Prefabricated Buildings Market to Grow with a CAGR of 7.19% through 2028
Rise in modular construction and expansion of residential and commercial
sectors are likely to drive the market in the forecast period.
According to TechSci Research report, “Prefabricated Buildings Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Prefabricated Buildings Market stood at
USD 192.08 billion in 2022 and is anticipated to grow with a CAGR of 7.19% in
the forecast period.
One of the primary drivers of the
Prefabricated Buildings market is the increasing emphasis on sustainability and
environmental consciousness in construction practices. As the world grapples
with climate change and resource depletion, there is a growing demand for
construction methods that minimize environmental impact. Prefabricated
buildings excel in this regard. Prefabrication inherently reduces waste
generation during the construction process due to the precision manufacturing
of building components in controlled factory environments. This minimizes
on-site construction waste and decreases the overall carbon footprint
associated with traditional construction methods. Moreover, the use of
sustainable and recyclable materials, such as engineered wood and steel, is
prevalent in prefab construction. Manufacturers are increasingly incorporating
energy-efficient features like solar panels, advanced insulation, and efficient
HVAC systems into prefab buildings, further reducing their environmental impact.
Government regulations and incentives promoting green building practices also
drive the adoption of prefabricated buildings. For instance, tax incentives and
certification programs, like LEED (Leadership in Energy and Environmental
Design), encourage developers to choose sustainable prefab solutions. As
sustainability remains a focal point in global construction, the Prefabricated
Buildings market continues to flourish.
Cost efficiency and time savings are significant drivers propelling the
growth of the Prefabricated Buildings market. Traditional construction projects
often face challenges such as weather delays, fluctuating labor costs, and
supply chain disruptions. Prefabrication offers a solution to these challenges
by streamlining the construction process. Prefab components, manufactured in a
controlled factory environment, are produced with precision and efficiency.
This leads to substantial time savings since construction can progress
simultaneously on-site while components are being fabricated off-site. The
reduced construction time also means lower labor costs and less risk of budget
overruns. The predictability of costs is another advantage of prefabricated
buildings. Developers can more accurately estimate project budgets due to the
reduced reliance on fluctuating on-site labor and materials costs. This
predictability is especially appealing in regions with high demand for
construction, where keeping projects on budget and on schedule is critical. In
summary, the Prefabricated Buildings market benefits from its inherent
cost-efficiency and time-saving advantages, making it an attractive choice for
developers and investors looking to optimize construction projects while
maintaining budget and timeline certainty.
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in-depth TOC on
"Global Prefabricated Buildings Market.”
The Global Prefabricated Buildings Market is segmented into product,
module type, application and region.
Based on application, The Commercial segment had the largest market
share in 2022 & expected to maintain it in the forecast period. Commercial
projects often have tight deadlines, whether it's for retail spaces, office
buildings, or hospitality facilities. Prefabricated construction excels in this
regard, as it allows for simultaneous site preparation and component
manufacturing. This simultaneous approach significantly accelerates the
construction timeline, enabling businesses to open or expand their operations
more quickly than with traditional construction methods. Efficiency in
construction translates into cost savings, a highly attractive factor for
commercial enterprises. Prefabrication reduces on-site labor requirements and
minimizes material waste, leading to lower construction costs. This
cost-effectiveness makes prefabricated commercial buildings a financially
appealing choice for businesses seeking to optimize their budgets. Contrary to
common misconceptions, prefabricated commercial buildings offer a high degree
of design flexibility. Modern prefabrication techniques allow for customization
and architectural diversity. Businesses can achieve unique and aesthetically
pleasing designs while still benefiting from the efficiency of prefabricated
construction. Prefabricated components are manufactured in controlled factory
environments, where quality control measures are rigorous and consistent. This
results in higher construction quality and fewer defects compared to
traditional construction, which relies more on variable on-site workmanship. Many
commercial enterprises are committed to sustainability and energy efficiency.
Based on product, The Skeleton System segment had the largest
market share in 2022 and is projected to experience rapid growth during the
forecast period. The skeleton system serves as the fundamental framework or
structure of a building. It provides essential structural integrity and
stability, ensuring that the building can withstand various loads, including
wind, seismic forces, and the weight of the structure itself. This critical
role makes the skeleton system a cornerstone of nearly all construction
projects, whether traditional or prefabricated. The skeleton system can be used
in a wide range of building types and applications, from residential and
commercial buildings to industrial facilities. Its versatility allows it to
accommodate different architectural styles and designs, making it a preferred
choice for various construction needs. Prefabricated skeleton systems can be
tailored to meet specific design and engineering requirements. Manufacturers
can produce steel or concrete frames, columns, and beams according to precise
project specifications. This customizability ensures that the skeleton system
can adapt to diverse construction demands. Skeleton systems can seamlessly
integrate with other prefabricated components, such as wall panels, floor
systems, and roof systems. This compatibility allows for flexibility in design
and construction, enabling builders to combine prefabricated elements to create
a complete building. Skeleton systems have a long history in the construction
industry, and they are a well-established and trusted construction method.
Builders and developers are often familiar with the design and installation of
skeleton systems, which contributes to their continued dominance in the market.
Major companies operating in the Global Prefabricated Buildings Market
are:
- Laing
O'Rourke
- Red Sea
International Company
- ATCO Ltd
- Modulaire
Group
- Fluor
Corporation
- Skanska
AB
- Mammoet
- Wates
Group
- Balfour Beatty
Plc
- Inter
IKEA Group
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“The Global Prefabricated Buildings market is expected to rise in the
upcoming years and register a significant CAGR during the forecast period. Modular
construction is a type of construction where buildings are assembled from
prefabricated components that are manufactured off-site. This can help to
reduce construction time and costs, as well as improve quality control. The
growing populations in developing countries are leading to an increase in
demand for residential and commercial buildings. Prefabricated buildings can be
a cost-effective and quick way to meet this demand. Additionally, The
Asia-Pacific region is expected to be the fastest-growing market for
prefabricated buildings, followed by North America and Europe. This is due to
the rapid urbanization and infrastructure development in these regions. Therefore,
the market of Prefabricated Buildings is expected to boost in the upcoming
years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Prefabricated Buildings Market By Product (Skeleton System, Panel System, Cellular
System, and Combined System), By Module Type (Bathroom pods, Kitchenette, and
Others), By Application (Industrial, Commercial, and Residential), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Prefabricated
Buildings Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the Global Prefabricated Buildings
Market.
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