Global Prefabricated Building System Market

Prefabricated Building System Market Size, Share, Growth Analysis, By Type(Modular Construction, Panelized Construction, and Hybrid Construction.), By Application(Residential Buildings, Commercial Buildings, Industrial Buildings, Institutional Buildings), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15F2056 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 65 |Figures: 75

Prefabricated Building System Market Insights

Prefabricated Building System Market size was valued at USD 11.9 billion in 2021 and is poised to grow from USD 12.55 billion in 2022 to USD 19.27 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).

The global prefabricated building system market has witnessed significant growth in recent years, driven by factors such as rapid urbanisation, increasing construction activities, and the need for cost-effective and time-efficient building solutions. Prefabricated building systems, also known as modular construction or off-site construction, involve the fabrication of building components or modules in a controlled factory environment and their assembly at the construction site. With the rising population and urban migration, there is a pressing need for housing that is not only cost-effective but also can be constructed quickly. Prefabricated building systems offer a solution by reducing construction time and labour costs, thus making housing more affordable and accessible to a larger population. Additionally, the advantages of prefabricated building systems, such as improved quality control, reduced waste generation, and enhanced sustainability, have also contributed to market growth.

As the components are manufactured in a controlled factory environment, the quality of the building materials and the construction process can be closely monitored, resulting in higher-quality buildings. Moreover, the ability to recycle and reuse prefabricated modules makes them a more sustainable choice compared to traditional construction methods. The market for prefabricated building systems is also driven by the need for infrastructure development in emerging economies. Governments and construction companies are increasingly adopting modular construction techniques to accelerate infrastructure projects, such as schools, hospitals, and commercial buildings. Prefabricated systems allow for faster project completion, enabling quicker delivery of essential services to growing populations.

US Prefabricated Building System Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 11.9 billion

Largest Segment

Modular Construction

Fastest Growth

Growth Rate

5.5% CAGR

Global Prefabricated Building System Market Market ($ Bn)
Country Share for North America Region (%)

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Prefabricated Building System Market Segmental Analysis

The global prefabricated building system market is segmented based on type, application, and region. Based on type, the market can be segmented into Modular Construction, Panelized Construction and Hybrid Construction. Based on application, the market is segmented into Residential Buildings, Commercial Buildings, Industrial Buildings, Institutional Buildings and Others.Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Prefabricated Building System Market Analysis by Type

Among Modular Construction, Panelized Construction, and Hybrid Construction, the dominant type in the global prefabricated building system market is Modular Construction. Modular Construction involves the fabrication of individual modules or sections off-site in a controlled factory environment. These modules are then transported to the construction site and assembled to form the final building structure. This construction method offers advantages such as faster project completion, cost efficiency, and improved quality control.

On the other hand, the fastest growing type in the global prefabricated building system market is Hybrid Construction. Hybrid Construction combines elements of both Modular Construction and Panelized Construction. It incorporates pre-engineered modular units along with prefabricated panels that are assembled on-site. This hybrid approach provides flexibility in design, allowing for customization while still benefiting from the efficiency and speed of off-site fabrication.

Prefabricated Building System Market Analysis by Application

Residential Buildings hold a significant share in the prefabricated building system market and are widely adopted due to various factors. The demand for affordable housing solutions, rapid urbanisation, and the need for quick construction processes have contributed to the dominance of prefabricated systems in the residential sector. Prefabricated building systems offer cost-effective, time-efficient, and sustainable solutions for residential construction, making them highly preferred by homeowners and developers alike.

On the other hand, the Commercial Buildings segment is experiencing rapid growth in the market. Commercial buildings include offices, retail spaces, hotels, and other non-residential structures. The increasing adoption of prefabricated building systems in commercial construction is driven by several factors. Prefabrication allows for faster project completion, reduced construction time, and improved cost-efficiency, which are particularly important in commercial settings where time-to-market and cost considerations play a significant role. Moreover, the ability of prefabricated systems to offer flexibility in design and customization further contributes to their growing popularity in commercial building projects.

Global Prefabricated Building System Market Market By Type, 2023 (%)

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Prefabricated Building System Market Regional Insights

North America holds a significant market share in the prefabricated building system market. The region has a well-developed construction industry, advanced manufacturing capabilities, and a high adoption rate of modern construction practices. Factors such as rapid urbanisation, the need for sustainable and energy-efficient buildings, and the demand for faster construction processes have driven the dominance of North America in the market. Additionally, government initiatives promoting green buildings and the use of prefabricated construction methods have further bolstered the market growth in the region.

