Prefabricated Buildings Market Size was valued at USD 136.5 billion in 2021. The Prefabricated Buildings market industry is projected to grow from USD 145.85 Billion in 2022 to USD 231.91 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.85% during the forecast period (2024 - 2030).The region's expanding demand for traditional procedures and its burgeoning urban population are the key market drivers enhancing the market growth for prefabricated buildings.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
According to market dynamics, the growing infrastructure investments are anticipated to boost the growth of the modular construction market because of the increase in industrialization and urbanization in developing nations like China, Vietnam, and India. Additionally, growing commercial real estate investments are anticipated to impact the prefabricated construction market's income positively. For example, commercial property leasing in India increased by 30% in the first quarter of 2019. According to secondary sources, the leased space is expected to be over 60 million square feet.
The industry is driven by advancing government initiatives to cut down on construction waste and promote green buildings. For instance, the Singaporean government has regulated using PVC (prefabricated, pre-finished, volumetric construction) materials in many projects on public property. In addition, the government gives businesses subsidies that help standardize contemporary construction techniques. The Canadian Minister of Families and other members of Parliament announced on March 15, 2021, that the Rapid Housing Initiative would invest CAD 16.4 million in the Surrey Center to construct 44 new, affordable houses. Shortly, the prefabricated construction industry is anticipated to be driven by rising R&D expenditures for innovative construction solutions.
Time and cost are two factors related to building operations that have long been viewed as barriers to the industry's expansion in many emerging economies. Overcoming this restriction has been one of the main challenges for many significant building enterprises worldwide. The prefabricated buildings system is one of the primary remedies for these issues. As per market statistics, prefabricated buildings technologies can reduce construction time by 30 to 50 percent in today's market and provide an alternative. Since fewer workers are needed for the on-site procedures, the system is economical. Another unintended consequence of the process's reduced on-site activity is the significantly smaller garbage generated. Therefore, such factors have enhanced the Prefabricated Buildings market CAGR ly in recent years.
However, Green building is becoming more popular as people are becoming more conscious of the negative environmental effects of construction waste is another factor driving the growth of the Prefabricated Buildings market revenue.
Based on product, the prefabricated buildings market segmentation includes skeleton, panel, cellular, and combined systems system segment held the majority share in 2021 contributing on to around ~34within respect to the prefabricated buildings market revenue. This is primarily because there is a growing need for a panel system. Due to the superior quality offers, such as quick production times, simple services of transportation and installation, adaptable designs, easy re-location, can be used in such conditions, and more, the demand for panel systems is increasing in both the residential and non-residential sectors.
The prefabricated buildings market segmentation, based on the module type, includes bathroom pods, kitchenettes, and others. The Bathroom pods segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the module can be delivered as a turnkey solution quickly and it, can be adapted to the existing building. Moreover, the using room pods implants entails considerably lower costs than Kitchenettes. Hence, rising applications of Bathroom pods material implants for Prefabricated Buildings positively impacts market growth.
Based on application, the prefabricated buildings market data has been segmented into industrial, commercial, and residential. Commercial held the largest segment share in 2021 in market for prefabricated buildings because the business sector is using more prefabricated building solutions. Construction projects involving highways, railroads, mining, hydropower, petroleum, tourism, and military facilities like offices, lodging, canteens, recreation areas, and gyms frequently employ prefabricated building technologies. Because action is quicker than traditional building in certain situations.
The second fastest-growing segment in the prefabricated buildings market revenue is residential. Buildings that emphasize sustainability and beauty can be built using modular construction. It enables quick construction, viability for difficult designs, and the construction of distinctive homes with adjustable features that meet community needs.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights for prefabricated buildings into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific Prefabricated Buildings market accounted for USD 57.2 billion in 2021 and is expected to exhibit a significant CAGR of 41.90% during the study period. Due to the region's thriving commercial construction industry. China aims to move away from massive infrastructure projects and toward smaller-scale initiatives. According to the 13th Five-Year Plan (FYP), initiatives like water supply and treatment facilities, road improvements, urban metro systems, and public parks are intended to lessen traffic and pollution, renovate dilapidated housing, and promote the growth of small and medium-sized cities. To increase capacity at the nation's No. 2 gateway for international flights, Japan's Kansai International Airport plans to invest nearly 100 billion yen ($911 million) through 2025 to rebuild the larger terminal. Moreover, China’s Prefabricated Buildings market held the largest market share, and India’s fabricated Buildings market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report for prefabricated buildings are the U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s prefabricated buildings market accounts for the second-largest market share due to the increasing number of migrants who make it necessary to build both temporary and permanent dwelling buildings. Further, the Germany prefabricated buildings market held the largest market share, and the UK prefabricated buildings market was the fastest-growing market in the European region.
