The global prefabricated buildings market is proliferating. Prefabricated building is recognized as a versatile technology, allowing a promisingly cost-effective and affordable construction method. Besides, the market growth attributes to the other advantages offered by prefabricated structures, such as a significant reduction in the overall construction costs, low maintenance, and resourceful construction with a better quality product.
Leverage to today’s fast-paced life, the prefabricated building concept has shaped up and evolved pervasively. When it comes to erecting a low-rise building for business or municipal use, prefabricated construction enhances the construction schedule’s speed, transforming the architectural possibilities throughout the building. This, as a result, escalates the growth of the market.
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According to Market Research Future (MRFR), the global prefabricated buildings market valuation is projected to expand to USD 135,945.6 MN by 2023, growing at 5.54% CAGR during the forecast period (2017 – 2023). Given the benefits of prefabricated buildings, governments worldwide are taking up initiatives to reinforce this construction method in infrastructure development projects.
Additionally, the booming e-commerce and logistics sector augments the demand for prefabricated buildings in warehousing and other storage facilities. Increase in industrialization and urbanization, along with the ever-increasing global population rate, boost the size of the prefabricated buildings market. This, along with FDI in retail, has pushed the number of construction projects, inducing the demand for prefabricated buildings.
Additionally, governments across the countries are seen bringing various reforms and regulations to boost their infrastructure growth and real-estate market, which bolster the market growth, driving the demand for speedy construction methods. Conversely, project execution criticalities and lack of workforce with the required technical competencies are major factors projected to impede the market growth.
Global Prefabricated Buildings – Segmentation
The report is segmented into four dynamics;
By Product : Skeleton System, Panel System, Cellular System, Combined System, and others.
By Module Type : Bathroom pods, Kitchenette, and others.
By Application : Industrial, Commercial, and Residential.
By Regions : North America, Europe, APAC, and Rest of the World.
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Global Prefabricated Buildings – Regional Analysis
The Asia Pacific region dominates the global prefabricated buildings market with its fast-growing market. Besides, the largest market share attributes to the augmented demand due to the rapidly growing construction industry, rising population, and economic growth in the region. The burgeoning construction sector in the region is undergoing a massive transformation, with several major building projects being planned currently.
Moreover, lowering interest rates on construction loans and increasing consumer purchasing power influence market growth. Increasing numbers of infrastructural projects backed by huge investments, especially in India and China, substantiate the market growth. The inflow of foreign investments in India further encourages the growth of the market in the region. The APAC prefabricated buildings market is projected to retain its dominance throughout the estimated period.
North America stands second in the global prefabricated buildings market. Market growth is driven by the booming construction sector witnessing constant renovation activities in the already well-defined infrastructure. Additionally, the high consumption potential, increasing production capacities, and the well-developed economy boost the regional market’s growth.
The US and Canada account for major shares in the regional market. Furthermore, increasing green building structures create substantial demand for construction materials. The North American prefabricated buildings market is expected to perceive significantly augmenting demand during the review period.
Europe prefabricated buildings market is growing rapidly. Factors such as increasing RD expenditures to drive product innovations and the growing purchasing power of consumers boost the regional market growth. Besides, the rising consumption of structural components and increasing pre-engineered building projects drive the regional market growth.
Germany, Italy, Spain, the UK, and France are leading markets for prefabricated buildings in the region. The European prefabricated buildings market is expected to create a substantial revenue pocket during the anticipated period.
Global Prefabricated Buildings – Competitive Outlook
Characterized by the presence of many well-established players, the global prefabricated buildings market appears highly competitive. To gain a larger competitive share, these players engage in strategies, such as mergers acquisitions, collaborations, expansion, and technological launches.
The majority of prefabricated building companies have in-house RD facilities to develop quality products. Emerging economies demonstrate a vast opportunity for industry players to expand grow due to the low penetration of prefabricated buildings. The solution lies in creating awareness about the advantages of the prefabricated building construction method.
Major Players:
Players leading the global prefabricated buildings market are Algeco Scotsman, Red Sea Housing Services, Butler Manufacturing Company, Astron Buildings, Champion Home Builders, Inc., Kirby Building Systems LLC, Ritz-Craft Corporation, Lindal Cedar Homes, Inc., Modern Prefab Systems Pvt. Ltd., United Partition Systems Inc., and Par-Kut International Inc., among others.
Industry Advancements/Related News
November 18, 2020 —- LMN Architects (the US), a leading architectural firm, announced the completion of the new Plant Sciences Building at Washington State University (WSU) in Pullman, Washington. On the exterior, the building redefines the red-brick campus vernacular in a new architectural approach, a high-performance precast concrete façade panel system with a sculpted, red-brick veneer.
The building’s prefabricated façade system enhances the speed of the construction schedule and transforms the architectural possibilities throughout the building. The panels integrate prefabricated construction materials in the structure, insulation, weather barrier, and interior exterior finishes, accelerating construction sequencing and enabling a bespoke composition of organically inspired brick surfacing.
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