Fast Construction of Smart Cities to Drive Global Prefabricated Buildings Market Size

 

Prefabricated buildings or prefab refers to components which have been designed separately and assembled at the construction site. Changing budgets of houses, rising standards of living, and emphasis on quality are major trends influencing the industry. The global Prefabricated Buildings Market Size report by Market Research Future (MRFR) contains the various growth indicators, hurdles, trends, and opportunities for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its impact on the industry has been described in depth.

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Market Scope

The global Prefabricated Buildings Market Size is projected to reach USD 135,945.6 million by 2023. It is expected to exhibit a CAGR of 5.54% over the forecast period.

The global Prefabricated Buildings Market Size is highly influenced by infrastructural projects in public and private domains. The development of prefabricated buildings for rapid construction as well as need for modular structures can bolster its demand. There is seen an increased disposable income which in turn boosts the demand for renovation and new construction. The renovation activities taken up as a result of enhancing construction value and to increase the aesthetic value of the construction can fulfill such requirements. The COVID-19 pandemic has triggered the use of prefab buildings for construction of temporary medical centers for housing affected patients. This is evident with the construction of such centers by the Chinese government to curb the spread of the disease.

However, safety concerns of the buildings can hamper its growth.

Segmentation

The global Prefabricated Buildings Market Size has been segmented based on product, module type, and application. Based on product, the panel system accounted for the largest share of the global Prefabricated Buildings Market Size standing at 33.21% in 2016. It 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, the commercial segment accounted for the largest market share with a value of USD 36,083.2 million and is projected to grow at the highest CAGR during the forecast period. The fast production rate and low lags in designs can facilitate the segment growth. In addition, capital spending on beautifying cities by public sectors will work in favor of the global Prefabricated Buildings Market  Size

Regional Analysis

The APAC region dominated the global prefabricated construction market size  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 the region. In 2016, it accounted for highest CAGR of 5.81% during the forecast period. This can be attributed to initiatives by governments for planning smart cities, integration of novel technologies, and shift from traditional construction.

North America is expected to be a lucrative market owing to the huge spending capability of citizens and impending need to solve housing issues. The move of various migrants from foreign countries to the U.S. and Canada and need for prefab buildings for expedited construction can boost the regional market growth. Moreover, the emergence of 3D modeling software, planning regulations, and development of new materials for extending the lifespan of buildings can fuel the market.

Competitive Outlook

Ritz-Craft Corporation, Astron Buildings, United Partition Systems Inc., Modern Prefab Systems Pvt. Ltd., Red Sea Housing Services, Champion Home Builders, Inc., Kirby Building Systems LLC, Lindal Cedar Homes, Inc., Butler Manufacturing Company, Par-Kut International Inc., and Algeco Scotsman are key players of the global Prefabricated Buildings Market Size 

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Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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