The Use Of 3D Printing Technology Is Rising In The Modular And Prefabricated Nonresidential Building Construction Market
The Business Research Company's global modular and prefabricated nonresidential building construction market report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Sept. 21, 2022 /PRNewswire/ -- 3D printing technology is gaining popularity in the modular and prefabricated nonresidential building construction market trends. Modular and prefabricated nonresidential building construction companies are using 3D construction printing for creating construction components or to 'print' entire buildings. A construction 3D printer is a machine that can build facilities by depositing a material (concrete, for example) layer by layer. Concrete 3D printing, or "Construction 4.0", is a similar 3D printing technology to the one that Fused Filament Fabrication uses. Paste-type material, such as concrete or earth materials, is pushed through a nozzle in layers to print buildings in 3D. For instance, the National Fire Protection Association's Cheniuntai company is one of several that are already using 3D printers to construct houses, office buildings, and other structures worldwide.
The global modular and prefabricated nonresidential building construction market size is expected to grow from $62.57 billion in 2021 to $67.04 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The modular and prefabricated nonresidential building construction market growth is expected to reach $88.20 billion in 2026 at a CAGR of 7.1%.
Increasing Infrastructure Development – A Major Driver For The Modular And Prefabricated Nonresidential Building Construction Market
Increasing infrastructure development is expected to drive the growth of the modular and prefabricated building system market during the forecast period. Modular construction involves producing standardized components of a structure in an off-site factory, then assembling them on-site. For instance, in September 2021, according to India Brand Equity Foundation data, an India based Department of Commerce, Ministry of Commerce and Industry, the Indian government announced road projects worth Rs. 1 lakh crore (US$ 13.48 billion) to develop road infrastructure in Jammu and Kashmir.
Asia-Pacific Was The Largest Region In The Modular Construction Industry
Asia-Pacific was the largest region in the modular and prefabricated nonresidential building construction market and was worth $27060.5 million in 2021. The modular and prefabricated nonresidential building construction market in Asia-Pacific is supported by government initiatives and by increasing investments in the countries of the region. For instance, in March 2022, Horizon Industrial Parks, which has a portfolio of logistics parks in India owned and managed by Blackstone Real Estate funds, is looking to expand its presence across key southern markets apart from tapping smaller cities. The company plans to invest more than INR 2,000 million ($260 million) to build 9 million sq ft of logistics facilities across South India over the next few years.
Willscot Mobile Mini Holdings Corp Was The Largest Competitor In The Modular And Prefabricated Nonresidential Building Construction Market
WillScot Mobile Mini Holdings Corp was the largest competitor in the modular and prefabricated nonresidential building construction market in 2021, with a 0.93% share of the market. WillScot's growth strategy focuses on strengthening its business operations through strategic mergers and collaborations. For instance, in July 2020, WillScot Corporation merged with Mobile Mini, Inc., and the combined company was named WillScot Mobile Mini Holdings Corp. Through this merger, WillScot offers a broad portfolio of modular space and portable storage solutions to its customers across North America. In addition, it also aims to create a more diverse and stronger company that is better positioned for the future.
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