A segment of the national construction industry that has been seeing growth by leaps and bounds in the last 4 years is expected to see even more growth in the next 4 years.
That is the analysis of the market research website MarketsandMarkets.com, which is forecasting a jump in new modular construction projects from a current value of $112 billion to more than $157 billion by 2023.
Along with the increase in individual modular projects is the current change in the dimensions of the projects themselves, say experts, with the one-time average 60,000 square foot modular structure of 2015 now measuring more than 200,000 square feet today.
The primary reason for the growth in such projects, according to MarketsandMarkets, which is based in Pune, India, is the “rise in demand for complex structures at affordable rates, rapid urbanization, and industrialization.”
The market research service adds that a combination of emerging economies projects along with an emphasis on sustainable construction, are “increasing the reliance on modern construction techniques, subsequently creating growth opportunities for modular construction.”
The largest global regions for such construction continue to be found in the Asia Pacific and Europe, followed by North America. Currently lagging behind in its embrace of the new technology is the Middle East and South America.
Modular construction projects are often used as both school and military facilities in the U.S.
Modular construction projects are often used as both school and military facilities in the U.S.
Frequently, such projects are temporary in nature, such as those put up as part of a disaster relief effort. But others are more permanent, with the 20-story Citizen M Hotel in New York, which was opened in 2018, a case in point.
But despite what MarketsandMarkets says is an industry response to getting projects done in a timely fashion at a greater costs savings, modular construction is not without its challenges.
Writing for Real Estate Weekly, building engineer Mike Gervasi cautions: “Owners and architects need to plan for additional floor-to-floor heights and additional space between pods.”
“Each pod has an independent wall, floor, and ceiling structure/cavity,” notes Gervasi. “This is unlike conventional construction where two adjacent rooms share the same wall, and two stacked rooms with the same ceiling/floor.”
By Garry Boulard