The North American, prefabricated buildings market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased environmental concerns and an increase in pollutant; there is an increasing demand for sustainable construction, which is driving the use of modular construction.
Major market players are investing much money in R&D to broaden their product offerings, which will spur further market expansion for prefabricated buildings. With significant market developments like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a various strategic activity to expand their presence. Cost-effective products are a need for competitors in the prefabricated buildings market if they want to grow and thrive in a sector that is becoming more and more competitive. As per the market competitive landscape, the players in the Prefabricated Buildings industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to cut operating costs is one of the main business tactics used by manufacturers in the worldwide prefabricated buildings industry to benefit customers and increase the market sector. The Prefabricated Buildings markets major player such as Welspun Company, EPACK Group, Astron Buildings, and others are working on expanding the prefabricated buildings industry demand by investing in research and development activities.
One of India's most rapidly expanding international businesses is the Welspun company. Line Pipes, household textiles, infrastructure, warehousing, oil & gas, steel, advanced textiles, and flooring solutions are just a few of the industries they operate in. In April 2022, as part of the ongoing bankruptcy proceedings for the Sintex Group company, Welspun Corp, a Welspun Group company, submitted an offer to the National Corporation Law Court (NCLT) to acquire Sintex Prefab and Infra Ltd.
Also, a family of business owners founded the EPACK group around the turn of the century. They gathered the best human and technological resources to set up an EPS (Expanded Polystyrene Packaging) manufacturing facility in Greater Noida, on the outskirts of Delhi. This program resulted from years of hard balancing work and family obligations and was a big success. In February 2022, Amarnath Yatra pilgrims were provided with safe accommodations with modern amenities by EPACK Prefab, a turnkey solution provider of creative and effective building materials and packaging solutions. This project, which consists of G+2 buildings with contemporary amenities, was completed.
Red Sea Housing Services
Astron Buildings
United Partition Systems
Ritz-Craft Corporation
Champion Home Builders
Kirby Building Systems LLC
Par-Kut Internationals
Algeco Scotsman
Modern Prefab Systems
GRAITC Groups, among others
April 2022:Â As part of the ongoing bankruptcy proceedings for the Sintex Group company, Welspun Corp, a Welspun Group company, has submitted an offer to the National Corporation Law Court (NCLT) to acquire Sintex Prefab and Infra Ltd.
February 2022: Amarnath Yatra pilgrims are provided with the safest and finest accommodations with modern amenities by EPACK Prefab, a turnkey solution provider of creative and effective building materials and packaging solutions. This project, which consists of G+2 buildings with contemporary amenities, was successfully completed.
Skeleton system
Panel system
Cellular system
Combined system
Bathroom pods
Kitchenette
Others
Industrial
Commercial
Residential
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| Report Attribute/Metric | Details |
| Market Size 2021 | USD 136.5 billion |
| Market Size 2022 | USD 145.85 billion |
| Market Size 2030 | USD 231.91 billion |
| Compound Annual Growth Rate (CAGR) | 6.85% (2024-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Module Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Lindal Cedar Homes Inc, Red Sea Housing Services, Astron Buildings, United Partition and Systems, Butler Manufacturing Company, Ritz, Craft Corporation, Champion Home Builders, Kirby Building Systems LLC |
| Key Market Opportunities | Utilizing lean manufacturing methods |
| Key Market Dynamics | Rising increasing government initiative |
Prefabricated Buildings Market Highlights:
Frequently Asked Questions (FAQ) :
The global Prefabricated Buildings market size was valued at USD 136.5 Billion in 2021.
The global prefabricated buildings market is projected to grow at a CAGR of 4.7% during the forecast period, 2024-2030.
Asia Pacific had the largest share of the global market for prefabricated buildings.
The key players in the market for prefabricated buildings are Lindal Cedar Homes Inc, Red Sea Housing Services, Astron Buildings, and United Partition Systems.
The panel system category dominated the prefabricated buildings market in 2021.
The commercial had the largest share of the global prefabricated buildings market.
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