Impact of Covid-19 Outbreak on Prefabricated Buildings Market

24/giu/2020 08:42:38 Automotive Market Research Reports Contatta l'autore

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Prefabricated Building Industry architecture is gaining momentum worldwide. According to a report published by Market Research Future (MRFR), the global prefabricated buildings market is likely to surpass a valuation of USD 135,000 Mn by the year 2023, reflecting a 5.54% CAGR during the forecast period (2018-2023).

Advances in architecture design has led to the arrival of new-age architectural solutions such as prefabricated buildings. Need for faster infrastructure development as well as rapid adoption of cost-effective solutions in the construction sector is favouring the global prefabricated buildings market. Prefabricated building materials are aligned with modern construction engineering methods. This has bolstered the industry for prefabricated building materials. Preference for prefabricated materials is growing with the increased pressure on construction sector to build faster. Moreover, various hurdles in constructing building parts onsite is prompting a shit towards prefabricated buildings.

Demand for prefabricated buildings is fuelled by the rapid growth of the construction sector. Investment in infrastructural development projects in emerging economies is a prime market driver. Countries such as China, Brazil and India are witness a boom in the domestic construction sector, which is ushering market growth. In recent years, the global construction sector has flourished owing to economic growth and a stable global GDP.

Fast developing countries in regions such as South America, Latin America and the Middle East and Africa are expected to make significant contribution to the market during the forecast period. Governments in developing countries are introducing policies to improve public service infrastructure and develop affordable housing. Improved construction policies, lower down-payment, increased demand for affordable housing are some of the key factors providing an impetus to the global prefabricated buildings market. In advance economies, market growth in primarily driven by increased renovation activities. At the same time, need for infrastructural upgradation and focus on enhancing aesthetic value is propelling the construction sector in advanced economies.

Global Prefabricated Buildings Market: Segmental Analysis

MRFR’s report includes a detailed segmental analysis of the market based on application, module type, product and region.

On the basis of application, the market has been segmented into residential, commercial and industrial. In terms of value, the commercial segment commands a significant share of the market. Currently, the segment is valued at more than USD 36,000 Mn and expected to demonstrate an above-average growth rate over the next couple of years. On the basis of module type, the market has been segmented into kitchenette, bathroom pods and others. The bathroom pod segment is expected to retain its top over 2023. On the basis of product, the market has been segmented into combined system, cellular system, panel systems and skeleton system. The panel system currently commands more that 33% market share in terms of value. The segment is expected to witness a strong growth during the projection period.

Global Prefabricated Buildings Market: Regional Analysis

Asia Pacific is the largest market for prefabrication buildings. The APAC prefabricated buildings market is expected to witness a healthy growth during the forecast period. Rapid expansion of the construction sector in APAC can be linked with the impressive growth of the market in the region. Macroeconomic factors such as urban influx, industrial growth, and rising per income are also influencing the market growth in APAC. Emerging economies in the APAC, MEA, and Latin America are expected to make impressive contribution to the global prefabricated buildings market during the forecast period.

Global Prefabricated Buildings Market: Competition Analysis

Some of the leading companies functioning in the market include Algeco Scotsman, Champion Home Builders, Inc., Kirby Building Systems LLC, Ritz-Craft Corporation, Par-Kut International Inc., Red Sea Housing Services, United Partition Systems Inc., Butler Manufacturing Company, Modern Prefab Systems Pvt. Ltd., Lindal Cedar Homes, Inc. and Astron Buildings.

 

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