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Prefabricated Building System Market

Prefabricated Building System Market By Dimensions (Skeleton system, Panel System, Cellular System, Combined System), Application (Residential, Commercial, Industrial), Weight (Light Weight, Heavy Weight) & Region - Forecast 2022-2032

Market Insights on Prefabricated Building System covering sales outlook, demand forecast & up-to-date key trends

Prefabricated Building System Market Overview

The global prefabricated building system market is anticipated to increase at a robust CAGR of over 6.1% between 2022 and 2032, totaling over US$ 18.5 Billion by 2032. Growth is attributable to the rapid expansion of building and construction industry across the globe.

Report Attribute

Details

Anticipated Forecast Value (2032)

US$ 18.5 Billion

Projected Growth Rate (2022-2032)

6.1% CAGR

Prefabricated building systems are modular structures or assemblies of parts and components which are used in the building and construction industry. These systems are generally manufactured and assembled in factories and then transported to the building site where they are installed or used to build construction structures. A wide range of materials are used for manufacturing these systems which include metal, timber, glass, plastics, concrete etc.

From setting up industrial facilities to building homes and commercial spaces, prefabricated building systems are becoming a new trend in the building and construction industry. The introduction of these prefabricated systems has effectively solved the time and cost constraints of the construction industry.

Prefabricated building systems are relatively inexpensive and usually take less time in building any required structure on account of their easy installation process. They can be altered according to the needs and significantly helps to save space at building sites.

The robust growth of building and construction industry due to rapid industrialization and urbanizations, increasing investments by government on developing public infrastructure and global economic boom, is the major force behind the swift expansion of prefabricated building system market.

Subsequently, growing awareness among people regarding the effects of construction wastage on environment is encouraging the adoption of green building concept. This will create lucrative growth avenues within the prefabricated building system market in the future. Prefabricated building systems generate less waste at the building sites, which makes them ideal choices for greener construction.

In addition to this, benefits offered by skeleton prefabricated building systems such as low weight and volume, cost effectiveness and high strength will further augment their adoption.

Which are Some Prominent Drivers Spearheading Prefabricated building system Market Growth?

The major factor boosting sales of prefabricating building systems is the exponential growth of residential and nonresidential industry.

As the world population continues to grow at a record pace, the building and construction industry is coming under immense pressure to leverage alternate construction approaches. Currently the world population is estimated to be around 7.9 billion as per the Worldometer. This global population explosion is generating demand for residential homes, which in turn is creating space for prefabricated building system market growth.

Prefabrication building has become an ideal sustainable alternative approach for the construction industry. It is gradually becoming a new trend for the construction of residential and non-residential buildings due to its various attractive benefits including less construction time, cost savings, and lower emission.

Today, most of the people in developed and developing regions are showing a keen interest in building their houses by using prefabricated structures like skeleton and panel systems. Adoption of these systems not only helps them to save time and costs but also reduces CO2 emission and construction waste.

Prefabrication construction is particularly ideal for quick building purposes during emergency situations where time is very limited. For instance, China built 1000-bed emergency coronavirus hospital with modular construction in just 10 days during 2020.

In addition to this, growing number of corporate offices or special economic zones, increasing government support and rapid industrialization are anticipated to push the sales of prefabricated building systems during the forecast period.

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What are the Challenges Faced by the Prefabricated building system Industry?

Despite gaining thorough recognition worldwide, there are several factors that are becoming impediments for the growth of prefabricated building system market. One such factor is the higher transportation costs.

Transporting voluminous prefabricated building systems is both difficult as well as expensive. Transporting these big structures requires special heavy vehicles including heavy duty cranes which charge large amounts of money. Moreover, these voluminous prefabricated structures are susceptible to damage during transportation from manufacturing plants to construction sites.

Similarly, technical issues associated with prefabrication such as weak joints and poor thermal insulation performance are also limiting the growth of prefabricated building system market.

What is Driving Asia Pacific Prefabricated Building System Market?

Asia Pacific is expected to remain the most lucrative market for prefabricated building systems and the trend is likely to continue in the foreseeable future. During the last few years there has been a substantial rise in the demand for modular houses across the Asia Pacific countries like China and South Korea and India. This is providing a strong thrust to the growth of prefabricated building system market.

Similarly, factors such as robust urbanization, higher standard of living and favorable initiatives by the government are fostering the demand for prefabricated building systems.

In Asia Pacific region, China remains at the epicenter of prefabricated building system market growth. The country is home to some of the leading manufacturers of prefabrication structures that offer advanced prefabrication solutions at lower costs. The government in the country is playing a significant role in encouraging prefab buildings to conserve energy, improve efficiency and upgrade the construction industry.

Most of the transmission towers, railway and road bridges and several other construction structures across Asia Pacific region are being made through prefabrication construction.

Nikhil Kaitwade
Principal Consultant
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How is North America Contributing to Growth of the Prefabricated building system Market?

North America is expected to emerge as the second most lucrative market for prefabricated building systems during the forecast period. Rising preference for modular building, rapid industrialization and urbanization, increasing governmental investments and presence of leading market players in countries like the United States are some of the factors driving the North American prefabricated building system market.

Prefabricated construction has garnered wide spread attraction as a model of sustainable development for the construction industry across countries such as the U.S. and Mexico. Today, most of the people and industries in United States use prefabricated structures for green buildings to save costs and time.

Market Competition

Some of the key participants present in the global prefabricated building system market include Algeco Scotsman, Modern Prefab Systems Pvt. Ltd., Ritz-Craft Corporation, Inc., Lindal Cedar Homes, Inc., and Champion Home Builders, Inc. among others.

Leading companies operating in prefabricated building system market are continuously focusing on developing light and robust structures that can withstand severe weather conditions and generate minimum wastage at construction sites. They are receiving significant support from the government across attractive regions of Asia and Africa.

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Report Of Scope

Report Attribute

Details

Growth Rate

CAGR of 5.2% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Dimensions
  • Application
  • Weight
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Algeco Scotsman
  • Modern Prefab Systems Pvt. Ltd.
  • Ritz-Craft Corporation, Inc.
  • Lindal Cedar Homes, Inc.
  • Champion Home Builders, Inc.

Customization

Available Upon Request

Key Segments Profiled in the Prefabricated building system Industry Survey

By Dimensions:

  • Skeleton system
  • Panel System
  • Cellular System
  • Combined System

By Application:

  • Residential
  • Commercial
  • Industrial

By Weight:

  • Light Weight (less than 2 tons)
  • Heavy Weight (more than 2 tons)

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Japan
  • Middle East & Africa

Frequently Asked Questions

FMI projects the global prefabricated building system market to expand at a 6.1% value CAGR by 2032

Asia Pacific is anticipated to continue its dominance in the global prefabricated building system market during the forecast period.

Algeco Scotsman, Modern Prefab Systems Pvt. Ltd., Ritz-Craft Corporation, Inc., Lindal Cedar Homes, Inc., and Champion Home Builders, Inc. are some prominent prefabricated building system manufacturers

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Prefabricated Building System Market