New York, USA, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Prefabricated Buildings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Prefabricated Buildings Market Information by Module type, by Application, and by Region - Forecast till 2030”, the market is estimated to grow at a 6.85% CAGR to reach USD 227.7 Billion by 2030.
Market Scope:
Frames, panels, walls, windows, roofs, and doors are all interchangeable parts of the Prefabricated Buildings system. Growth in the market is being fueled by the emergence of new economies in various countries.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 227.7 Billion |
| CAGR | 6.85% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Module type, by Application, and by Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rising demand for conventional techniques. |
| The countries in the Asia-Pacific region are developing rapidly. |
Competitive Dynamics:
Numerous new businesses are springing up, each offering a unique set of services designed to help their clients expand their customer base and boost sales. Mergers, collaborations, new ventures, acquisitions, product launches, etc., are just some of the many strategies market players regularly employ. The key players of the market are:
- Lindal Cedar Homes Inc
- Red Sea Housing Services,
- Astron Buildings
- United Partition Systems
- Butler Manufacturing Company
- Ritz-Craft Corporation
- Champion Home Builders
- Kirby Building Systems LLC
- Par-Kut Internationals
- Algeco Scotsman
- Modern Prefab Systems
- GRAITC Groups
Market USP:
Market Drivers
The rising number of city dwellers and the continued popularity of tried-and-true methods have stimulated the worldwide demand for prefabricated structures. During the predicted time frame, the global market is expected to expand because of increased investment by key players in these items. In addition, the construction industry is a major driving force in the global market and is expected to provide lucrative chances for the dominant market participant in the future.
Prefabricated buildings are expected to grow in popularity as their high-quality parts become more widely available. The market is expected to generate significant revenue during the forecast period as a result of increased concerns regarding sustainable living, the construction of small or mega residences. Furthermore, the development of relevant technologies in this sector will spur demand for prefabricated construction components.
Market Restrictions
A number of factors may slow the development of the market for prefabricated structures. However, the installation of Prefabricated Buildings necessitates trained labor, which is expected to slow the expansion of the global market for Prefabricated Buildings. It follows that this component will have a significant effect and slow the expansion to some degree. Without the proper training and experience, putting together even the smallest of parts can be quite perilous. Transportation damage to goods is another potential cost driver. The fact that there are many viable, low-cost options to consider is also a potential obstacle.
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COVID-19 Analysis
Global construction projects have been delayed due to the COVID-19 virus. The shortage of raw materials has caused a number of issues for the manufacturing sector. This occurred because the global lockdown in several nations caused a breakdown in the logistics network. In addition, the suspension of construction contracts greatly slowed the growth of the market for prefabricated buildings. As a result of the global spread of the COVID-19 epidemic, all building-related activities have been suspended. Demand for prefabricated structures was considerably impacted as a result of the drop in modular construction projects throughout several sectors of the construction industry, including education, residential, airports, and others. Several points throughout the supply chain had been disrupted, delaying the arrival of essential construction materials and negatively impacting ongoing projects.
Market Segmentation:
On the basis of application
In this segment, the commercial category held the largest share in the global prefabricated industry.
By product
The panel system held the largest share in the prefabricated buildings industry during 2016. It is expected that this segment will grow in the upcoming years.
Based upon the module type
In this segment, the bathroom pods also held a substantial stake during 2016.
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Regional Analysis:
It is predicted that Asia and the Pacific would account for the biggest market share in the prefabrication sector. China's contribution to the growing urbanization of developing countries like India will enhance demand for prefabricated buildings and consequently the market's revenue. The Indian government has proposed new policies to encourage the development of the country's prefabrication sector.
Market share for prefabricated structures is anticipated to grow substantially in North America. The prefabricated building market is likely to grow as more people opt for energy-efficient structures like micro houses. A number of major firms are also making investments in the real estate market, which bodes well for the future.
During the forecast time period, Europe is predicted to expand at a rapid clip. Sustainable, long-lasting, and inexpensive innovative solutions are increasingly appealing to consumers. Specifically, they are emphasizing the use of materials that can be repaired quickly and painlessly. The aforementioned elements are likely to drive growth in the prefabricated building industry. The European prefabricated construction market stands to benefit greatly from the spread of additive manufacturing. In an effort to differentiate themselves from rivals, more and more businesses are adopting environmentally friendly products and manufacturing processes. The push for energy efficiency has led to the development of new energy-harvesting technologies, such as tiny houses. The introduction of turnkey solutions is another major element driving market expansion in the region, especially in Switzerland, the Nordics, and the United Kingdom. Germany, the Nordic countries, and the United Kingdom are the most prominent players in Europe's prefabricated building market. Companies specializing in modular construction can find promising business opportunities in the UK. To take advantage of the market's expansion opportunities and modular building strategies, the top companies are investing in enhanced performance and productivity. Sustaining the United Kingdom's position in the European prefabricated building sector is the current shortage of skilled workers in the construction industry.
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