As per the analysis by Market Research Future Reports (MRFR), the Global Prefabricated Buildings Market is estimated to value USD 135,945.6 Million with a CAGR of 5.54% by the end of 2023.
The research states that there has been a moderate growth of the global prefabricated building market during the last few years. The global prefabricated buildings market 2020 is majorly driven by the construction sectors in the private and public domain. Private and residential construction has a significant contribution to the prefabricated buildings market. An increase in disposable income has resulted in a higher for new construction and renovation. The usage of prefabrication has resulted in lessened wastage in several sites, which includes timber formwork, concreting and reinforcement, plastering, with the 100% waste reduction witnessed in plastering. It has resulted in an increased demand for prefabricated construction across the world. The renovation initiatives are taken to add to the aesthetic value and increasing the construction value. The rapid industrialization increased income, and urbanization is the crucial factor that influences the market. The government of several nations is taking action to promote their construction industry. The developing countries are taking several initiatives to expand their real estate market and infrastructure. Such initiatives are likely to aid the market growth of prefabricated construction.
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The global prefabricated buildings market has been segregated on the basis of application, product, module, and region.
On the basis of application, the global prefabricated buildings market has been classified into residential, industrial, and commercial.
On the basis of product, the global prefabricated buildings market has been classified into a panel system, skeleton system, combined system, and cellular system. The skeleton system accounted for 31.45% of the market share in 2016. It has been anticipated to expand at a CAGR of 5.05% during the review period.
On the basis of the module, the global prefabricated buildings market has been classified into kitchenettes, bathroom pods, and others.
On the basis of region, the global prefabricated buildings market has been classified into Asia-Pacific, North America, Europe, and the Rest of the World (ROW).
The geographical analysis of Asia-Pacific, North America, Europe, and the Rest of the World (RoW) has been performed. Among all, the APAC region reigned the global prefabricated buildings market in 2016. It accounted for the maximum CAGR of 5.81% during the review period. It has been anticipated to be the fastest expanding market for prefabricated construction. The robust industrialization, higher standard of living, and rising urbanization are the major factors bringing an impact on the expansion of the market in the APAC region. Apart from this, the increasing FDI in construction in the APAC region, reduced construction wastage, installation of SEZs, and favorable initiatives by the government has also contributed significantly to the growth of the global prefabricated buildings market. However, the expansion of the market is hindered by the unstable price of raw material, availability of skilled laborers, and additional expenses.
The major players in the global prefabricated buildings market are Algeco Scotsman, Red Sea Housing Services, Butler Manufacturing Company, Astron Buildings, Champion Home Builders, Inc., Kirby Building Systems LLC, Ritz-Craft Corporation, Lindal Cedar Homes, Inc., Modern Prefab Systems Pvt. Ltd., United Partition Systems Inc., Par-Kut International Inc., and others.
Algeco Scotsman, a UK based company, which is a global business service provider majorly in modular space, has acquired Australia-based Net Modular, which possesses expertise in servicing and manufacturing modular building for schools. The initiative has strengthened the position of Algeco in Australia’s education sector.
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