The global modular market is predicted to be worth US$107.21 billion by 2026 up from US$64.85 billion in 2018, according to Fortune Business Insights.
The research company said that the global modular construction market was expected to enjoy compound annual growth rate of 6.5% from 2019 to 2026 as the building industry increasingly embraced its key advantages of speed, cost savings, off-site quality, reduced labour requirements and low environmental impact.
These trends and more were the subject of a special round table recently hosted by the Knauf Insulation Experience Center in Škofja Loka, Slovenia, and attended by over 40 building specialists from 12 European countries.
Playing a key role in nearly zero-energy buildings
Top of the agenda was how prefabricated, modular and frame construction buildings can contribute to a more climate-responsible future by offering solutions with a significantly lower environmental impact than many other forms of building.
Round table participants heard how prefabricated construction projects were playing a critical role in nearly zero-energy buildings and offering attractive alternatives in the world of renovation.
Knauf Insulation’s CEO Jean-Claude Carlin and the company’s Group Marketing Director Saša Bavec also addressed the event. They underlined the growing importance of prefabricated building and showcased ways in which Knauf Insulation and the Knauf Group can support the industry.
Advantages of prefabricated buildings
A range of customised solutions were presented to participants and their key advantages were highlighted ranging from energy efficiency and fire safety to acoustic performance and environmental benefits.
The reputation of prefabricated construction has vastly improved in the past decade as a result of advanced processes, better performance and increased awareness of its potential as a sustainable building solution, the round table was told. During one presentation, it was even suggested that prefabrication could be the only affordable building solution in future.
Time will tell if this prediction will come true. However, there is no doubt that the modular building industry shows no signs of slowing down.