THE UK’S PREFABRICATED VOLUMETRIC SYSTEMS MARKET IS EXPECTED TO GROW BY 14% FROM 2020-2024, ACCORDING TO RECENTLY RELEASED RESEARCH.
The ‘Prefabricated Volumetric Building Systems Market Report’ by AMA Research says the largest market for volumetric products is temporary accommodation on construction sites, industrial sites and event hire which is worth around £350-380m annually.
Over the next few years, a growing number of public sector procurement frameworks which include several key modular building contractors, and an increasing use of Building Information Modelling (BIM), will contribute to the market’s growth.
The use of volumetric building systems and other types of offsite construction methods is also touted as increasingly likely to remedy the housing shortage and cope with the lack of traditional construction skills.
Alex Blagden, editor at AMA Research, reportedly said while the outlook for the volumetric building systems market was difficult to predict given the lack of published data in the sector and wider economic uncertainty, steady growth in the market is expected over the next few years to 2024.
In the UK healthcare sector, there is likely to be some short-term emergency investment to cope with the additional strain on the service because of Covid-19. This may also further highlight the under investment in the health sector over the last 10 years and support longer term investment and development programs. ■