Prefabricated Building System Market Outlook 2031:
The prefabricated building system market size was valued at USD 10.23 Billion in 2022 and is projected to reach USD 17.43 Billion by 2031, expanding at a CAGR of 6.1% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing number of customers’ demand for factory-made building.
A prefabricated building system refers to building that is manufactured and constructed by using prefabrication method. It has factory-made units or blocks, transported to the construction site and assembled to form a complete building.
For instance, Boxpark, a Dubai-based building., was built by shipping containers that were assembled to form stores, offices, gym, and restaurants, and many concrete precast structures for Expo 2020 activities.
The advantages of prefabricated building system include flexibility for transportation and easy formation, whereas the disadvantage is limited to size of the site. Increasing number of architects are following the way of prefabrication building system to set up the residential and non-residential within time-span.
Prefabricated Building System Market Trends, Drivers, Restraints, and Opportunities
- Rapid industrialization and commercialization is expected to propel the growth of market.
- Flexible transportation of prefabricated building system is anticipated to drive the market growth.
- Rising trend of constructing eco-friendly building can fuel the market growth in the projected timeline.
- Region with high earthquake zone can hinder the market growth.
- Rapid trend of the customized building can create challenges for the market growth during the forecast period.
- Technological advancements in construction industry can create lucrative opportunities for the market growth.
Scope of the Prefabricated Building System Market Report
The report on the prefabricated building system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Prefabricated Building System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Dimensions (Skeleton Systems, Panel Systems, Cellular Systems, and Combined Systems), by Applications (Residential and Non-Residential [Infrastructures, Commercials, and Industrial/Institutional])
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Algeco Scotsman; Skyline Champion Corporation; Lindal Cedar Homes; Kirby Building Systems LLC; and Astron Buildings
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Prefabricated Building System Market Segment Insights
Combine system segment is expected to grow at a rapid pace
Based on dimensions, the prefabricated building system market is divided into skeleton system, panel system, cellular system, and combined system. The combined segment is expected to grow at a rapid pace during the forecast period due to increasing purchasing power of customers.
However, the skeleton system is anticipated to hold a key share of the market in the coming years. This is due to the rapid construction of bridges and architectural structures for tourists. For instance, Howrah Bridge in India and Eiffel Tower in Paris are based on skeleton structure, fostering the growth of market segment.
Non-residential segment is projected to expand at a considerable CAGR
On the basis of applications, the market is segregated into residential and non-residential. The non-residential segment is further divided into infrastructure, commercial, and industrial/institutional. The non-residential segment is projected to expand at a considerable CAGR during the forecast period as the commercialization leads to low-cost and confers flexibility during the construction activity.
On the other hand, the residential segment is projected to account for a major market share during the forecast period owing to growing customers preference for customization building, encouraging companies to enter the market.
North America is anticipated to constitute a key market share
In terms of regions, the prefabricated building system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to constitute a major key share of the market during the projected period owing to rising number of architectural companies constructing building in residential and non-residential sectors.
However, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the increasing construction of smartest metropolis in countries such as India and China.
Segments
The prefabricated building system market has been segmented on the basis of
Dimensions
- Skeleton Systems
- Panel Systems
- Cellular Systems
- Combined Systems
Applicationss
- Residential
- Non-residential
- Infrastructures
- Commercials
- Industrial/Institutional
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the prefabricated building system market are Algeco Scotsman; Skyline Champion Corporation; Lindal Cedar Homes; Kirby Building Systems LLC; and Astron Buildings.
In March 2021, Skyline Champion Corporation, an independent housing company in the US, completed the acquisition of ScotBilt Homes.
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