Market Analysis
The global prefabricated buildings market will touch USD 161.9 billion at a 6.85% CAGR by 2030 states the latest Market Research Future (MRFR) report.
Drivers
Increasing Use of Prefabricated Components to Boost Market Growth
The increasing use of prefabricated components in the construction sector for time constraints and cost benefits will boost market growth in the forecast period.
Opportunities
Growing Awareness of Construction Wastage on Environment to offer Robust Opportunities
The growing awareness about construction wastage on the environment have driven people across the globe to choose the concept of green buildings that will offer robust opportunities for the market especially in developed regions over the forecast period.
Restraints and Challenges
Durability Issues to act as Market Restraints
Durability issues coupled with lack of proper financing options for prefabricated living spaces may act as market restraints over the forecast period.
Market Segmentation
The global prefabricated buildings market size is bifurcated based on application, module type, and product.
By product, the panel system will lead the market over the forecast period.
By module type, bathroom pods will dominate the market over the forecast period.
By application, the commercial segment will spearhead the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has caused huge disruptions in the construction sector across the globe. Various types of difficulties have been experienced by manufacturing companies due to shortage in raw materials. This is because of government imposed lockdown in various countries that led to supply chain disruptions. Also there has been a halt in construction contracts which resulted in a decline in the growth of the prefabricated buildings market. Along with supply chain disruptions, shortages of materials and subcontractors, and termination of cost management contracts too have affected market growth. Further, there has been a suspension of buildings and construction activities. With the fall in construction operation and building, the requirement for prefabricated building systems too have fallen rapidly which impacted the market growth.
Regional Analysis
APAC to Precede Prefabricated Buildings Market
The APAC region will precede the prefabricated buildings market over the forecast period. Rapid urbanization in China and India, the Indian government having announced different changes in the policy which supports the market growth, robust industrialization, rising urbanization, higher standard of living, increasing FDI in construction, reduced construction wastage, favorable government initiatives, installation of SEZs, the concept of affordable housing with high sustainability on the rise, growing demand among middle-class population, and favorable government policies in Pakistan, HongKong, India, China, and Singapore are adding to the global prefabricated buildings market growth in the region.
Key Players
Eminent industry players in the global concrete prefabricated buildings market 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., and others.
Industry Updates
Lumar, the leading manufacturer of low-energy prefabricated buildings in Maribor has joined hands with iQwood, a renowned producer of creative solid wood walls.
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