Prefabricated Building System Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The prefabricated building system is expected to witness a moderate CAGR during the forecast period of 2018-2023. 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. Asia-Pacific had the highest share, accounting for more than 30% in 2017, due to the high demand from residential sector in the emerging economies.
Increasing Construction Activities in China and India
Huge investments made on infrastructure in developing nations, such as China and India, are driving the demand for prefabricated building systems. In Asia-Pacific, China and India are competing with each other in terms of growth rates. These countries have been witnessing rapid urbanization, which in turn, is spurring the usage of prefabricated building systems. In addition, the market is currently inclined to secure portable storage solutions and remote workforce accommodation management structures, that provide huge scope for the prefabricated building system demand. Prefabricated building systems are used in constructing offices, schools, healthcare facilities, and storage. The structures can be used for either temporary or permanent applications, and can be deployed quickly and economically.
Skeleton System to be the Largest Segment
Prefabricated building systems usage as skeleton system in the construction industry is expected to increase during the forecast period mainly because of rising demand for new houses, urbanization, and due to its significant intrinsic properties. In the skeleton system, steel is extensively used for its high strength with low volume & weight. It is easy to transport from one place to another, which makes steel cost-effective and economically viable for constructing prefabricated building systems. With increasing demand for time effective infrastructure solutions and ease of deployment, prefabricated building systems play an increasingly important role in helping deliver material solutions that contribute to design flexibility, and long-term component reliability under consumer specified operating conditions.
Asia-Pacific to Dominate the Market
By geography, Asia-Pacific holds the largest share in the market. The rising economy and the rapid growth in the infrastructure sector, especially in the residential sector of 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, making prefabricated building systems lighter, easier to assemble, yet high on the strength quotient.
Key Developments in the Market
- Dec 2017- Algeco Scotsman announced the Acquisition of Iron Horse Ranch.
Major Players -Algeco Scotsman, BTECH Inc., Butler Manufacturing Company, Champion Home Builders Inc., and Modular Engineering Company, among others
Reasons to Purchase the Report
- Understanding the current and future global prefabricated system market in the developed and emerging markets.
- Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Identify the segment that is expected to dominate the market.
- Identify the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in Excel).
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