The prefabricated building system market is expected to grow at a CAGR of 5.9% during the forecast period of 2019
NEW YORK, Feb. 21, 2020 /PRNewswire/ --
Market Overview
The prefabricated building system market is expected to grow at a CAGR of 5.9% during the forecast period of 2019 – 2024. One of the major factors driving the growth of the market studied is the increasing demand for building construction in Asia-Pacific. On the flipside, technical issues associated with prefabrication such as weak joints and the poor thermal insulation performance is expected to hinder the market growth.
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- Implementation of building information modeling is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and Japan.
Key Market Trends
Non-Residential Segment to Expand at a Lucrative Rate
- The market for industrial modular buildings is growing at a faster pace, due to the larger benefits of off-site construction. Off-site constructions are becoming more popular in the developing nations, due to accelerated project timelines, greater flexibility, more economical pricing, safer and greener construction technology, and the ability to service remote locations.
- The demand for prefabricated building systems in the industrial/institutional sector has increased, as it fulfills the short-term necessities at lower costs. The Buildings of Permanent prefabricated building systems include manufacturing facilities, hospitals facilities, educational classrooms, police stations, fire stations, etc.
- The government of the United Kingdom announced its initiative to construct new schools as a top priority. According to a publication by the United Kingdom government, there will be an addition of almost 7,30,000 school-age children by 2020. Around 24,287 additional classrooms are needed to accommodate this growing school-age population. According to a spokeswoman of the Department of Education, an investment of around GBP 7 billion is expected to be made on new constructions, by 2021.
- Various regions in the United States, including Florida, San Diego, and Chicago, are constructing new hospitals, or expanding their original base, in recent years. Also, according to the survey by the Health Facilities Management, the construction of outpatient facilities has significantly increased across boards, when compared to the previous year. Further, such expansion can be expected in the forecast period, thereby increasing the demand for prefabricated building system market.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. With growing residential and industrial activities the demand for prefabricated building systems is increasing in the region.
- Despite volatile growth in the real estate sector, significant development of rail & road infrastructure by the Chinese government (in order to withstand the demand stemming from the growing industrial and service sectors) has resulted in significant growth of the Chinese construction industry in the recent years.
- As the construction industry is dominated by state-owned and private enterprises, increased government and private spending in this regard are pushing the industry toward global primacy. In recent years, the entry of major construction players (from the European Union) in China has further fuelled the growth of this industry.
- Modular buildings are majorly used as they are often completed 30-50% faster than conventional structures, thus, significantly reduce the overall time and cost. Owing to the increasing demand triggered by a sudden rise in residential construction and projects related to the Tokyo Olympics 2020, the Japanese construction sector remains positive in terms of short-term growth.
- The Japanese government is also constantly focusing on the major long-term projects (the Maglev railway long-term and short-term development plans) that the country is expected to witness. Upgradation of highway networks, and a new rail link to Haneda Airport in Tokyo.
- Hence, such positive growth trends are anticipated to boost the demand for market studied.
Competitive Landscape
The prefabricated building systems market is highly fragmented, with no player having a significant share to influence the market. The major companies include Algeco Scotsman, CHAMPION HOME BUILDERS, INC., Redsea Housing, Kirby Building Systems LLC, Lindal Cedar Homes etc.
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