The Future of Construction: Prefabricated Building Solutions
Research Reports
Sep 21, 2023
Insights from future market research
In 2021, the prefabricated buildings market size was estimated to be around USD 136.5 billion. The market for prefabricated buildings is anticipated to increase from USD 145.85 billion in 2022 to USD 231.91 billion in 2030, with a compound annual growth rate (CAGR) of 6.85% over the forecast period (2022 – 2030).
The region’s growing urban population and rising desire for conventional methods are the main factors boosting the market growth for prefabricated structures.
Because of the increased industrialization and urbanisation in developing countries like China, Vietnam, and India, market dynamics predict that rising infrastructure investments would accelerate the expansion of the modular construction industry. A favourable revenue impact on the prefabricated building sector is also predicted from increasing commercial real estate investments. For instance, the leasing of commercial property rose by 30% in India in the first quarter of 2019. The leased facility is anticipated to be around 60 million square feet, according to secondary sources.
For instance, the use of PVC (prefabricated, prefinished, volumetric construction) materials in several projects on public property is governed by Singaporean law. Also, the government provides enterprises with incentives that aid in the standardisation of modern building methods.
On March 15, 2021, the Canadian Minister of Families and other lawmakers said that the Surrey Center will get CAD 16.4 million as part of the Quick Housing Plan to build 44 new, affordable homes. Rising R&D spending for cutting-edge building solutions is predicted to soon be a driving force in the prefabricated construction sector.
In many growing nations, time and money are two aspects of construction operations that have long been seen as impediments to the industry’s growth.
For many important building firms “global,” getting over this limitation has been one of the biggest obstacles. One of the main solutions to these problems is the prefabricated construction system. According to market research, prefabricated building technologies can offer an alternative and save construction time by 30 to 50 percent in the current market. The technology is cost-effective since fewer “employees are required for the on-site procedures. The process’s reduced on-site activities has an additional unexpected benefit of producing substantially less rubbish. As a result, these factors have increased the market CAGR for prefabricated buildings recently.
Yet, as people become more aware of the harmful environmental impacts of construction waste, the popularity of green buildings is growing, which is another reason boosting the prefabricated buildings market’s income.
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Regional Insights:
Insights into the prefabricated building markets in North America, Europe, Asia-Pacific, and the Rest of the World are provided in the research by region.
The market for prefabricated buildings in the Asia-Pacific region, which had sales of USD 57.2 billion in 2021, is anticipated to grow significantly (41.90% CAGR) over the research period. because of the strong commercial building sector in the area. China wants to shift its focus away from large-scale infrastructure projects and towards more modest ones.
The 13th Five-Year Plan (FYP) states that projects including urban metro systems, water supply and treatment facilities, road upgrades, and public parks are meant to reduce traffic and pollution, restore decrepit housing, and encourage the expansion of small and medium-sized cities. Japan’s Kansai International Airport wants to invest over 100 billion yen (5911 million) through 2025 to reconstruct the bigger terminal in order to enhance capacity at the nation’s No. 2 gateway for foreign flights. Also, the Asia-Pacific region’s prefabricated buildings market in China had the highest market share, while the market for fabricated structures in India had the quickest rate of expansion. Moreover, the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and are among the important nations examined in the market analysis for prefabricated structures.
The second-largest market share for prefabricated structures is held by Europe, where there are more migrants than ever who necessitate the construction of both temporary and permanent housing. Moreover, the UK prefabricated buildings market had the quickest rate of growth in the European area, while the German prefabricated buildings market had the biggest market share.
The market for prefabricated structures in North America is anticipated to develop at the quickest CAGR between 2022 and 2030. The usage of modular building is being fueled by rising “environmental concerns and an increase in pollutants; there is a growing desire for sustainable construction.
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Market segmentation:
Depending on the product, the prefabricated buildings market is divided into skeleton, panel, cellular, and combined systems segments. The combination systems segment had the biggest share in 2021, accounting for over 34 percent of the industry’s revenue. The main reason for this is the expanding need for a panel system. The market for panel systems is rising in both the residential and non-residential sectors as a result of the better quality provides, such as short production times, simple services of transportation and installation, adaptive designs, easy re-location, may be utilised in such situations, and more. Bathroom pods, kitchenettes, and other items are included in the market segmentation for prefabricated structures based on the kind of module.
Bathroom pods was the market’s largest category in 2021 and is anticipated to expand at the fastest rate from 2022 to 2030. This is because the module may be swiftly provided as a turnkey solution and can be modified to fit the building already in place. Moreover, employing room pod implants is far less expensive than using kitchenettes. Thus, increasing bathroom pods material implant applications for prefabricated buildings have a beneficial effect on market growth.nCommercial prefabricated buildings held the largest segment share in the market for prefabricated buildings in 2021 due to the business sector’s increased use of prefabricated building solutions. The prefabricated buildings market data has been segmented based on application into industrial, commercial, and residential.
Prefabricated building technologies are often used in construction projects including highways, railways, mining, hydropower, petroleum, tourism, and military facilities such offices, housing, canteens, leisure areas, and gyms. because, in certain circumstances, taking action is quicker than traditional building. Residential is the market revenue sector for prefabricated structures that is expanding the second-fastest. Modular building enables the creation of beautiful, sustainable structures. It makes it possible to build quickly, to make complex ideas work, and to build distinctive homes with movable elements that satisfy community requirements.
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Key Vendors:
Major players include Kirby Building Systems LLC, Butler Manufacturing Company, Riz, Red Sea Housing Services, Astron Buildings, Champion House Builders, Lindal Cedar Homes Inc., and Craft Corporation.
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