Press release
Prefabricated Building Systems Market Outlook: Anticipated CAGR of 6.1% Leading to a Projected Value of US$ 18.5 Billion by 2032
Prefabricated Building System Market
The Prefabricated Building System Market is poised for remarkable growth during the forecast period, fueled by a surge in corporate offices and special economic zones, increasing government support, and the rapid pace of industrialization. These factors are expected to drive a substantial increase in sales for prefabricated building systems. As businesses and economies seek efficient and cost-effective construction solutions, the demand for prefabricated buildings is set to witness a significant upswing.
With a CAGR of 6.1% from 2022 to 2032, the global prefabricated building system market is expected to generate lucrative growth opportunities. By 2032, it is expected that the global market will be valued at US$ 18.5 billion. The market's expansion is attributed to the building and construction sector's explosive global growth.
The building and construction industry uses prefabricated building systems, which are modular structures or assemblies of different parts and components. These systems are frequently created and put together in factories before being transported to the construction site, where they are installed or used to create structures. These systems are made from a variety of materials, including metal, timber,concrete, plastics, glass, etc.
Prefabricated building systems are relatively inexpensive and usually take less time in building any required structure on account of their easy installation process. They can be altered according to the needs and significantly helps to save space at building sites.
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Report Highlights
From setting up industrial facilities to building homes and other commercial spaces, prefabricated building systems are drastically becoming a new trend in the global building and construction industry. The introduction of these prefabricated systems has effectively solved the time and cost constraints of the construction industry. In addition to this, benefits offered by skeleton prefabricated building systems such as low weight and volume, cost-effectiveness, and high strength will further augment their adoption.
The accelerated growth of the building and construction industry is attributed to rapid industrialization and urbanization. Furthermore, increasing investments by the government in developing public infrastructure and the global economic boom, is the major force behind the swift expansion of the prefabricated building system market.
Growing awareness among people regarding the effects of construction waste on the environment is encouraging the adoption of the green building concept. This will create lucrative growth avenues within the prefabricated building system market in the future. Prefabricated building systems generate less waste at the building sites, which makes them ideal choices for greener construction.
Recent Developments
Prefabrication building has rapidly become an ideal sustainable alternative approach for the construction industry. It is gradually becoming a new trend for the construction of residential and non-residential buildings due to its various attractive benefits including less construction time, cost savings, and lower emissions.
The majority of people in developed and developing regions are showcasing a keen interest in building their houses by using prefabricated structures like a skeleton and panel systems. Adoption of these systems not only helps them to save time and costs but also reduces CO2 emissions and construction waste.
The surging number of corporate offices or special economic zones, increasing government support, and rapid industrialization are anticipated to push the sales of prefabricated building systems during the forecast period.
Despite gaining thorough recognition worldwide, there are several factors that are becoming impediments to the growth of the prefabricated building system market. One such factor is the higher transportation costs. technical issues associated with prefabrication such as weak joints and poor thermal insulation performance are also limiting the growth of the prefabricated building system market.
Competitive Landscape
Top companies operating in the prefabricated building system market are focusing on developing light and robust structures that can withstand severe weather conditions and generate minimum wastage at construction sites. They are receiving significant support from the government across attractive regions of Asia and Africa.
Some of the major participants present in the global prefabricated building system market include Algeco Scotsman, Modern Prefab Systems Pvt. Ltd., Ritz-Craft Corporation, Inc., Lindal Cedar Homes, Inc., and Champion Home Builders, Inc. among others.
More Insights into the Prefabricated Building System Market
The Asia Pacific region is expected to dominate the global prefabricated building system market over the valuation period. The growth of the region is attributed to the substantial rise in the demand for modular houses across the Asia Pacific countries like China and South Korea and India. This is providing a strong thrust to the growth of the prefabricated building system market.
North American region is anticipated to emerge as a lucrative market over the valuation period. Rising preference for modular building, rapid industrialization, urbanization increasing government investments, and the presence of leading market players in countries like the United States are some of the factors driving the North American prefabricated building system market.
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Key Segments Profiled in the Prefabricated building system Industry Survey
By Dimensions:
• Skeleton system
• Panel System
• Cellular System
• Combined System
By Application:
• Residential
• Commercial
• Industrial
By Weight:
• Light Weight (less than 2 tons)
• Heavy Weight (more than 2 tons)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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