The Asia Pacific region is experiencing the fastest growth in the prefabricated building system market. Countries such as China, India, and Japan are witnessing rapid urbanisation, population growth, and increased investments in infrastructure development. These factors have created a strong demand for efficient and cost-effective construction solutions, leading to the adoption of prefabricated building systems. The advantages offered by prefabricated construction, such as faster project completion, reduced labour costs, and improved sustainability, align with the needs of the rapidly developing economies in the Asia Pacific region. Furthermore, government initiatives to address housing shortages and promote sustainable construction practices have further propelled the growth of the prefabricated building system market in this region.

Global Prefabricated Building System Market By Geography, 2024-2031
  • Largest
  • Fastest

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Prefabricated Building System Market Dynamics

Prefabricated Building System Market Drivers

Flexibility and Design Options

  • Prefabricated building systems provide ample opportunities for design flexibility and customization. Utilising advanced technologies like computer-aided design (CAD), architects and designers can create intricate and innovative structures. The modular nature of prefabricated components allows for easy customization, enabling versatile architectural designs that cater to specific project requirements.

Prefabricated Building System Market Restraints

Limited Skilled Workforce

  • The implementation of prefabricated building systems necessitates a specialised skill set that may differ from traditional construction methods. However, there is often a shortage of skilled workers trained in off-site manufacturing and assembly techniques. This skill gap poses challenges in meeting the growing demand for prefabricated construction projects, potentially impacting the pace of market growth.

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Prefabricated Building System Market Competitive Landscape

The market is marked by the presence of several key players, including manufacturers, suppliers, and construction companies specialising in prefabricated building systems. These companies operate on a global scale and have established their presence in various regions to cater to the growing demand. They strive to differentiate themselves by offering a diverse range of prefabricated building systems, addressing different construction needs, and adhering to local building codes and regulations.

Prefabricated Building System Market Top Player’s Company Profiles

  • Katerra (US)
  • Lendlease Corporation (Australia)
  • Algeco (Luxembourg)
  • Cemex S.A.B. de C.V. (Mexico)
  • Red Sea International Company (Saudi Arabia)
  • Vinci SA (France)
  • Guangdong Keda Intelligent Decoration Co., Ltd. (China)
  • Modscape (Australia)
  • ACS Group (Spain)
  • Balfour Beatty plc (UK)
  • Cadolto Fertiggebäude GmbH & Co. KG (Germany)
  • Skender (US)
  • China State Construction Engineering Corporation (China)
  • NRB Inc. (Canada)
  • Elementum 3D (US)
  • Lindbäcks Bygg AB (Sweden)
  • Guerdon Modular Buildings (US)

Prefabricated Building System Market Recent Developments

  • In March 2023, Balfour Beatty announced the acquisition of Contegra Industries, a leading provider of modular building solutions in the United States. This acquisition is said to strengthen Balfour Beatty's position in the prefabricated building systems market and expand its reach in the United States.
  • In February 2023, Skanska announced the opening of a new prefabrication plant in Sweden. This new plant is said to be one of the largest prefabrication plants in Europe and will be used to produce modular buildings for the Swedish market.
  • In January 2023, Lendlease announced the launch of its new prefabricated building system, called the Lend Lease Modular Building System. This new system is said to be faster and more sustainable than traditional construction methods.
  • In December 2022, Bouygues Construction announced the opening of a new prefabrication plant in France. This new plant is said to be one of the largest prefabrication plants in France and will be used to produce modular buildings for the French market.
  • In November 2022, China State Construction Engineering Corporation (CSCEC) announced the completion of its first prefabricated building project in the United States. This project is said to be a milestone for CSCEC in the US market and is expected to pave the way for more prefabricated building projects in the country.

Prefabricated Building System Key Market Trends

  • Increasing Adoption of Sustainable Construction Practices: With growing awareness of environmental concerns and the need for sustainable development, there is a rising demand for prefabricated building systems that offer energy efficiency, reduced carbon footprint, and improved waste management. Manufacturers and construction companies are incorporating sustainable materials, such as recycled and low-impact resources, into prefabricated components. Additionally, the use of advanced design and construction techniques, including off-site fabrication and modular construction, minimises construction waste and on-site disruptions.

Prefabricated Building System Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to the global Prefabricated Building System market analysis, this method offers several advantages, such as reduced construction time, cost savings, improved quality control, and minimise environmental impact. The market growth of prefabricated building systems is driven by various factors. Firstly, the rising demand for affordable housing, particularly in developing regions, is a key driver. Prefabricated buildings provide a cost-effective solution by reducing construction time and labour costs, enabling the construction of housing units at a faster pace. Additionally, the ability to customise and scale these buildings as per specific requirements further enhances their appeal. Secondly, the increasing focus on sustainable construction practices is propelling the adoption of prefabricated building systems. These systems promote energy efficiency, waste reduction, and the use of eco-friendly materials. Prefabricated components can be manufactured with precision, minimising material wastage and enabling better resource management. This aligns with global sustainability initiatives and regulations, driving the market growth.

