Prefabricated Building Market Size is Expected to total US$ 181.9 Billion by 2027
Prefabricated Building Market- Segmented by System (Skeleton, Panel, Cellular, Combined, and Others), by Material (Steel, Concrete, and Wood), by Application (Residential and Non-Residential) and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
The prefabricated building market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the prefabricated building market.
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The prefabricated building market size was valued at USD 150.4 billion in 2020 and is expected to reach USD 181.9 billion by 2027 with a CAGR of 8.2% over the forecast period (2021-2027). Steel and concrete material in the prefabricated building market is gaining momentum due to the easy installation and removal benefits. Moreover, government-sponsored initiatives in developing countries to provide affordable houses in less time is another major factor for the growth of the prefabricated building market over the forecast period.
Due to the rise in infrastructure development and the growth in residential and commercial sectors, the prefabricated building market is likely to grow significantly over the forecast period.
Increasing awareness of construction waste on the environment, which can have an adverse effect on social culture in the future, has driven people to adopt the green buildings concept, which is expected to bolster the growth of the prefabricated building market.
Permanent modular construction saves time and labor required for construction, thereby reducing the construction cost significantly, which is one of the advantages associated with prefabricated buildings.
One of the major opportunities for the prefabricated building market is rapid urbanization and technology development which provides effective results.
Prefabricated construction can build residential building structures in about half the time compared to conventional construction methods, which will boost the growth of the prefabricated building market.
The prefabricated building market has a major impact due to the coronavirus COVID-19 outbreak. The global economy has disturbed so much, which affects the investment in advanced technologies such as precast concrete. Also, due to the shutdown of operations, construction companies had a huge loss that may affect the prefabricated building market. It is expected that post-COVID-19, the market will take a V-recovery pattern during the forecast period.
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The report outlines the global prefabricated building market study based on type, material, and applications.
Based on the type, the prefabricated building market has been segmented into –
Based on the material, the prefabricated building market has been segmented into–
Based on the application, the prefabricated building market has been segmented into–
Based on the region, the global prefabricated building market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America held the largest share in the global prefabricated building market, followed by Asia-Pacific and Europe. Moreover, Asia Pacific is expected to grow with a high CAGR over the forecast period due to increased construction activities across the globe.
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The global prefabricated building market is fairly fragmented, with the presence of key players across the globe. The key players operating in the global prefabricated building market are–
The prefabricated building market report provides a thorough analysis of macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market player's presence in the respective segment and region/country. The information concluded in the report includes the inputs from a primary interview with industry experts.
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