Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "Prefabricated Building System Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global prefabricated building system market is on track for remarkable growth, with projections to expand from USD 194.90 billion in 2023 to USD 265.90 billion by 2028.
This growth trend reflects a robust compound annual growth rate (CAGR) of 6.41% during the forecast period from 2023 to 2028. Several key drivers and trends are expected to fuel this market's growth.
Companies Mentioned
- Abtech, Inc.
- Algeco Scotsman
- Astron Buildings
- Butler Manufacturing
- Kirby Building Systems
- Lindal Cedar Homes, Inc.
- Modular Engineering
- Niko Prefab Building Systems Private Limited
- Par-Kut International
- RED SEA INTERNATIONAL
- Schulte Building Systems, Inc.
- Skyline Champion Corporation
- United Partition Systems, Inc.
- Vardhman Pre-Engineered Building Systems
Key Highlights:
- Impact of COVID-19: The COVID-19 outbreak had a negative impact on the global construction industry, causing widespread work stoppages. However, the market is projected to recover and grow steadily in the forecast period, driven by the overall growth of the global construction sector.
- Asia-Pacific Construction Boom: The Asia-Pacific region is a significant contributor to the market's growth. Increased demand for building construction, especially in countries like China and India, is one of the major factors driving the expansion of the market. Despite volatile growth in the real estate sector, the Chinese government's focus on infrastructure development has led to significant growth in the construction industry.
- Industrial Modular Buildings: Industrial modular buildings are experiencing faster growth due to the advantages of off-site construction. Off-site construction offers accelerated project timelines, greater flexibility, cost-effectiveness, safety, and sustainability. These advantages are particularly attractive in developing nations, where the demand for efficient construction methods is high.
- Government Initiatives: Government initiatives aimed at infrastructure development are boosting the demand for prefabricated building systems. For example, school renovation programs in the United Kingdom and infrastructure projects in China and India are driving market growth. Investments in construction projects and infrastructure development are creating significant opportunities in the market.
Market Trends:
- Non-Residential Segment Expansion: The non-residential segment, which includes industrial and institutional buildings, is expanding at a lucrative rate. Prefabricated building systems fulfill short-term needs at lower costs for various facilities, including manufacturing, healthcare, and educational institutions. In the United Kingdom, government initiatives to construct new schools and renovate existing ones are expected to drive demand for prefabricated building systems.
- Construction Industry Growth: The construction industry in China has witnessed significant growth, driven by government infrastructure projects. Both state-owned and private enterprises, along with major construction players from the European Union, are contributing to this growth.
- Indian Residential Sector: India's residential sector is experiencing growth, supported by government initiatives and budget allocations for housing construction. Infrastructure projects in India and Japan are also expected to create demand for prefabricated building systems.
- Modular Buildings: Modular buildings offer several advantages, including faster completion (30-50% faster than conventional structures), reduced overall time and cost, and sustainability. These benefits are expected to drive demand for prefabricated building systems.
- Asia-Pacific Dominance: The Asia-Pacific region is the dominant market, with China, India, and Japan experiencing significant construction and infrastructure development. Government investments in highways, railways, and other projects are contributing to market growth.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Building Construction in Asia-Pacific
4.1.2 Supportive Government Incentives and Policies
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Technical Issues Associated with Prefabrication
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION (Market Size in Value)
5.1 Dimensions
5.1.1 Skeleton System
5.1.2 Panel System
5.1.3 Cellular System
5.1.4 Combined System
5.2 Application
5.2.1 Residential
5.2.2 Non-Residential
5.2.2.1 Infrastructure
5.2.2.2 Commercial
5.2.2.3 Industrial/Institutional
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Implementation of Building Information Modeling (BIM)
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/p12ek0
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