Whether you call it prefabrication, offsite construction, modular construction, or industrialized construction, market demand is expected to grow 11 to 33 percent over the next three years. (Figure 1.)
The affordable housing crunch, labor shortages, shrinking margins, increasing health and safety concerns, and a general desire for change in the way construction is done are driving the popularity and sustainability of prefab construction.
"Modular (or prefabricated) construction is not a new concept, but it is receiving renewed attention and investment due to changes in the technological and economic landscape," McKinsey said in a 2020 report.
In this article, learn how some of the largest companies in the industry - both established and startups - are using prefabrication methods and technologies to transform their business models, disrupt markets, and stay ahead of the competition.