Dublin, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The "Prefabricated Building Systems Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The prefabricated building systems market is expected to grow at a compound annual growth rate (CAGR) of 8.58% during the forecast period.
The prefabricated building systems market is anticipated to grow due to its advantages, such as speedy construction work, decreased labor cost, minimized work, and offsite manufacturing.
The main factors driving the prefabricated building systems market are the increasing demand from the residential construction industry, demand from commercial spaces, rising interest in green buildings, and new 3D construction technology.
- The gross value added to the construction sector in the European Union was 5.5% in 2022. Among the members, the highest proportion were Austria (7.3%), Finland, and Romania (both 7%). The investment in housing was 5.9% of GDP in 2022. The highest among investments comprises 8.6% in Cyprus, 7.3% in Germany, 7.2% in Finland, and 7.1% in France.
- The number of dwellings approved for construction increased in 23 Member States of the European Union between 2010 and 2022. It almost quadrupled in Bulgaria, followed by Estonia and Malta. With an increase of 277% in Bulgaria, Estonia by 162%, and Malta by 118%.
- According to the U.S. Census Bureau, the annual rate for housing units authorized in permit-issuing places for new residential construction was 20,182 in 2022 and 18,217 in 2023.
Increase in the residential buildings sector
Globally, the demand for residential buildings is growing significantly with factors such as the growing economies of the Asia Pacific, the demand for affordable housing for the poor due to the homeless problem in Western countries, and rising prices of houses in urbanized settings. The number of free housing in Spain significantly jumped from 96,996 in 2022 to 98,040 in 2023. This increase in the free housing construction in Spain is due to the rising housing prices in many parts of the country especially in the places of high tourist visits.
This upsurge in residential housing demand would lead to an increased demand for modular construction, which is quick and easy to construct. Modular buildings are cheaper and produce less waste than traditional buildings.
Growing awareness about green buildings
Prefabricated building systems are a good solution for the environmental issues related to the construction industry. Construction generates waste and is also responsible for global energy consumption, waste generation, and CO2 emissions. Most of the waste ends up in landfills, contributing to further environmental harm. On the other hand, prefabricated construction requires less energy to build than traditional construction, as manufacturing methods use energy-saving technology and equipment. Its manufacturing process takes place in a controlled environment, leading to optimized materials and minimizing waste.
Prefabricated buildings are assembled more quickly and require less energy to transport materials to the construction site. Their construction is often designed to be energy-efficient, with features like high-performance insulation and HVAC systems requiring less energy for heating and cooling.
Demand for non-residential buildings application
The demand for prefabricated building systems for commercial buildings has been rising due to innovation, as Purcell Construction manufactures panel systems with exterior surfaces installed at the factory. These completed exterior panels allow the building to become weather-tight. This allows protection from the weather damage to the building. This also reduces scaffolding costs and decreases the time to MEP rough-in schedule. Other advantages included safety and quality control.
BOXX Modular's commercial buildings offer solutions for mobile Offices, office complexes, and custom offices. Several end-user industries use them, such as emergency & disaster response, chemical, biotech, and pharmaceutical, transportation, mining, concrete, & quarries, construction, manufacturing, and waste management.
Growing demand for 3D house construction
3D house construction will grow in the coming years due to the growing urbanization worldwide. Most of this demand would come from the developing countries. To address the challenges of affordable houses in cities of developing countries that are vulnerable to climate risks, Modular 3D printing construction is necessary. It can create adjustable, affordable, and climate-resilient housing for low-income citizens.
Prefabricated 3D printing modular housing offers construction of the components printed in a controlled environment and then assembled on-site. Different types of 3D-printed residential modular kits are manufactured, attracting investment and research to develop the technology. According to research by Wageningen University, the 3D technique could decrease 35% in total construction costs through increased building efficiency. Labor costs decreased due to the few people necessary for the construction, and training and development of skills required fewer costs. Further material usage could be decreased by 40% compared to conventional construction methods.
The Asia Pacific region will dominate the prefabricated building systems market during the forecast period.
The major economies, such as China, Japan, India, and South Korea, dominate the Asia-Pacific region. Some of the fastest-growing emerging economies, such as ASEAN countries, are from this region. India and China are significant players in the region.
India plans to spend US$1.723 trillion on infrastructure between FY24 and FY30. This focuses on power, roads, and developing industries like renewable energy and electric vehicles. In the aviation sector, the number of airports has reached 149, and Indian airlines have ordered more than a thousand new aircraft. FDI in construction development reached US$33.91 billion in March 2024.
After the real estate turmoil of 2021, China remains the largest market for real estate growth and development. The new opportunity lies in policy decisions such as new urban buildings being certified green buildings by 2022. This includes public facilities such as schools, hospitals, museums, stadiums, affordable housing, and any single building over 20,000 square meters area. Applying prefabricated building systems in the construction and building industry would increase in the region for robust growth.
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.1.1. Increase in the residential buildings sector
4.1.2. Growing awareness about green buildings
4.1.3. Demand for non-residential buildings application
4.1.4. Growing demand for 3D house construction
4.2. Market Restraints
4.2.1. Technical issues thus needed more innovation and development
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
5. PREFABRICATED BUILDING SYSTEMS MARKET BY DIMENSIONS
5.1. Introduction
5.2. Skeleton System
5.3. Panel System
5.4. Cellular System
5.5. Combined System
6. PREFABRICATED BUILDING SYSTEMS MARKET BY COMPONENT
6.1. Introduction
6.2. Metal
6.3. Non-Metal
7. PREFABRICATED BUILDING SYSTEMS MARKET BY END-USER INDUSTRY
7.1. Introduction
7.2. Residential
7.3. Commercial
7.4. Infrastructural
8. PREFABRICATED BUILDING SYSTEMS MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
- Abtech
- Algeco Scotsman
- Astron Buildings
- Butler Manufacturing
- Kirby Building Systems
- Lindal Cedar Homes
- Modular Engineering
- Niko Prefab Building Systems
- Par-Kut International
- Red Sea
- Schulte Building Systems
- Skyline Champion
- United Partition Systems
- EPACK Prefab
- Consolis
For more information about this report visit https://www.researchandmarkets.com/r/rzsku6
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