Prefabricated Buildings Market – Size, Share, Segmentation, Top Leaders and Regional Forecast 2023

30/gen/2020 10:05:02 Automotive Market Research Reports Contatta l'autore

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A prefabricated building architecture refers to an assembly site or a manufacturing process where several materials and building systems are combined. Such a combination forms a component of a larger onsite assembly, where the structure is installed onsite. The global prefabricated building industry is estimated to record a CAGR of 5.54% during the forecast period. It is primarily governed by the increasing investments in constructions in Asia Pacific and supportive government regulations and policies.

Furthermore, the establishment of SEZs and minimized wastage due to construction are also responsible for substantial growth in the prefabricated building market. Governments in various economies are introducing initiatives to promote and develop their construction sector, boosting the prefabricated buildings market. For instance, the government of India recently announced the passage of RERA Act, 2016, along with several other policy initiatives to develop the construction sector in the country.

Meanwhile, central housing policies in China have relaxed, with the lowest down payment ratio decreased in 2016. Hence, cheaper down payments have elevated the demand for property buying and investments, pushing the prefabricated building market. Lower down payments have encouraged the homebuyers to borrow money from banks, in turn prompting considerable growth in the construction sector and higher demand for prefabricated buildings.

Market Segmentation

MRFR segments the global prefabricated building market on the basis of product type, application, module type, and region. Based on product type, the prefabricated building market is segmented into skeleton system, cellular system, panel system, and combined system. The panel system segment garnered the biggest market share of 33.2% in 2016. Panel segment based on product type is also estimated to expand at the highest growth rate during the assessment period. The skeleton system segment accounted for 31.45% of the market, following the panel system segment and is likely to expand at 5.05% CAGR during the review period.

Based on application, the global prefabricated building market is segmented into industrial, residential, and commercial. The commercial segment held the largest share in the prefabricated building market during the review period. It was valued at USD 36,083.2 million and is likely to exhibit the highest CAGR by 2023.

On the basis of module type, the global prefabricated building market is segmented into bathroom pods and kitchenettes. The bathroom pods segment held the largest market share of 25.45% in 2016. It is also expected to project a CAGR of 5.54% during the assessment period.

Detailed Regional Analysis

The global prefabricated buildings market is estimated to garner a revenue of USD 135,945.6 mn through the assessment period. The global prefabricated building market is geographically segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific is anticipated to spearhead the global prefabricated building market, just like it did in 2016. The prefabrication buildings market is estimated to expand at the fastest growth rate during the forecast period. Increased industrialization in many emerging economies, rising population, and rapid penetration of urbanization are some of the factors contributing considerably to the growth in the region. Further, growth in the spending capacity is upscaling the demand for prefabricated buildings in Asia Pacific, driving the market during the forecast period.

Key Players

The global prefabricated building market has many market players that hold considerable dominance over the same. Profiling of some key players including Red Sea Housing Services, Algeco Scotsman, Butler Manufacturing Company, Astron Buildings, Kirby Building Systems LLC, Champion Home Builders Inc., Ritz-Craft Corporation, Modern Prefab Systems Pvt. Ltd., Lindal Cedar Homes Inc., Par-Kut International Inc., and United Partition Systems Inc. is provided by Market Research Future (MRFR) in their latest report.

Industry Update

April 2019: Marriott announced that it would be building the world’s tallest modular hotel in New York City. The 168 guest rooms will be prefabricated and arrive on-site to be stacked on top of the traditionally built restaurant and lobby. The rooms will be fully furnished and finished both, inside and out.

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