Quite often, the numbers say it all. Indeed, reports from last quarter reveal that not only is the modular construction industry performing strongly, but that prefabrication’s market size will also continue to rise across residential, commercial, healthcare, educational and industrial sectors.
According to Grand View Research’s modular construction market report, modular’s market size was valued at 112.3 billion USD in 2018 and is expected to provide a constant rate of return or compound annual growth rate (CAGR) of 6.5% through 2025. Verified Market Research’s forecast slightly bumps that estimate to a CAGR of 6.6% from 2019 to 2026.
Both reports cite a desire to increase worker safety and speed up installation as key drivers for the construction industry’s push towards prefabrication.
According to EHS Today, an occupational safety and health magazine, “In 2016, one in five fatalities was in the construction industry.” Modular manufacturers such as SurePods help eliminate work-zone hazards by moving the building process indoors to a controlled setting. By reducing risks such as slick surfaces and decreasing opportunities for moisture to come in contact with electrical lines, employees are less likely to be injured on the job. Ground-level working conditions also factor in, freeing crews from having to worry about overhead debris and falls associated with completing a job several stories up.
A summary of the “Modular Construction Market Size” further states, “As per the industry surveys, modular construction accounts for 30% to 50% time savings over the traditional counterpart.” Such speed savings derive from concurrent construction – while SurePods’ teams are putting together the bathroom components in the factory, other professionals are readying the job site – and a building process not constrained by inclement weather. What’s more, SurePods’ prefabricated pods completely remove the need for a restroom punch list, saving developers’ additional time.
SurePods weighs in
Having been in the factory-built bathroom pod business since 2004, SurePods has witnessed firsthand the explosion in commercial prefabrication. Rather than having to tell people what modular methods are, we now find ourselves encouraging customers to jump on the pre-fab train so they don’t get left behind at the station. Hop aboard today by emailing Bill Seery, SurePods vice president of business development: [email protected].