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Global Temporary Shelters Market Report 2024: Trends, Demand, and Future Prospects
Global Temporary Shelters Market Report
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According to The Business Research Company's, The temporary shelters market size has grown strongly in recent years. It will grow from $44.8 billion in 2023 to $47.19 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to increase in natural disasters and emergencies, rise in homelessness and displacement, growth in the construction industry, increase in refugee populations and economic growth.
The temporary shelters market size is expected to see strong growth in the next few years. It will grow to $57.52 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to increase in government funds, growth in the tourism industry, rise in demand for eco-friendly shelters, increase in adoption of modular and prefabricated shelters and emergence of smart and connected temporary shelters. Major trends in the forecast period include growing popularity of tiny homes and micro-shelters, increase in use of technology for design and construction, growing focus on safety and security features, emergence of public-private partnerships and rise in demand for customizable and personalized homes.
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Market Drivers and Trends:
The increase in government funds for temporary housing contributed to the growth of the market. For instance, the federal government of Canada announced plans to give $15 million for temporary housing in Toronto. These funds will be utilized to solve capacity issues at local shelters and respite centers. For instance, In July 2023, according to Canada's Immigration office, a Canada-based government agency, $212 million in funding into the Interim Housing Assistance Program (IHAP), which will be extended until March 31, 2024.
Strategic partnerships are a key trend gaining popularity in the temporary shelters market. Major players are entering into partnership to expand their market and leverage each other's resources. For example, in July 2022, New York City, a nonprofit organization of New York, teamed up with Eric Leroy Adams, an American politician and retired police captain serving as the 110th mayor of New York City, to dedicate more than $8 million to help New Yorkers living on the street and who suffer from mental illnesses with the goal of getting them into housing and treatment programs.
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Major Key Players of the Market:
The American Red Cross, The Salvation Army, UNICEF, The Emergency Food and Shelter Program, ShelterBox Trust, National Alliance to End Homlessness, The National Coalition for the Homeless, Covenant House, The Bowery Mission, The Midnight Mission, The Rescue Mission, The Union Rescue Mission, The City Mission, The Samaritan Inn, The Mustard Seed, The Road Home, The House of Charity, The Open Door Mission, The Denver Rescue Mission, The Nashville Rescue Mission, The Atlanta Mission, The Seattle's Union Gospel Mission, The Portland Rescue Mission, The San Francisco City Impact, The Los Angeles Mission, The Good Shepherd Center, The St. Vincent de Paul Society, The Catholic Charities, The Homeless Prenatal Program, The Homeless Children's Education Fund
Temporary Shelters Market 2024 Key Insights:
• The temporary shelters market size is expected to see strong growth in the next few years. It will grow to $57.52 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Government Funds Drive Growth In Temporary Housing Market
• Strategic Partnerships Drive Growth In Temporary Shelters Market
• Western Europe was the largest region in the temporary shelters market in 20232
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