Furthermore, the rapid urbanisation and industrialization witnessed globally have led to an increased demand for infrastructure development. Prefabricated building systems offer a time-efficient and cost-effective solution for constructing various infrastructure projects such as schools, hospitals, offices, and commercial buildings. The ability to quickly assemble and disassemble these buildings also makes them suitable for temporary structures like event spaces or disaster relief shelters. The market is also driven by advancements in technology and designs. Innovations in building materials, automation, and digital tools have revolutionised the prefabricated construction industry.

Report Metric Details
Market size value in 2023 USD 11.9 billion
Market size value in 2031 USD 19.27 billion
Growth Rate 5.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Modular Construction, Panelized Construction, and Hybrid Construction.
  • Application
    • Residential Buildings, Commercial Buildings, Industrial Buildings, Institutional Buildings, and Others.
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Katerra (US)
  • Lendlease Corporation (Australia)
  • Algeco (Luxembourg)
  • Cemex S.A.B. de C.V. (Mexico)
  • Red Sea International Company (Saudi Arabia)
  • Vinci SA (France)
  • Guangdong Keda Intelligent Decoration Co., Ltd. (China)
  • Modscape (Australia)
  • ACS Group (Spain)
  • Balfour Beatty plc (UK)
  • Cadolto Fertiggebäude GmbH & Co. KG (Germany)
  • Skender (US)
  • China State Construction Engineering Corporation (China)
  • NRB Inc. (Canada)
  • Elementum 3D (US)
  • Lindbäcks Bygg AB (Sweden)
  • Guerdon Modular Buildings (US)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Prefabricated Building System Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Prefabricated Building System Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Prefabricated Building System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Prefabricated Building System Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Prefabricated Building System Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Prefabricated Building System Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Prefabricated Building System Market size was valued at USD 11.9 billion in 2021 and is poised to grow from USD 12.55 billion in 2022 to USD 19.27 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).

The market is marked by the presence of several key players, including manufacturers, suppliers, and construction companies specialising in prefabricated building systems. These companies operate on a scale and have established their presence in various regions to cater to the growing demand. They strive to differentiate themselves by offering a diverse range of prefabricated building systems, addressing different construction needs, and adhering to local building codes and regulations. 'Laing O'Rourke (UK)', 'Skanska AB (Sweden)', 'Bouygues Construction (France)', 'Katerra (US)', 'Lendlease Corporation (Australia)', 'Algeco (Luxembourg)', 'Cemex S.A.B. de C.V. (Mexico)', 'Red Sea International Company (Saudi Arabia)', 'Vinci SA (France)', 'Guangdong Keda Intelligent Decoration Co., Ltd. (China)', 'Modscape (Australia)', 'ACS Group (Spain)', 'Balfour Beatty plc (UK)', 'Cadolto Fertiggebäude GmbH & Co. KG (Germany)', 'Skender (US)', 'China State Construction Engineering Corporation (China)', 'NRB Inc. (Canada)', 'Elementum 3D (US)', 'Lindbäcks Bygg AB (Sweden)', 'Guerdon Modular Buildings (US)'

Prefabricated building systems provide ample opportunities for design flexibility and customization. Utilising advanced technologies like computer-aided design (CAD), architects and designers can create intricate and innovative structures. The modular nature of prefabricated components allows for easy customization, enabling versatile architectural designs that cater to specific project requirements.

Increasing Adoption of Sustainable Construction Practices: With growing awareness of environmental concerns and the need for sustainable development, there is a rising demand for prefabricated building systems that offer energy efficiency, reduced carbon footprint, and improved waste management. Manufacturers and construction companies are incorporating sustainable materials, such as recycled and low-impact resources, into prefabricated components. Additionally, the use of advanced design and construction techniques, including off-site fabrication and modular construction, minimises construction waste and on-site disruptions.

North America holds a significant market share in the prefabricated building system market. The region has a well-developed construction industry, advanced manufacturing capabilities, and a high adoption rate of modern construction practices. Factors such as rapid urbanisation, the need for sustainable and energy-efficient buildings, and the demand for faster construction processes have driven the dominance of North America in the market. Additionally, government initiatives promoting green buildings and the use of prefabricated construction methods have further bolstered the market growth in the region.

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