Modular Construction Market
Modular construction is the new rage in the construction industry at the moment, with houses built in factories as separate components and then shipped to the construction site offering benefits such as lower prices and faster and easier construction. The global modular construction industry is mainly driven by the growing demand for cheap construction on a mass scale.
Growing urban immigration in the developing parts of the world, such as Asia Pacific, has been a major driver for the global modular construction market. The growing urbanization in Asia Pacific is likely to remain a major driver for the global Modular Construction Market over the coming years.
As people from rural areas have migrated in large volumes to growing urban centers such as Delhi, Mumbai, Chennai, Bengaluru, Shanghai, Seoul, Guangzhou, Kuala Lumpur, and Manila, the growing demand for residential complexes has driven the demand for modular construction. Modular construction offers the benefit of being easily replicable. It can also be constructed quicker than conventional construction processes, which allows builders to move at a faster speed and make bigger acquisitions.
North America and Europe have also witnessed a growing trend of modular construction in the last few years, with several cities in countries such as the U.S. and the UK witnessing growing demand for the cheaper modular construction units.
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Modular Construction Levels Up with High-Rise Buildings in Chicago
In Chicago, where the need for affordable housing has become a major political issue due to the grave need for it by the residents, a company called Skender plans to begin construction on multifamily, multistory buildings constructed via modular construction processes. The construction of high-rise buildings with modular construction is a novel concept in Chicago, leaving the field open to Skender to dominate and monopolize. The lower costs of modular construction have made it hugely attractive to the Chicago-based firm, as the growing labor shortage in Chicago has already served to drive up construction costs considerably. The company claims to be able to cut construction times by up to half as well as reducing the costs, making the development of the project important for the city.
Modular Construction Provides Relief to Wildfire Survivors
A number of families made homeless by the Sonoma Valley wildfire in October 2017 are starting to look at modular construction as a way to quickly and cheaply rebuild their homes. Several families have still been unable to rebuild their homes following the disaster, and companies such as Hybrid Prefab and Connect Homes have capitalized on this opportunity by coming up with innovative modular construction solutions for the site. This shows another side of the modular construction market, wherein it has the clear potential to be a go-to solution for natural disaster relief projects all over the world looking to quickly build a large number of houses to accommodate the displaced.
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Quality Issues Plague Modular Construction Market; Can they get it right?
However, all is not rosy with the modular construction market. Quality issues have haunted the market for a number of years, with modular construction sites in the UK reporting high levels of plumbing and HVAC problems, probably the trickiest bit to get right in a modular home, as the wiring and plumbing necessarily has to be done keeping the entire house in mind. While these issues may be traced back to the local dealers rather than the product itself, the idea of modular construction has still not convinced everyone that it is the future. While it has shown undoubted utility in covering for unforeseeable losses in an efficient manner, the use of modular construction as a primary option for building private properties has not been as successful as it can be around the world.
In the coming years, the demand for modular construction is likely to grow at a stable, robust rate due to the growing demand for large-scale construction of residential complexes in emerging parts of the world. However, whether modular construction can last the distance remains to be seen.
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