in prefabricated buildings. Offsite construction including modularization, prefabrication, preassembly, and offsite multi-trade fabri...