New York, July 21, 2021 (GLOBE NEWSWIRE) — Prefabricated Buildings Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Prefabricated Buildings Market Research Report, Product, Module type, Application and Region – Forecast till 2027″ the market size is projected to be worth USD 161.9 billion by 2027, registering a CAGR of 6.85% during the forecast period (2021 – 2027), The market was valued at USD 109.2 billion in 2020.
Attractive Features that Bolster Market Growth
As per the latest MRFR report, numerous factors are propelling the global prefabricated buildings market share.
COVID-19 Impact on Prefabricated Buildings Market
The COVID-19 pandemic has caused immense disruption in construction works across the world. Different forms of difficulties have been faced by manufacturing companies owing to the shortage of raw materials. This is owing to imposition of lockdown in different countries across the globe that resulted in the disruption in the supply chain. Besides, construction contracts had been stopped that led to a decline in the prefabricated buildings market growth. Apart from disruptions of supply chains, termination of cost management contracts, and shortages of subcontractors and materials have also impacted market growth. Also, there has been a temporary suspension of construction activities and building. With the fall in building and construction operation, the need for prefabricated building systems has fallen significantly, that had a major impact on the market growth.
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Eminent players profiled in the global prefabricated buildings industry report include –
- Algeco Scotsman
- Red Sea Housing Services
- Butler Manufacturing Company
- Astron Buildings
- Champion Home Builders Inc.
- Kirby Building Systems LLC
- Ritz-Craft Corporation
- Lindal Cedar Homes Inc.
- Modern Prefab Systems Pvt. Ltd.
- United Partition Systems Inc.
- Par-Kut International Inc.
Key players have incorporated several strategies to stay at the forefront such as partnerships, new product launches, mergers and acquisitions, and more.
XL Construction has launched a prefabricated school building option. They have used cross-laminated timber for creating prefabricated wall and roof panels which can be erected and installed at school construction sites in shorter times than traditional building methods.
Browse In-depth Market Research Report (132 pages) on Prefabricated Buildings
Prefabricated Buildings Market Drivers/Prefabricated Buildings Market Trends
Rising Awareness of Construction Wastage to Boost Market Growth
The increasing awareness of the construction wastage on the environment has driven people worldwide for adopting green buildings concept that may impact the global prefabricated buildings market value over the forecast period.
Significant Intrinsic Properties to Offer Robust Opportunities
The significant intrinsic properties of skeleton prefabricated building systems such as low weight and volume and high strength, cost-effectiveness and economically viable may add robust opportunities for the market in the forecast period.
Poor Performance may act as Market Restraint
The poor performances coupled with technical issues may act as market restraints over the forecast period.
Shortage of Skilled Labor to act as Market Challenge
The shortage of skilled labour for the perfect installation of every component is crucial. The lack of expertise and knowledge to assemble every component in detail and precisely can be very risky. This can act as a market challenge over the forecast period.
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- By application
By application, the commercial application segment will lead the market over the forecast period for the increasing usage of prefabricated building systems in the commercial sector. These building systems are widely used in the construction of railways, mining, roads, petroleum, hydropower, tourism, and military affairs like gym, recreation, canteen, accommodation, office, and more.
- By product
By product, the panel system segment will dominate the market over the forecast period for the increasing need for panel systems. The demand for panel systems like ventilated thermal panel is on the rise in the non-residential and residential sector for the superior properties that it offers like easy re-location, adaptable designs, and easy services of transportation and installation, and can be utilized in any form of environmental conditions and more.
- By module type
By module type, the bathroom pods segment will spearhead the market over the forecast period.
Asia Pacific to Remain Domineer in Prefabricated Buildings Market
The Asia Pacific region will remain domineer in the market over the forecast period. Rapid urbanization among developing countries like China and India, Indian government having announced various changes in the policy, robust industrialization, rising urbanization, higher standard of living, the increasing FDI in construction, reduced construction wastage, installation of SEZs, favorable initiatives by the government, rapidly increasing demand from the residential sector of Japan, China, and India, increasing investments in infrastructure developments by China and India, safe portable solutions, and growing inclination towards remote workforce accommodation administrative structures are adding to the global prefabricated buildings market growth in the region.
North America to Have Admirable Growth in Prefabricated Buildings Market
North America will have an admirable growth in the market over the forecast period. The increasing use of materials which effectively absorbs the energy for instance the micro homes is predicted to boost market growth in the region. Besides, several key players are also investing in real estate that is also having a positive impact on the market growth.
Segmentation of Market covered in the research:
Information by Product (Skeleton system, panel system, cellular system, and combined system), by Module type (Bathroom pods, Kitchenette, and others), by Application (Industrial, commercial, and residential), and by Region (North America, Europe and Asia-Pacific)
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