Prefabricated Building System Market Size and Growth Rate:
According to the latest reports published by Research Cosmos, Prefabricated Building System Market is expected to grow at a CAGR of 5.95% during the forecast period 2018 to 2023.
Prefabricated Building System Market – Growth Drivers and Restraints:
One of the major factors driving the growth of the market studied is the increasing demand for building construction in Asia-Pacific. On the flipside, technical issues associated with prefabrication such as weak joints and poor thermal insulation performance is expected to hinder the market growth.
Time and cost are the two parameters associated with construction activity that has long been considered as a constraint for the growth of the industry, in many emerging and matured economies. Overcoming this constraint has been one of the major hurdles for many major construction industries across the globe. Prefabricated building system acts as one of the major solutions for these problems. Prefabricated building system can reduce build time by 30-50% and provide an alternative solution in today's market. The process is cost effective because of the less labor involved in the on-site activities. Another indirect effect associated with the less onsite activities associated with the method is the significantly-less amount of waste generated. For such benefits, prefabricated building system activities are gaining ground in today’s construction market.
Prefabricated Building System Market – Geographical Overview:
When it comes to prefabricated building system, Asia-Pacific holds the largest share of the market worldwide and China alone has more than 7,000 indigenous dedicated players. Rapid increase in population in regions of China and India is expected to give a rise in prefabricated building system activity. China has over 7,000 prefab manufacturers, more than any other country. The sheer number of players and the amount of R&D investment have created options for customers who are considering prefab for luxury residential houses or high-end commercial structures. the housing authorities of Hong Kong has launched a number of measures to push-start the construction of low-cost housing. The authorities have projected a capital expenditure in construction of HKD 23,923 million in its proposed budget for 2018-19, i.e. 7% higher than the budget allotted for the FY2017, in order to the construct more affordable apartments. All such factors are increasing the demand for prefabricated building system in Asia-Pacific region.
Some of the promising companies leading the Prefabricated Building System Market are:
- Abtech, Inc.
- Algeco Scotsman
- Astron Buildings
- Butler Manufacturing Company
- Niko Prefab Building Systems Pvt. Ltd.
- Kirby Building Systems LLC
- Lindal Cedar Homes, Inc.
- Modern Prefab Systems Pvt. Ltd.
- Modular Engineering Company10 Par-Kut International, Inc.
- Red Sea Housing Services Co. Ltd.
- Panahome Corporation
- Schulte Building Systems, Inc.
- United Partition Systems, Inc.
- Vardhman Building Systems
- Champion Home Builders, Inc.
This research report includes following segmentation for the Prefabricated Building System Market size and forecast until 2023:
Prefabricated Building System Market – By Dimensions:
- Skeleton System
- Panel System
- Cellular System
- Combined System
Prefabricated Building System Market – By Application:
Prefabricated Building System Market – By Geographical Segmentation:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa