Press release
Prefabricated Buildings Market Insight 2023 | Global Key Player; Red Sea Housing Services, Algeco Scotsman, Butler Manufacturing Company, Champion Home Builders, Inc., Astron Buildings, Kirby Building Systems LLC, Lindal Cedar Homes, Inc., Ritz-Craft Corp
Prefabricated building architecture is a manufacturing process or an assembly site, in which various materials and building systems are combined to form a component or a part of larger onsite assembly or a building, where the structure is to be installed onsite, or installing the building system onsite.
The market of prefabricated buildings is governed by Increasing FDI in construction in Asia-Pacific region, supportive government regulations and policies, establishment of SEZs, and minimized construction wastage. However the market growth is hampered by fluctuating raw material prices, additional cost, and availability of skilled labor.
There is seen an increase in the global foreign direct investment (FDI) inflows. According to United States Economic and Social Commission for Asia and Pacific (UNESCAP), it was valued at USD 1.76 trillion in 2015. This amounted for 38% increase compared with 2014. The rise in FDI inflows was more prominent in developed economies, which received USD 962 billion in 2015, i.e. 84% more than in 2014. This along with FDI in retail has pushed the number of construction projects in the region. This induces the demand for prefabricated buildings market in the region.
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The governments across all regions are seen promoting and developing their construction sector. The emerging nations are the ones which are particularly bringing various reforms and regulations to boost their infrastructure growth and real-estate market. Such growth is expected to augment the market growth of prefabricated construction. The government of India announced several major policy initiatives such as the passage of the Real Estate (Regulation and Development) Act 2016, the amendment to the Benami Transactions Act, 100% deduction in profits for affordable housing construction. This is expected to induce the growth of the market. Similarly, in China, the central policies on housing were relaxed, the lowest down payment ratio decreased in 2016. Cheaper down payments encouraged more homebuyers to borrow money from banks. This in turn pushed the construction industry, which ultimately lead to the increased demand for prefabricated buildings.
The global prefabricated buildings market has been segmented based on product, module type, application, and region. Based on product, panel system accounted for the largest market share of 33.21% in 2016, and is projected to grow at the highest CAGR during the forecast period. On the basis of module type bathroom pods account for the largest market share in 2016. Based on application, commercial accounted for the largest market share with a market value of USD 36,083.2 million and is projected to grow at the highest CAGR during the forecast period.
The global prefabricated buildings is highly influenced by the construction sectors in both public and private domain. The construction industry especially residential and private construction has been able to push the market for prefabricated buildings. There is seen an increased disposable income which in turn boosts the demand for renovation and new construction. The renovation activities are often taken up as a result of enhancing construction value and to increase the aesthetic value of the construction. Prefabricated buildings comes handy in fulfilling such requirements.
The Asia-Pacific region dominated the global prefabricated construction market in 2016. It is also expected to be the fastest growing region for the prefabricated construction. Increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the growth of the market in Asia-Pacific region. In 2016, it accounted for highest CAGR of 5.81% during the forecast period.
Hence, global Prefabricated Buildings market is expected to reach a market size of USD 135,945.6 million by the end of the forecast period at CAGR of 5.54%.
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Market Research Analysis:
The prefabricated buildings market has witnessed a moderate growth over the last few years and as per the analysis, the market will retain similar growth rate during the forecast period. In the report, the market has been divided into the following material Skeleton System, Panel System, cellular system, and combined system. These are the skeleton construction of facilities with steel, or other metal. This is a construction system that uses the advanced technology of cold-rolled profiles. These systems comprise of structural, load bearing elements such as columns, beams, and others. The segment accounts for 31.45% of market share in 2016 and is expected to grow at 5.05% CAGR during the forecast period.
In the report, the market has been divided into the following modules: Bathroom Pods, Kitchenette, and Others. Bathroom pod solutions are used across healthcare to student accommodation, military to care homes. These offer quick and easy to install solutions that ensure minimum downtime. These units work on a modular design, and are modern to fit in a wide range of spaces. These have become extremely popular in the residential spaces, hotels, military establishments, and others. The segment accounts for 25.45% market share and is expected to grow at 5.54% CAGR during the forecast period.
Scope of the Report:
This study provides an overview of the global prefabricated buildings market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Latin America Europe, Asia-Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Prefabricated Buildings market by its voltage type, end-use and region.
Global Prefabricated Buildings Market, By Product
• Skeleton system
• Panel system
• Cellular system
• Combined system
Global Prefabricated Buildings Market, By Application
• Industrial
• Commercial
• Residential
Global Prefabricated Buildings Market, By Module Type
• Bathroom pods
• Kitchenettes
• Others
Global Prefabricated Buildingss Market, By Region
• North America
• Europe
• Asia-Pacific
• Rest Of the World (ROW)
Key Players:
The key players of global Prefabricated Buildings market are Red Sea Housing Services, Algeco Scotsman, Butler Manufacturing Company, Champion Home Builders, Inc., Astron Buildings, Kirby Building Systems LLC, Lindal Cedar Homes, Inc., Ritz-Craft Corporation, Modern Prefab Systems Pvt. Ltd., Par-Kut International Inc., United Partition Systems Inc. and others.
The report for Global Prefabricated Buildings Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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