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Aug 05, 2023

Global Prefabricated Buildings Market Outlook & Forecasts 2023

News provided by 29 Aug, 2023, 11:45 ET Share this article DUBLIN, Aug. 29, 2023 /PRNewswire/ -- The "Prefabricated Buildings Market - Global Outlook & Forecast 2023-2028" report has been added to

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29 Aug, 2023, 11:45 ET

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DUBLIN, Aug. 29, 2023 /PRNewswire/ -- The "Prefabricated Buildings Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global prefabricated buildings market is expected to reach a value of $210.8 billion by 2028 from $134 billion in 2022, growing at a CAGR of 7.84% from 2022-2028

The global prefabricated buildings market is highly fragmented, with local and international players vying for market share. Intense competition exists among these players, and the rapidly changing technological landscape poses challenges as customers demand continual innovation and construction upgrades.

Vendors adapt and refine their unique value propositions to establish a strong industry presence. Developed countries like the U.S. and Western European nations have a high market concentration while developing economies like China and India are still nascent. The competition among vendors is based on offerings and pricing, which is expected to intensify further with product extensions, technological innovations, and mergers and acquisitions.

The APAC region dominated the global prefabricated buildings market and had a revenue share of over 37% in 2022. In APAC, a labor shortage has impacted the productivity of several modular construction projects, leading companies to adopt prefabricated construction to expedite project completion.

The use of additive manufacturing and energy-absorbing materials, such as micro homes, is expected to further drive industry growth in the region. In Europe, the market is projected to grow moderately as consumers increasingly opt for ready-made solutions that match their preferences.

MARKET TRENDS & DRIVERS

Expansion of Mass Township ProjectsPrefabricated materials can be used efficiently for all kinds of construction projects, namely high rises, low rises, mass townships, etc. In many countries, governments are taking proposals to provide inexpensive housing as it reduces time and labor costs. In India, the government plans to provide housing for all by 2022, which requires constructing around 30 million low-cost houses and about 100 smart cities.

It has led to the implementation of modern, advanced & green technologies and materials for faster and good quality construction of houses. In addition, they will also deploy stain-resistant and environment-friendly technologies. Such factors create an enormous opportunity for the vendors in the prefabricated material industry, eventually driving the prefabricated buildings market growth.

Space Constraints in Big CitiesSpace constraints are increasing in large cities worldwide, such as New York, London, and Mumbai. Individuals and corporates seek reliable solutions that match their expanding space needs.

Hence, such factors are a great opportunity for prefabricated construction manufacturers as people opt for prefabricated buildings as a feasible option. It allows the cost of the materials less than the traditional construction. It also saves materials that would have occupied landfill space. Also, there is no need for interior support, which maximizes the useable floor space.

SEGMENTATION INSIGHTS

INSIGHTS BY MATERIALThe steel material type dominated the global prefabricated buildings market in 2022, accounting for over 33% share. Steel is the most widely used material in prefabricated building construction owing to its proven strength and durability.

Steelwork is usually used to form the skeleton frame or skeleton system of a building or other built asset, typically consisting of columns and beams bolted or welded together.

INSIGHTS BY SYSTEMAs the prefabricated buildings market continues to grow, the application of cellular systems is expected to increase significantly, fueling market growth.

Cellular systems play a vital role in constructing multidimensional structures, providing isolation within buildings. Further, panel systems are also in demand due to their accelerated construction time, high thermal efficiency, and cost savings on labor.

INSIGHTS BY END-USERThe non-residential end-user segment dominates the global prefabricated buildings market. The segment's growth is attributed to rising commercial spaces such as shopping malls, trade centers, and office spaces.

Key players in the industry are making significant investments in their product portfolios to capitalize on the faster construction methodologies offered by prefab buildings. The cost and time-saving benefits associated with prefab constructions drive government agencies to adopt such buildings in compliance with applicable building codes.

Prefabricated buildings have proven to be durable and capable of withstanding the heavy daily use of public facilities. However, the residential segment is estimated to grow at a high CAGR due to the growing population and requirement for housing facilities.

MARKET DYNAMICS

Market Opportunities & Trends

Market Growth Enablers

Market Restraints

Prefabricated Structure Types

Benefits of Prefabricated Buildings

Value Chain Analysis

COMPETITIVE LANDSCAPEKey Company Profiles

Other Prominent Vendors

For more information about this report visit https://www.researchandmarkets.com/r/vh4tiz

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SOURCE Research and Markets