Press release
The Global Prefabricated Buildings Market to Exhibit 6.85% CAGR by 2030
Prefabricated Buildings
Market Research Future (MRFR) expects The Global Prefabricated Buildings Market is projected to attain USD 227.7 billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of 6.85% during 2022-2030.
The prefabricated building architecture is a manufacturing process or assembly site where different materials and building systems are combined to form a component or part of a larger onsite assembly or a building, where the structure is to be installed onsite or installing the building system onsite.
Rising FDI in construction in the Asia Pacific region, supportive government regulations and policies, the establishment of SEZs, and reduced construction waste drive the market for prefabricated buildings. However, business expansion is hindered by fluctuating raw material prices, additional costs, and a lack of qualified labor.
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There is seen an increase in the global foreign direct investment (FDI) inflows. It was estimated at USD 1.76 trillion in 2015, according to the United States Economic and Social Commission for Asia and Pacific (UNESCAP). In comparison to 2014, this amounted to a 38% rise. The increase in FDI inflows was more noticeable in developed economies, which earned USD 962 billion in 2015, increasing by 84% over 2014. Together with FDI in retail, this has increased the number of construction projects in the region. This increases the demand for the region's prefabricated building industry.
Governments in all regions are seen supporting and expanding their construction industries. Emerging economies are especially enacting numerous reforms and regulations to boost infrastructure development and the real-estate sector. This expansion is expected to supplement the growth of the prefabricated construction industry. The Indian government announced several major policy measures, including the Real Estate (Regulation and Development) Act 2016, an amendment to the Benami Transactions Act, and a 100 percent profit deduction for affordable housing construction. This is supposed to stimulate business growth. Likewise, in China, the central policies on housing were relaxed, and the lowest down payment ratio fell in 2016. Cheaper down payments allowed more homebuyers to take out bank loans. This, in essence, pushed the construction industry, resulting in increased demand for prefabricated buildings.
Key Players
Notable players of global prefabricated buildings market are
Algeco Scotsman
Red Sea Housing Services
Astron Buildings
Butler Manufacturing Company
Champion Home Builders Inc.
Kirby Building Systems LLC
Lindal Cedar Homes Inc.
Par-Kut International Inc.
Ritz-Craft Corporation
Modern Prefab Systems Pvt. Ltd.
United Partition Systems Inc.
COVID-19 Impact on the Global Prefabricated Buildings Market
The implementation of a series of regulations by governments of various nations to tackle the COVID-19 crisis, such as a complete shutdown of manufacturing units, has been found to have an effect on the global prefabricated buildings industry's development.
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Global Prefabricated Buildings - Segmentation
The report is segmented into four dynamics;
By Product : Skeleton System, Panel System, Cellular System, Combined System, and others.
By Module Type : Bathroom pods, Kitchenette, and others.
By Application : Industrial, Commercial, and Residential.
By Regions : North America, Europe, APAC, and Rest of the World.
Regional Analysis
By region, the global prefabricated buildings market has been segmented into North America, Asia Pacific, Europe, the rest of the world.
The Asia Pacific led the global prefabricated construction industry. It is also anticipated to be the fastest-growing prefabricated construction market. Factors driving market growth in the Asia Pacific region include increased industrialization, increasing urbanization, and increased spending potential. During the forecast period, it accounted for the highest CAGR of 5.81% in 2016.
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Summary
The global prefabricated buildings market is set to reach USD 135,945.6 million at a CAGR of 6.85% from 2018 to 2023 (forecast period). The prefabricated building architecture is a manufacturing process or assembly site where different materials and building systems are merged to form a component or part of a larger onsite assembly or a building, where the structure is to be installed onsite or installing the building system onsite.
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About Market Research Future -
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.
MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.
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