A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Prefabricated Buildings – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 18; Released: June 2021
Executive Pool: 1286
Companies: 272 – Players covered include Abtech, Inc.; Astron Buildings S.A.; BlueScope Buildings North America, Inc.; Kirby Building Systems, LLC; Lindal Cedar Homes; Modular Engineering Co.; Niko Prefab Building Systems Pvt. Ltd.; Par-Kut International; Red Sea International Company; Schulte Building Systems, Inc.; Skyline Champion Corporation; United Partition Systems Inc.; Vardhman Pre-Engineered Building System; WillScot Mobile Mini Holdings Corp. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Panel Systems, Skeleton Systems, Cellular Systems, Combined Systems); End-Use (Commercial, Residential, Industrial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Prefabricated Buildings Market to Reach $153.7 Billion by 2026
Prefabricated homes, also known as prefab homes are those that have been constructed with the help of prefabricated building materials. These building materials are prefabricated in an off-site facility and are then transported to the desired location where they are assembled. Prefabricated homes are a combination of traditional homeownership and technology. These homes are prebuilt at off-site locations using different methods such as 3-D printing and are then assembled at the construction site. Homes that are at least 70% prefabricated are known as modular homes. Although the prefab homes are placed on permanent foundations, their structures are pre-built in sections. This makes taking apart, transportation and building of these homes easy. Compared to traditional houses, prefab homes are cheaper and also more sustainable and better looking. The construction materials used in developing prefab homes are classified as concrete based and metal fabricated.
Amid the COVID-19 crisis, the global market for Prefabricated Buildings estimated at US$106.1 Billion in the year 2020, is projected to reach a revised size of US$153.7 Billion by 2026, growing at a CAGR of 6.4% over the analysis period. Panel Systems, one of the segments analyzed in the report, is projected to grow at a 7.2% CAGR to reach US$61.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Skeleton Systems segment is readjusted to a revised 5.8% CAGR for the next 7-year period. This segment currently accounts for a 22.9% share of the global Prefabricated Buildings market.
The U.S. Market is Estimated at $20.2 Billion in 2021, While China is Forecast to Reach $38.2 Billion by 2026
The Prefabricated Buildings market in the U.S. is estimated at US$20.2 Billion in the year 2021. The country currently accounts for a 18.3% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$38.2 Billion in the year 2026 trailing a CAGR of 7.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.9% and 5.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$41.4 Billion by the close of the analysis period.
The market is being fostered by factors such as lesser construction time required, cost savings, office requirements in emerging SEZs, rising real estate investments, fast-paced urbanization, rising demand for alternative approaches to construction, and temporary and immediate requirements in the industrial sector. The market is also gaining from the rising customer attention towards reducing CO2 emissions, green construction, and lowering waste. Also, the expanding construction and infrastructure markets in Asia and growing investments in real estate worldwide are also driving market growth. The development of the market is likely to be in accordance with the growth of the housing and real estate markets globally, with immense growth opportunities likely to emerge from the GCC and Asia-Pacific regions. Rising awareness of the benefits of prefabricated buildings among people and their growing acceptance is also boding well for the market’s growth. Further, increasing renovation activities for improving aesthetic value of buildings and also their construction value is supporting demand for prefabricated buildings. Increasing disposable income levels are spurring new house construction activities, which is also fuelling interest in prefabricated buildings. There is growing demand for prefabricated products that are available in different sizes and shapes. Metal products that are prefabricated are being employed for various decorative architectural requirements in buildings. Demand for industrial modular buildings is on the rise on account of the significant advantages of off-site construction, such as more flexibility, faster project completion, cost effectiveness, greener and safe construction, and feasibility in remote locations.
Cellular Systems Segment to Reach $37.9 Billion by 2026
In the global Cellular Systems segment, USA, Canada, Japan, China and Europe will drive the 6.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$19.5 Billion in the year 2020 will reach a projected size of US$30.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.5 Billion by the year 2026, while Latin America will expand at a 7.4% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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Global Industry Analysts, Inc.