The
global dry construction market size is
expected to grow by USD 22.73 billion during 2020-2024. The report also
provides the market impact and new opportunities created due to the COVID-19
pandemic. The impact can be expected to be significant in the first quarter but
gradually lessen in subsequent quarters – with a limited impact on the
full-year economic growth, according to the latest market research report by
Technavio.
The rise in global building construction and infrastructure activities
is the most significant factor that will drive the growth of the global dry
construction market. The number of new constructions in several developed and emerging
countries are on the rise after the prolonged depression in the construction
market. The recovery in the US economy has created optimism among home buyers,
leading to increased demand for new single and multi-family homes. Moreover,
several countries are also investing in infrastructure development. For
instance, in March 2017, the US government planned to invest USD 1 trillion in
various infrastructure development plans, including the construction of
airports, hospitals, and schools. Several private players in the construction
industry are also undertaking new commercial mega-projects, of which many are
already in the construction phase. Such increase in construction activities is
expected to drive the growth of the market.
As per Technavio, the growth in modular and panelized constructions will
have a positive impact on the market and contribute to its growth significantly
over the forecast period. This research report also analyzes other significant
trends and market drivers that will influence market growth over 2020-2024.
Dry Construction Market: Growth in Modular and Panelized Constructions
The growth in modular and panelized construction is one of the key
trends that will drive the growth of the market. Modular construction and
panelized construction is centralized in a factory where the modules or panels
are manufactured. Modular construction assembles modules to create a whole
housing or building unit, whereas, panelized construction assembles
pre-fabricated individual roof, floor, and wall panels together for setting up
a building. They offer several advantages in on-site construction such as
shorter construction duration and reduced labor, which are further driving the
adoption of these techniques.
Dry Construction Market: Segmentation Analysis
This market research report segments the dry construction market by
end-user (residential buildings and commercial buildings) and geography (North
America, Europe, APAC, MEA, and South America).
The North American region led the dry construction market in 2019,
followed by Europe, APAC, MEA, and South America respectively. During the
forecast period, the North American region is expected to register the highest
incremental growth due to factors such as an increase in private and public
housing in the region.
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