Prefabricated Construction Market

Prefabricated Construction Market Segmentation by Product Type (Skeleton System, Panel Systems, Cellular Systems, Combined Systems and others); Component Type (Metal and Non- Metal); End-user Industry: Residential, Commercial, Industrial– Global Demand Analysis and Opportunity Outlook 2021-2029

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Report ID: 2962 | Published On: Feb 01, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


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Prefabricated Construction Market Highlights 2020-2029

The prefabricated construction market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Prefabricated construction is based on the strategy to make components off-site in a factory and then are transported and put together on-site to create a structure. Its extensive characteristics such as good quality, high strength, low weight, volume, affordability, and more are gaining higher popularity. In January 2019, India's construction sector had a contribution of over 2.7 trillion Indian rupees to the country's GDP. This was an all-time high contribution recorded through the sector. In 2019, railway sector in the nation received the highest ever budgetary allocation.

Though due to COVID-19 market has seen a dip due to temporary suspension in construction activities in various regions and shortage in the supply chain. But the market will recover soon.

prefabricated construction market Graph

The market is segmented on the basis of Product Type into Skeleton System (H formed frames, T formed frames and others), Panel Systems (Large Panel and Small Panel), Cellular Systems (Complete Cellular Systems, and Incomplete Cellular Systems), Combined Systems and others. Among them panel system holds the largest share in the market followed by the cellular systems. Ventilated thermal panel system is highly adopted by the residential and non-residential sector. As it offers some of the major advantages as it can be easily transported, short production time, easy installation, adaptable designs, easy relocation and can be used in any environmental condition. In addition it also offers homeowners and builders to produce faster and more energy efficient buildings. These reasons are boosting the market of prefabricated panel systems. Cellular systems is used for the production of multi-dimensional structures, it provides isolations in building.CLICK TO DOWNLOAD SAMPLE REPORT

On the basis of Component Type market can be segmented into Metal (steel, aluminum and others) and Non- Metal (concrete, glass, timber and others). Application of concrete is highly appreciated in prefabricated construction as it provides thermal barrier allowing the heat to escape and increase the energy efficiency of the entire frame work. Application of wood is also boosting the market of prefabricated construction like engineered joists, columns, and wall and floor structures. As it is provides easy shipping, recyclable, lightweight and also increase the strength of the framework.

The market is segmented by the End-user Industry Type into Residential (Private Dwellings, Apartments, Consortium, and Others), Commercial (Hospitals, Schools, Hotels, Shopping Malls, Retails, Banks, Airport, and Others), Industrial (Oil Refineries, Manufacturing Plants, Chemical Processing Plants, and Others). Out of all, commercial application is owning the highest share of market. Prefabricated construction is highly used in the construction of malls, hotels, airports, gyms, hospitals and others. As it takes less than half the time when compared to traditional construction. This is due to better upfront planning, elimination of on-site weather factors, subcontractor scheduling delays, and quicker fabrication as multiple pieces can be constructed simultaneously. Followed by industrial application and then residential application. As developing countries are investing highly on industries, we can see development of manufacturing plants, chemical process plants and other, highly adopting the process of prefabricated construction. With the increase in industries more people are moving to urban areas resulting in the growth of residential prefabricated construction.


Prefabricate Construction Market Regional Synopsis:

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period.

North America holds the highest share in terms of fabricated construction market, followed by Europe. Labours are not easily available in North America thus there pace of construction is slow, this is the major reason for the companies of this region to shift to fabricated construction to complete the project faster.

However, prefabricated construction in Asia pacific region is expected to grow significantly in next 5 years. The concept of affordable housing with high sustainability is likely to be increasingly adopted by the growing middle-class population in this region. Moreover, government initiatives in several countries such as Singapore, China, India, Hong Kong, and Pakistan are expected to drive market growth in the region.

In addition, the government of India has aimed to make air travel affordable by improving regional connectivity and developing regional airports. In February 2020, the Union Budget proposed creating of 100 new airports by 2024 to help growing air traffic under Centre's Udan scheme. Thus, it is anticipated that with the flourishing commercial construction industry, there will be an upsurge in the demand for prefabricated building systems, which will subsequently drive the prefabricated building systems market growth in the Asia Pacific during the forecast period.

Prefabricate Construction Market Share Graph

The global market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Our in-depth analysis of the global non-metastatic castration resistant prostate cancer market includes the following segments:

By Product Type:

  • Skeleton System (H formed frames, T formed frames and others)
  • Panel Systems (Large Panel and Small Panel)
  • Cellular Systems (Complete Cellular Systems, and Incomplete Cellular Systems)
  • Combined Systems and others

By Component Type:

  • Metal (steel, aluminum and others)
  • Non- metal (concrete, glass, timber and others)

By End-User Industry Type:

  • Residential (Private Dwellings, Apartments, Consortium, and Others)
  • Commercial (Hospitals, Schools, Hotels, Shopping Malls, Retails, Banks, Airport, and Others)
  • Industrial (Oil Refineries, Manufacturing Plants, Chemical Processing Plants, and Others)


Growth Drivers

  • It reduces the time of construction by 20-30%.
  • The method is cost effective as on-site construction requires less labour.
  • It produces lower amount of waste products.

Challenges

  • The process of prefabrication possess variety of risks which includes damaged delivery of goods, untimely delivery and expensive transportation.
  • Occurrence of disconnection between manufacturer and architect by making parts off-site instead of in-site.


prefabricated construction market Graph
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Prefabricate Construction Market Share Graph
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Top Featured Companies Dominating the Market

    • Algeco Scotsman
    • ATCO
    • Bouygues Construction
    • Red Sea Housing
    • Abtech
    • Alta-Fab Structures
    • Art’s Way Manufacturing
    • Astron
    • Champion Home Builders
    • Cimc Modular Building Systems Holding

Key Questions Answered in the Report

1) What are the major factors driving the growth of the prefabricated construction market?

Ans: It reduces the time of construction by 20-30%, the method is cost effective as on-site construction requires less labour and it produces lower amount of waste products.

2) What would be the CAGR of prefabricated construction market over the forecast period?

Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.

3) What are the challenges affecting the prefabricated construction market growth?

Ans: The process of prefabrication possess variety of risks which includes damaged delivery of goods, untimely delivery and expensive transportation and occurrence of disconnection between manufacturer and architect by making parts off-site instead of in-site.

4) Which region will provide more business opportunities for growth of prefabricated construction market in future?

Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the industrial investment.

5) Who are the major players dominating the prefabricated construction market?

Ans: The major players dominating the market are Forcepoint, Akamai Technologies, Centrify, Symantec, Palo Alto Networks, Cisco Systems, Sophos Group, Microsoft, Fortinet, IBM, Check Point Software Technologies, Cyxtera Technologies, Okta, Trend Micro Incorporated, and Cloudflare.

6) How are the company profiles selected?

Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the prefabricated construction market?

Ans: The market is segmented by the authentication type, the deployment type, end-user industry, enterprise size and region.

8) Which segment under the application segment captures the largest market size in market?

Ans: With respect to application, the commercial sector is expected to show highest growth, due to increasing demand of robust security and digital privacy system.

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