The global prefabricated buildings market is set for an explosive growth as per the predictions of Market Research Future (MRFR). The growth is driven by the need for expedited construction methods in light of rapid urbanization. Off-site construction or prefabricated uses virtual design software in its planning stage in order to make informed decisions early.
Pune, India, July 16, 2019 (GLOBE NEWSWIRE) -- The global prefabricated buildings market report by Market Research Future (MRFR) estimates the size to reach USD 135,945.6 million by 2023. Prefabricated buildings are establishments which are created on site by joining premade components and modules. It is colloquially known as prefab. The building design is akin to a mobile home and contains all the units usually associated with modern homes.
Notable players of the global prefabricated buildings market include Ritz-Craft Corporation, Butler Manufacturing Company, Champion Home Builders, Inc., Red Sea Housing Services, Lindal Cedar Homes, Inc., Algeco Scotsman, Modern Prefab Systems Pvt. Ltd., United Partition Systems Inc., Astron Buildings, Kirby Building Systems LLC, Par-Kut International Inc., and others.
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The global prefabricated buildings market growth is primarily driven by rising foreign direct investments (FDI) in Asia Pacific. The amount invested in the region was close to USD 1.76 trillion in 2015. Continuous infrastructural developments due to rapid industrialization, migration of citizens to urban areas, and supportive government policies. Establishment of special economic zones (SEZs) and minimal wastage of materials is likely to propel the demand for prefabricated buildings.
The market is anticipated to experience 5.54% CAGR from 2017 to 2023 (forecast period) due to demand for new housing in outskirts of prominent districts. High strength of these buildings and low weight of components can attract real estate developers and bolster global market demand. This is exemplified by the 30 storey T30 hotel built by Broad Group in 15 days.
But excessive regulations and lack of adoption of the latest technologies can restrict its growth.
The global Prefabricated Buildings Market is segmented according to product, application, and module type.
By product, it is segmented into combined system, cellular system, panel system, and skeleton system. Panel systems accounted for 33.21% share of the market in 2016. It is predicted to exhibit the highest CAGR over the forecast period. On the other hand, skeleton systems can exhibit 5.05% CAGR during the assessment period due to the usage of building information modeling (BIM) for fabricating components with ease.
By application, it is segmented into industrial, residential, and commercial. The commercial segment accounted for a large market share in 2016 with a value of USD 36,083.2 million. Residential, on the other hand, is expected to garner significant revenue for the prefabricated buildings market due to rising expendable income levels of citizens and increase uptake witnessed in renovation projects.
By module type, it is segmented into kitchenette, bathroom pod, and others. Bathroom pods are expected to maintain the largest share till the end of the forecast period due to being used extensively in the healthcare sector. The segment can exhibit 5.54% CAGR till 2023 due to being accepted in the construction of military establishments, hotels, and residential spaces.
Geographically, the global prefabricated buildings market report considers the regions of Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW) for its analysis.
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The APAC region can exhibit 5.81% CAGR during the assessment period due to increased spending capability of citizens and rise in urbanization and industrialization. Reforms and policies which can benefit the domestic construction industry in large economies of India and China are likely to augur well for the market growth. In China, introduction of low lending rates and lax central housing policies which can make loans easily available are likely to culminate in significant windfall for the regional prefabricated buildings market growth.
The Europe region is likely to witness a steady growth rate thanks to the rising construction of 1+2 housing projects in Switzerland, Sweden, Poland, Scandinavia, and Germany. Price/quality differentiation and product customization are factors on which manufacturers are selling the products to construction developers. The need for solid houses which can maintain its position in changing climatic conditions with low inflammation rates is likely to invoke market demand in the forthcoming years. In addition, assurance of construction budgets not expanding beyond limits coupled with the right delivery date are factors working in favor of the Europe prefabricated buildings market.
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