New York (US), May 30, 2023 (GLOBE NEWSWIRE) -- Prefabricated Buildings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Prefabricated Buildings Market Information By Product, Module Type, Application, and Region - Forecast till 2030", The market for prefabricated buildings can expect to rise from USD 145.85 billion in 2022 to USD 231.91 billion in 2030, garnering a rate of 6.85% from 2022 to 2030.
Market Scope
Homes that have been built using prefabricated building materials are referred to as prefabricated homes, or prefab homes. These building materials are prefabricated in a facility off-site before being delivered there to be put together. Prefabricated homes combine technology with conventional home ownership. Utilising various techniques, such as 3-D printing, these homes are prebuilt off-site before being put together on the construction site. Modular homes are those that are at least 70% prefabricated. The prefabricated dwellings' superstructure are pre-built in pieces, despite the fact that they are set on permanent foundations. This makes these dwellings simple to carry, disassemble, and assemble. Prefab homes are less expensive, more environmentally friendly, and more aesthetically pleasing than traditional residences.
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Market Competitive Landscape:
- The renowned vendors active in the market for prefabricated buildings include
- Lindal Cedar Homes Inc
- Red Sea Housing Services
- Astron Buildings
- United Partition and Systems
- Butler Manufacturing Company
- Ritz
- Craft Corporation
- Champion Home Builders
- Kirby Building Systems LLC
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size | USD 231.91 billion |
| CAGR | 6.85% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Module Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Rising increasing government initiative |
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Prefabricated building sales will continue to grow as a result of major market participants spending a lot of money on R&D to diversify their product offerings. Market participants are engaging in a variety of strategic activities to strengthen their presence in conjunction with key market events such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
If rivals in the prefabricated building industry want to expand and succeed in a field that is getting more and more competitive, they must offer products that are affordable. According to the market's competitive landscape, the Prefabricated Buildings industry's companies must provide affordable goods in order to grow and survive in a market climate that is becoming more and more competitive.
Market USP Covered:
Market Drivers:
The market is being supported by factors like shorter construction timelines, lower construction costs, the need for offices in developing SEZs, rising real estate investments, rapid urbanization, rising demand for alternative construction methods, and short-term and urgent industrial requirements. The market is also benefiting from consumers' increased interest in waste reduction, green building practices, and CO2 emission reduction. Additionally, increased real estate investments globally and the developing construction and infrastructure sectors in Asia are both contributing to industry expansion.
With significant growth prospects projected to arise in the GCC and Asia-Pacific regions, the market's development is likely to follow the expansion of the housing and real estate sectors internationally. Prefabricated building advantages are becoming more widely known and accepted, which is also encouraging for the market's expansion. The demand for prefabricated buildings is also being supported by an increase in refurbishment projects aimed at enhancing both the structural and aesthetic value of buildings. The construction of new homes is being sparked by rising disposable income levels, which is also igniting interest in prefabricated structures.
Prefabricated goods in various sizes and shapes are becoming more and more in demand. Prefabricated metal items are used in structures for a variety of aesthetic architectural requirements. The substantial benefits of off-site construction, such as increased flexibility, quicker project completion, economic effectiveness, safer, greener construction, and practicality in distant places, are driving up demand for industrial modular structures.
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Opportunities
Since India will require hundreds of thousands of plants in the future, there is a significant market opportunity for prefab businesses there. India's building output will be among the fastest-growing in the next years, making technology intervention a crucial element. By 2025, India may overtake China as the third-largest construction market in the world.
Under the National Infrastructure Pipeline (NIP), India has a USD 1.4 trillion infrastructure investment budget, of which 24% will go to renewable energy, 19% to roads and highways, 16% to urban infrastructure, and 13% to railroads. Foreign Direct Investment (FDI) totaled USD 26.16 billion and USD 25.95 billion, respectively, between April 2000 and September 2021 in the construction development sector (townships, housing, built-up infrastructure, and construction development projects).
India's urban population increased quickly between 1901 and 2021, which led to a shortage of land, housing, clogged transit, and basic amenities. Prefabricated buildings can satisfy the needs of the housing market with careful design and implementation. Only 2% of the 500 million USD markets in the Indian building industry are precast construction.
Market Restraints:
While the prefab concept has been widely adopted in some nations, there are still difficulties in many other regions of the world due to things like obtaining government clearances and a shortage of adequate land for development.
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COVID 19 Analysis
Numerous businesses have been severely impacted by the COVID-19 epidemic, but public construction is one of the few that has been kept somewhat afloat. Although the operation is likely to continue for the foreseeable future, work is anticipated to end shortly for a variety of reasons, including supply chain disruption, a lack of subcontractors and materials, and the termination of cost management contracts.
Market Segmentation
By Product
Depending on the product, the prefabricated buildings market can be classified into skeleton, panel, cellular, and combination systems.
By Module Type
Bathroom pods, kitchenettes, and other items are included in the market segmentation for prefabricated buildings, with respect to the type of module. Bathroom pods were the market's largest category in 2021 and are anticipated to grow at the fastest rate from 2022 to 2030. This is because the module may easily be delivered as a turnkey solution and can be modified to fit an existing structure.
By Application
The prefabricated buildings market has been divided into three categories, as per application: industrial, commercial, and residential. Because the commercial sector is employing more prefabricated building solutions, commercial held the greatest segment share in 2021 in the market for prefabricated buildings.
Regional Insights
The market for prefabricated buildings in Asia Pacific can touch USD 57.2 billion in 2021 and attain a strong CAGR of 41.90% over the course of the research period. China intends to switch from large-scale infrastructure projects to more modest efforts. The 13th Five-Year Plan (FYP) states that projects including water supply and treatment facilities, road upgrades, urban metro systems, and public parks are designed to reduce traffic and pollution, restore dilapidated housing, and foster the expansion of small and medium-sized cities. In addition, the Asia-Pacific region's Prefabricated Buildings market in China had the greatest market share while the Prefabricated Buildings market in India had the quickest rate of growth.
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