Prefabricated Building Market to Hit USD 266.64 Billion By 2031 | Updated Insights
Consegic Business Intelligence analyzes that the prefabricated building market is growing with a CAGR of 4.3% during the forecast period (2023-2031), boosted by government initiatives in the infrastructure and construction sector, and major participants includes are EPACK Prefab, Arthroto, CertainTeed, Mighty Buildings, Astron Buildings, Champion Home Builders, and Algeco Scotsman
New York, Oct. 08, 2023 (GLOBE NEWSWIRE) — The global Prefabricated Building Market is expected to witness significant growth at a CAGR of 4.3% during the forecast period of 2023-2031. Factors such as government initiatives in the infrastructure and construction sector and increasing demand for modular construction are accelerating the demand for prefabricated buildings, which, in turn, is boosting the market growth. In addition, growing infrastructure investments will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the prefabricated building market is poised for strong expansion and is expected to reach USD 190.74 billion by 2023 and USD 266.64 billion by 2031. The market, which was valued at USD 184.47 billion in 2022, is predicted to grow at a compound annual growth rate of 4.3% during the period 2023-2031. The report highlights the growing infrastructure investments, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the Prefabricated Building market.
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Prefabricated building is manufactured and constructed using prefabrication. It consists of factory-made components or units that are transported and assembled on-site to form the complete building. The buildings with different components such as walls, roofs, and floors are manufactured in a factory or a manufacturing plant. The prefabricated buildings are widely utilized in healthcare facilities, commercial spaces, real estate, and educational facilities, among others.
Global Prefabricated Building Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2031 (USD Billion)||USD 266.64 Billion|
|By Material Type||Metal (Steel, Aluminium, and Others), Non-Metal (Concrete, Glass, Timber, Wood, and Others)|
|By Dimension||Skeleton, Panel, Cellular, and Combined|
|By End User||Residential, Commercial (Office, Hotels, Hospitals, and Others), and Industrial|
|By Region||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||EPACK Prefab, Arthroto, CertainTeed, Mighty Buildings, Everest Industries Limited, Satec Envir Engineering (India) Private Limited, Balarka Fabricon Private Limited, Astron Buildings, Champion Home Builders, and Algeco Scotsman|
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Global Prefabricated Building Market Segmentation Details:
Based on Material Type, the metal segment contributed the largest shares to the market growth in 2022. The metal segment is further bifurcated into steel, aluminium, and others. Steel is the most widely used material owing to its high strength and durability. Steelwork is widely demanded as it forms the skeleton frame of a building. Hence, due to the aforementioned factors, the metal segment is witnessing significant growth in the prefabricated building market.
Based on Dimension, the panel segment contributed the largest shares to the market growth in 2022. Owing to certain features of the panel segment such as short production time, adaptable designs, easy services of transportation and installation, easy re-location, and others, the demand for panel systems in ventilated thermal panels is highly increasing. Furthermore, owing to high thermal efficiency and cost savings on labor, the segment is experiencing positive growth. Hence, due to the aforementioned factors, the panel dimension is witnessing significant growth in the prefabricated building market.
Based on End User, the commercial segment contributed the largest shares to the market growth in 2022. Prefabricated building technologies are widely used in commercial projects such as offices, hotels, recreation areas, gyms, and others. Also increasing commercial spaces such as shopping malls, trade centers, office spaces, and others globally is driving major demand for prefabricated building materials.
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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. This is due to the increase in demand for modular houses in this region. Also, factors such as increasing urbanization, a high standard of living, and several favorable initiatives and investments by the government for infrastructure development have been acting as driving factors of the market in the region. Moreover, increasing residential and commercial construction in the region is driving the growth of the prefabricated building market in this region.
EPACK Prefab, Arthroto, and CertainTeed are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of prefabricated buildings. Further, the prefabricated building market is expected to grow steadily due to growing infrastructure investments in the aerospace industry, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years. Additionally, the increasing demand for modular construction is expected to increase the competition in the industry.
- In July 2023, Calgary-based Arthroto announced its launch into the prefabrication construction sector, focusing on converting underutilized office spaces into residential and mixed-use housing. This marks a groundbreaking evolution in the housing industry.
- In May 2023, CertainTeed announced the expansion of its prefabricated construction solutions with the launch of a new product named ONE PRECISION ASSEMBLIES which is a fully-constructed wall, floor, ceiling, and roof panels. The product will roll out this year in the Northeast, Midwest, and Mid-Atlantic regions, with plans to expand to other U.S. markets in the near future.
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Key Market Takeaways
- Asia Pacific accounted for the highest market share at 34.10% valued at USD 62.90 billion in 2022 and USD 65.10 billion in 2023, and is expected to reach USD 91.35 billion in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 25.16% during the base year of 2022.
- Based on material type, the metal segment accounted for the highest share contribution to the prefabricated building market statistics in 2022.
- Based on dimension, the panel segment accounted for the highest share contribution to the prefabricated building market statistics in 2022.
- Based on end user, the commercial segment accounted for the highest share contribution to the prefabricated building market statistics in 2022.
- North America is expected to boost the market demand for prefabricated buildings due to increasing government initiatives for green buildings in the region.
List of Major Global Prefabricated Building Market:
- EPACK Prefab
- Mighty Buildings
- Everest Industries Limited
- Satec Envir Engineering (India) Private Limited
- Balarka Fabricon Private Limited
- Astron Buildings
- Champion Home Builders
- Algeco Scotsman
Global Prefabricated Building Market Segmentation:
- By Material Type
- By Dimension
- By End User
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Frequently Asked Questions in the Prefabricated Building Market Report
- What was the market size of the prefabricated building industry in 2022?
- In 2022, the market size of prefabricated building was USD 184.47 billion.
- What will be the potential market valuation for the prefabricated building industry by 2031?
- In 2031, the market size of prefabricated building will be expected to reach USD 266.64 billion.
- What are the key factors restraining the growth of the prefabricated building market?
- High transportation issues is restraining the market growth at the global level.
- What is the dominating segment in the prefabricated building market by dimension?
- In 2022, the panel segment accounted for the highest market share of 33.27% in the overall prefabricated building market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the prefabricated building market?
- North America region is growing at the fastest CAGR over the forecast period in the prefabricated building market.
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