Dublin, June 10, 2024 (GLOBE NEWSWIRE) -- The "Australia Prefabricated Construction Industry Business and Investment Opportunities Databook - 100+ KPIs, Market Size & Forecast by End Markets, Precast Products, and Precast Materials - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The prefabricated construction industry in Australia is expected to grow by 11.9% to reach AUD 14.57 billion in 2024. The prefabricated construction industry in Australia is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 11.2% during 2024-2028. The prefabricated construction output in the country is expected to reach AUD 22.28 billion by 2028.
The Australian prefabricated construction industry is poised to record strong growth over the medium term. The growth will be led by government initiatives, which aim to tackle the housing shortage problem in Australia. Developers are also trailing prefabricated technology to fast-track the housing supply in Australia in 2024. Firms are also expanding their manufacturing capacities to meet the growing demand for modular homes.
Evoke Living Homes, for instance, announced that the firm has set up a factory at Northam in the Wheatbelt region in April 2024. The prefabricated construction market will also receive growth support from the data center market, where the adoption of prefabricated modules is rising rapidly. Overall, the publisher maintains a positive growth outlook for the industry in Australia over the next three to four years.
Developers are trialing prefabricated technology to fast-track housing supply in Australia in 2024
To tackle the housing crisis, Australia has agreed to build 1.2 million new homes over the next five years. However, the ambitious target is threatened due to the shortage of construction workers in Australia. The shortage of skilled labor has also resulted in project delays, having a negative growth impact on developers. This has been a major reason behind the downfall of several residential developers over the last 12 months in Australia.
To tackle these problems, including labor shortages and project delays, developers are now trailing prefabricated construction methods. This is part of their strategy to fast-track housing supply in Australia in 2024 and beyond. Housing giant Mirvac, following the lead of Scandinavian countries, is trailing the technology in Australia. The firm has been able to reduce the construction times of new units to 12 weeks.
Other firms are seeking to expand their production capacity to deal with the substantial housing shortfall in Australia. Evoke Living Homes, for instance, announced that the firm has set up a factory at Northam in the Wheatbelt region in April 2024. For this, the firm received the assistance of A$200,000 under the Regional Economic Development grant from the state. With the expanded production facility, the firm will be able to increase the manufacturing by 20%, while cutting down on construction delays.
Prefabricated data centers are gaining increasing traction in the Australian market in 2024
Modular prefab data centers are becoming popular among businesses in Australia. The growing trend has resulted in firms doubling down on their modular business while exiting their traditional data centers.
DXN, in February 2024, announced that the firm will supply a prefabricated data center to Australian mining firm Stanmore. The data center project is valued at US$1.2 million. The modules for the project will be developed at DXN's factory in Perth. The delivery for the project is slated for July 2024.
The firm has supplied numerous modules to various clients, including AngloAmerican, gold miner Newcrest in New South Wales, and Boeing, Covalent Lithium, and Pilbara Minerals in Western Australia. Previously, DXN delivered a landing station module to Sub.co on the Cocos (Keeling) Islands for the Oman-Australia Cable and to the island of Palau for the Echo subsea cable, led by Meta and Google. DXN, in November 2023, also announced that it would exit the Sydney data center to increase its focus on the modular unit.
NSW Planning and Public Spaces Minister vouched for modular construction to address housing crisis
Across Australia, modular housing solutions have been trialed with great success. Many regional governments are touting prefabricated construction methods as an efficient solution to alleviate supply-side issues. The Western Australian government, in 2023, revealed that over 200 prefabricated homes were being built as part of the A$2.4 billion plan to combat homelessness. The Victorian government, in 2022, also announced an A$30.38 million plan to build 114 energy-efficient modular homes.
NSW Planning and Public Spaces Minister Paul Scully, in January 2024, recognized modular construction as a key solution to the state's housing crisis. Currently, there are more than 50,000 people on the social housing waitlist in NSW. The minister emphasized the urgent need to build 377,000 new houses and highlighted that modular housing is faster and more efficient than traditional construction methods.
Modular construction firms, such as Fleetwood Australia, have welcomed the statement by the regional government. Firms like Fleetwood Australia are eyeing various projects under the modular construction initiatives announced by regional governments. These firms are also expanding their manufacturing capabilities to meet the rising demand for affordable homes. Fleetwood Australia, for instance, has the ability to deliver 1,500 new homes annually through its seven factories.
This market intelligence report provides a detailed view of market opportunities in the prefabricated building construction industry with over 100+ KPIs, covering end markets, prefabricated/precast materials, and products in Australia.
Key Features:
- End Market Dynamics: Provides a comprehensive data-centric view of size and structure, industry dynamics, and end market opportunities in the prefabricated industry in Australia.
- Prefabricated Methods: Provides an in-depth analysis of industry across 3 methods- panelised construction, modular (Volumetric) construction, and hybrid (Semi-volumetric) construction in Australia.
- Prefabricated Materials: Provides demand analysis across 7 key materials such as aluminum, wood, iron & steel, concrete, glass, and other.
- Prefabricated Products: Provides demand analysis of market by 7 key products such as building superstructure, roof construction, floor construction, interior room modules, exterior walls, columns & beams, and other.
Report Scope
Australia by Building Construction Sector
- Residential
- Single-Family
- Multi Family
- Commercial
- Office
- Retail
- Hospitality
- Other
- Institutional
- Industrial
Australia by Prefabrication Methods
- Panelised construction
- Modular (Volumetric) construction
- Hybrid (Semi-volumetric) construction
Australia by Prefabricated Material
- Aluminium
- Wood
- Iron & Steel
- Concrete
- Glass
- Other
Australia by Prefabricated Product
- Building Superstructure
- Roof Construction
- Floor Construction
- Interior Room Modules
- Exterior Walls
- Columns & Beams
- Other
Australia by Prefabricated Product
- Aluminium
- Wood
- Iron & Steel
- Concrete
- Glass
- Other
Australia by Prefabrication Construction Sector
- Residential
- Commercial
- Industrial
- Institutional
For more information about this report visit https://www.researchandmarkets.com/r/ki38xj
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