December 27th, 2022
Modular and Prefabricated Building Market accounted for US$ 149.7 billion in 2019 and is estimated to be US$ 287.2 billion by 2029 and is anticipated to register a CAGR of 6.8%.Developers are looking to decrease the cost of construction and reduce construction deadlines. This preference pf developer has led to drive the growth of the prefabricated and modular buildings.
The report "Global Modular and Prefabricated Building Market, By Product Type (Skeleton System, Panel System, Cellular System, and Combined System), By Module Type (Bathroom Pods, Kitchenettes, and Others (Roofs, Walls, and Windows)), By Application (Industrial, Commercial, and Residential), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In June 2020, Algeco Group, the leading modular space leasing business in Europe and the Asia Pacific, announced that it has agreed to acquire Wexus Group AS from Norvestor Equity AS and other shareholders. Wexus is a leading provider of high-quality modular building solutions in the Nordic region. Headquartered in Norway, Wexus also has operations in Sweden and a modern production facility in Estonia.
· In June 2018, GRAITEC, an international BIM, Fabrication, and Design software developer for AEC, and Autodesk Platinum Partner across Europe announced the acquisition of Arma Plus, a French-based company that provides IT and Fabrication Software solutions for the construction, steel and concrete industries.
Growing awareness about advantages of prefabricated building and structural steel and increasing acceptance among the population, as they are flexible, energy-efficient and faster completion are the key factors propelling the growth of the global modular and prefabricated building market. In addition, shifting customer focus towards minimizing emissions and waste management coupled with the rising adoption of green building practices among the population are other factors influencing the growth of the target market. Moreover, rapid advancements in the construction industries and an increasing number of infrastructural activities coupled with rising disposable income are expected to drive the growth of the global market over the forecast period. Further, a large number of startups have entered the modular construction industry and are acquiring a huge interest from venture capital firms and angel investors. For instance, in January 2018, Katerra raised US$ 865 million in a Series D funding round controlled by SoftBank.
Key Market Insights from the report:
The global modular and prefabricated building market accounted for US$ 149.7 billion in 2019 and is estimated to be US$ 287.2 billion by 2029 and is anticipated to register a CAGR of 6.8%. The market report has been segmented on the basis of product type, module type, application, and region.
· By product type, the skeleton system segment leads the global market in terms of revenue and expected to maintain its position over the forecast period. As huge private industries and organizations have utilized the prefabrication concrete structure as to the skeleton structure is the factor anticipated to boost the growth of this segment.
· By module type, the bathroom pods segment leads the global market in terms of revenue and projected to maintain its position during the forecast period.
· By application, the industrial segment leads the global market in terms of revenue and expected to maintain its position in the coming years.
· By region, the market in North America estimated for major share in terms of revenue in 2019 and is anticipated to create lucrative growth during the forecast period. Rising disposable income and spending capacity among the population particularly in the US is the factor anticipated to boost the growth of the target market in the region.
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The prominent player operating in the global modular and prefabricated building market includes Red Sea International, Algeco Scotsman, Inc., Champion Home Builders, Inc., Astron Buildings LLC, Butler Manufacturing Company, Lindal Cedar Homes, Inc., Kirby Building Systems LLC, Ritz-Craft Corporation, Modern Prefab Systems Pvt. Ltd., Par-Kut International Inc., and United Partition Systems, Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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