Global Prefabricated Building System Market - Size, Share and Forecast (2017 - 2022)
The global prefabricated building system market is driven by the growing demand from the construction sector for residential development in emerging economies. Prefabricated systems are frames, modular structures, or assembly of parts and components that are used in the construction industry. It is a method of construction in which the components of any building or structure are fabricated, in a specific manufacturing facility and then installed on the construction site. Various types of materials used for manufacturing of prefabricated systems are wooden panels, metal panels, composites, plastics, glass, and other reinforced plastics. The major driving factor for the prefabricated building system market is the high demand from residential sector in the emerging economies mainly in Asia-Pacific. Another important driver for this market is the strict regulations issued by International Energy Agency and various government policies regarding energy efficient buildings, as prefabricated construction incorporates energy absorbing material that automatically lowers the energy consumption. This method of construction is also time and cost efficient. Prefabricated building systems market is segmented, on the basis of dimensions, into skeleton systems, panel systems, combined systems, or cellular systems. Skeleton systems segment include structural elements, such as, columns, beams, and roofing elements. Panel systems segment include wall or flexible partition elements, cellular systems include three-dimensional structures, whereas combined systems segment include combination of aforementioned system types. The major challenge for the global fabricated building system market is the perception among customers, that these systems have low strength as compared to the ones constructed on actual site. Areas with Scope for Prefabricated building system Market By geography, Asia-Pacific holds the largest share in prefabricated building system market. The rising economy and the rapid growth in the infrastructure sector, especially in the residential sector in Asia-Pacific mainly in China, Japan and India, have significantly impacted the growth of prefabricated building systems. Currently, companies in the global prefabricated building system market are exploring the use of new materials and fabrication technologies, to make prefabricated building systems lighter, easier to assemble, yet high on the strength quotient. Notable Developments in the Market In August 2017, the world’s leading portable accommodation company, Algeco Scotsman sold its North American business, Williams Scotsman, to Double Eagle Acquisition Corp. (DEAC) for USD 1.1 billion. In August 2017, Target Logistics Management, LLC, a global leader in remote accommodations, announced further expansion plans in West Texas, by increasing capacity in Mentone. Why Purchase the Global Prefabricated building system Market Report? Know about: the latest regulations & policies of prefabricated building system market. Analyzing various market perspectives with the help of Porter’s five forces analysis. Which segment of prefabricated building system, based on dimension, application, and weight, is expected to dominate the market? Which of the regions will witness the fastest growth during the forecast period? Identify the latest developments, market shares, and strategies employed by the major market players, such as: Ritz-Craft Corporation, Inc. Algeco Scotsman Lindal Cedar Homes, Inc. Modern Prefab Systems Pvt. Ltd.