This market study presents a detailed analysis of the key trends, drivers, and challenges that influence market growth. It also analyzes the key geographies and regions like APAC, North America, Europe, Middle East, and ROW. Leading vendors analyzed in this market research are ACS Group, Balfour Beatty, Bouygues Construction, Julius Berger Nigeria, and Komatsu House.
Technavio’s market research analysts estimate the global prefabricated construction market to grow at a CAGR of more than 6% between 2016 and 2020. Growth in construction activities around the globe is one of the main factors propelling the growth of prefabricated construction. APAC dominates the global market for prefabricated construction, accounting for around 50% of the total markets share. Factors like the rapid economic growth of emerging economies like China, India, and Indonesia coupled with the steady rate of urbanization is expected to result in the unparalleled growth of this region during the forecast period.
The new market research report from Technavio provides a breakdown and analysis of the prefabricated construction segments by technology.
“The application of building information modeling (BIM) in prefabricated building construction are rapidly gaining popularity owing to its multiple benefits. The usage of BIM in construction activities helps to ease the design flow and provides data-centric information based on the design, specification, and construction issues. Additionally, the ability of BIM to track time, errors, and the cost is expected to result in market growth during the forecast period,” says Navin Rajendra, Lead Analyst, Heavy Industry, Technavio Research.
Construction companies around the globe are focusing on minimising their energy consumption levels. They are planning to achieve green building certifications such as BREEAM and LEED for their projects. Construction companies are using MMCs such as prefabricated construction which in waste management, by reducing the wastage of construction material during projects. Also, prefabricated construction has improved technology that automatically lowers the energy consumption in the buildings.
The leading vendors in the global prefabricated construction market include ACS Group, Balfour Beatty, Bouygues Construction, Julius Berger Nigeria, and Komatsu House. This market is envisaged to grow at a steady rate during the forecast period and is influenced by the growth of the infrastructure construction sector. The smaller vendors in this market provide affordable solutions to SMEs and small construction companies that engage in small-scale residential development projects. The growing market footprint of the smaller companies is expected to post a significant challenge for the large vendors as most customers prefer budget-friendly service providers due to their cost-effectiveness.
A more detailed analysis is available in the Technavio report, Global Prefabricated Construction Market 2016-2020.
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