Modular Construction Market on Rise in Emerging Economies with Establishment of Automated Modular Construction Plants

 

Modular Construction Market

Modular construction is one of the most dynamic constructions currently being utilized. This type of construction technique enables construction companies and many other organizations to build different structures with ease and reduced cost. The use of this method can help to save a lot of time because of its convenient construction approach. Such advantages are expected to propel the growth of the modular construction market.

Modular construction involves using pre-fabricated components or parts, which are easily available in the market at a much lower cost than the conventional construction methods. Modular construction involves building sections off-site, then transporting these sections to the final location. Installation of the individual sections is also done off-site. Consequently, the actual construction costs of a modular home are much less than a conventional home. Moreover, increasing labor cost is also expected to boost adoption of modular construction, thereby aiding growth of the modular construction market. According to Eurostat press release in April 2019, in 2018, hourly labor costs in the whole economy expressed in € rose by 2.7% in the EU and by 2.2% in the euro area compared to 2017, with Latvia (+12.9%), Lithuania (+10.4%), Estonia, and Slovakia (both +6.8%) witnessing the highest increase.   

Minimal maintenance is a major factor for growth of the modular construction market. Modular construction involves using standard building materials, which require minimal maintenance and are easily available at reasonable prices. For example, raw materials that are commonly used in conventional construction like steel, lumber, tiles, etc. Can be used for making the various sections of the modular buildings. Moreover, the raw materials are also pre-constructed, which further saves the company a considerable amount of time and money. Since the modules or parts are made in a factory-controlled environment, they are also much cheaper than the raw materials.

Modular construction helps reduce waste and carbon footprint. Increasing carbon emissions thus promote adoption of modular construction, thereby aiding in growth of the modular construction market. According to Energy Statistical Yearbook 2019, in 2018, carbon dioxide emissions in the U.S. increased by 3.1% compared to that in 2017. Emerging economies are also focused on adopting modular construction. In December 2020, Kazakhstan announced start of an automated conveyor line of the ModeX modular construction plant in Nur-Sultan, the capital city of Kazakhstan.

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