Due to driving factors such as significant labour, cost and time saving, the global offsite construction market looks to hit £215 billion by 2025, a Compound Annual Growth Rate (CAGR) of 6.3% from 2018.
According to a report by analysts Frost & Sullivan, the ever-evolving regulatory landscape, with more environmentally sustainable and regulatory-compliant construction practices, will see offsite prospects and revenues boost in the Western European and North America markets.
However, the quickest growth will occur in the developing economies of Latin American, Indian, Southeast Asia and Eastern Europe.
Prathmesh Limaye, Senior Analyst at Frost & Sullivan, commented: “Prefabricated buildings are increasingly being perceived as sustainable solutions for construction projects due to a growing usage of materials, such as timber and aluminium composites, that are more energy efficient than concrete.”
The report comes soon after Housing Minister Esther McVey said she wants the UK to become to ‘world leader’ in modular building within the next decade.
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