The demand for prefabricated building systems has increased dramatically as construction activity increases globally. Asia Pacific region was the leading revenue generator in 2021 and is expected to stay one of the most alluring markets during the forecasted period.
Newark, Dec. 06, 2022 (GLOBE NEWSWIRE) — The Prefabricated building systems market was estimated at around USD 11.9 billion in 2021, growing at a CAGR of nearly 5.5% during 2022-2030. The market is projected to reach approximately USD 19.3 billion by 2030.
Prefabricated building systems come in skeleton, panel, mixed, or cellular configurations. Prefabricated panel systems frequently include pre-assembled parts including cellular systems, flexible partition elements, and other three-dimensional structures. A skeleton system, on the other hand, includes structural elements like beams and columns as well as parts for the roof. Prefabricated building systems that are combined incorporate one or more of these systems. Prefabricated building systems can be made out of a wide range of materials, such as steel, composites, fiber, wood, and glass. Prefabricated building system demand is currently being fueled by a number of factors, including the creation of special economic zones where new corporate headquarters are being built, the need for practical substitutes for traditional construction methods, the rapid urbanization of developing regions, and a rise in investor interest in the global real estate market.
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The exponential growth of the residential and nonresidential industries is the main element driving up sales of prefabricating construction systems. The building and construction sector is under tremendous pressure to use alternative construction methods as the world’s population continues to increase at a historic rate. According to the Worldometer, the current global population is expected to be 7.9 billion. The rise in residential housing demand brought on by the world’s population boom is paving the way for the prefabricated building system market to expand. Prefabricated construction has emerged as the perfect sustainable alternate strategy for the building sector. Due to its many alluring advantages, such as shorter construction times, cost savings, and lower emissions, it is progressively emerging as a new trend for the construction of both residential and non-residential buildings. Most people are now expressing a strong desire in building their homes utilizing prefabricated constructions like skeleton and panel systems, both in established and developing nations. By implementing these solutions, they are able to save expenses and wait times while simultaneously lowering CO2 emissions and construction waste. Prefabrication construction is especially well suited for urgent building needs in emergency scenarios where time is of the essence.
Government spending on strengthening the building and construction industry is huge in countries like Singapore and India, where business is expanding. Singapore is said to invest at least USD 2 billion in public infrastructure each month, according to the Australian Trade and Investment Commission. The government’s vision for a circular economy, which seeks to establish a circular economy in the nation by 2050, is another reason why the Dutch construction industry is expanding. The building and construction sectors are also growing as a result of various government initiatives, such as Foreign Direct Investments (FDI). Prefabricated building systems are commonly used in the construction of both residential and non-residential constructions because they have a number of benefits, such as being eco-friendly, versatile, creating less site disruption, and being more affordable. So, it is projected that as construction activity increases internationally, demand for prefabricated building systems like ventilated thermal panels will increase dramatically. Therefore, these government programs and expenditures in the construction industry act as a market driver.
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The market for prefabricated building systems market is segmented into the product type, and end use industry. According to the product type, the panel systems segment is expected to increase at the quickest rate. The demand for panel systems like ventilated thermal panels is increasing in both the residential and non-residential sectors due to its superior qualities, including quick production times, straightforward transportation and installation procedures, adaptable designs, ease of re-location, and ability to be used in a variety of environmental conditions.
The commercial segment is anticipated to hold major share in the prefabricated building systems market by end use industry during the forecast period. These systems are widely used in the construction of roads, railroads, hydroelectric, petroleum, tourism, and military facilities. These applications commonly use prefabrication because it takes less time than traditional building. Hence, this segment is dominating in the overall market during the projection period.
The biggest market share of the total market was held by the Asia-Pacific in the prefabricated building systems market. Rapid urbanization in developing nations like China and India, various policy changes announced by the Indian government, a strong industrialization, rising urbanization, a higher standard of living, increased FDI in construction, decreased construction waste, the installation of SEZs, supportive government initiatives, rapidly rising demand from the residential sector in Japan, China, and India, and rising investments in infrastructure developments by the international community are just a few of the elements cited.
The projection term is expected to see North America become the second-most lucrative market for prefabricated building systems. The market for North American prefabricated building systems is being driven by a number of factors, including an increase in demand for modular construction, rapid industrialization and urbanization, rising government spending, and the presence of major market players in nations like the United States. For the construction industry in nations like the United States and Mexico, prefabricated construction has attracted considerable interest as a model of sustainable growth. In order to reduce costs and time, the majority of people and businesses in the United States employ prefabricated buildings for green projects nowadays.
|Report Coverage||Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, and Latin America|
|Market Size(unit)||USD Billion|
|Prefabricated building systems Market CAGR||5.5%|
|Segments Covered||By Product Type
By End Use Industry
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List of the prominent players in the Global Prefabricated building systems market:
• Algeco Scotsman
• Skyline Champion Corporation
• Astron Buildings
• Modern Prefab Systems Pvt. Ltd.
• Ritz-Craft Corporation, Inc.
• Champion Home Builders, Inc.
• Butler Manufacturing Company
• Lindal Cedar Homes Inc.
• Kirby Building Systems
• United Partition Systems Inc.
The global Prefabricated building systems market is segmented as follows:
By Product Type
• Skeleton Systems
• Panel Systems
• Cellular Systems
• Combined Systems
By End Use Industry
• North America
o The U.S.
o The UK
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Rest of Latin America
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