The global prefabricated building market size was US$ 161.1 billion in 2021. The global prefabricated building market is forecast to reach US$ 301.9 billion by 2030, registering a compound annual growth rate (CAGR) of 8.5% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The global prefabricated building market is forecast to gain traction, owing to the growing infrastructure development and steeply rising residential and commercial sectors globally.
Growing awareness about the negative effects of construction waste on the environment is likely to boost the concept of green building. As a result, it will fuel the growth of the global prefabricated building market during the study period.
The permanent modular construction of the prefabricated building saves time and labor costs. As a result, the cost-efficiency of the prefabricated building construction is likely to bolster the market growth during the forecast period.
Rapid urbanization and technological advancements will be important prospects for the prefabricated building market. In addition, the benefits of prefabricated construction over traditional construction methods are forecast to boost the growth of the global prefabricated building market.
Growing population combined with increasing disposable income are forecast to benefit the global prefabricated building market during the study period.
COVID-19 Impact Analysis
The COVID-19 outbreak has had a significant influence on the prefabricated building industry. Due to the pandemic, the construction segment witnessed significant loss in the past few years. The global economy witnessed various challenges due to lockdown restrictions. Construction companies suffered a considerable loss as a result of the governments’ imposed lockdown and travel restrictions. Thus, all of this had a negative impact on the global prefabricated building market.
Regional Analysis
North America is forecast to hold the highest share in the global prefabricated building market. The growth of the market is attributed to the increasing government initiatives towards eco-friendly construction. In addition, Asia-Pacific, followed by Europe, is forecast to register significant growth, owing to the growing urban population and increasing number of construction activities. In addition, rising awareness about green building and favorable government initiatives are forecast to drive the growth of the prefabricated building market during the study period.
Competitors in the Market
Market Segmentation
The global prefabricated building market segmentation focuses on Type, Material, Application, and Region.
Based on Type
Based on Material
Based on Application
Based on region
