3D Printing Building Construction Market Makes Waves With First 3D Printed Home On Sale In New York
10 Feb, 2021
The 3D printing company SQ4D recently built what is being promoted as ‘the first 3D printed home for sale’, designed by the engineering firm, H2M. This development could change the course of the construction industry as the autonomic robotic construction systems (ARCS) used during its construction can reduce the time and costs of the building process significantly. As per TBRC’s research report on the 3D printed building construction market, 3D printed prefabrication building construction and modularization is gradually gaining popularity. This will optimize the construction process and reduce construction time. These structures are generally built in an offsite factory and then shipped to a construction site and assembled on site. Other companies like the Zhuoda Group are engaged in the developing, designing and manufacturing prefabrication and modular buildings using 3D technologies as well.
The 3D printed home in Riverhead, New York, was constructed at about half the cost that other analogous homes constructed in the area would have been constructed for. It was also said to be erected in one-tenth of the time. Such automated construction will reduce labor involved, create more affordable homes, and make the building manufacturing and erection process extremely efficient.
As per data on the Global Market Model, the global 3D printing building construction market is expected to recover from the decline of $4.4 million in 2019 to $2.7 million in 2020 at a compound annual growth rate (CAGR) of -37.0%. This was due to the lockdown and social distancing norms imposed by various countries and the economic slowdown during the COVID-19 crisis. The market is to recover and grow at a mammoth CAGR of 247.1% from 2021 and reach $114.4 million in 2023.
Although the COVID-19 pandemic and high investment costs are factors that have and could continue to hinder the growth of the 3D printing building construction market, going forward, technological advances, rising investments in renewable energy infrastructure, urbanization, reduction in health and safety risks and rate of accidents, and efficiency of 3D printing construction compared to conventional construction will drive the growth of the 3D printing building construction industry.