Prefabricated Buildings Industry - Regional Synopsis
Geographically, the prefabricated buildings 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 industry is poised to hold largest revenue share by 2037 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 prefabricated buildings 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 prefabricated buildings market growth in the Asia Pacific during the forecast period.
