The Surprising Influence of Space Constraints on the Booming $210+ Billion Low-Cost Housing Industry

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2023-08-30 10:25:28

Low-Cost Housing Initiatives & Space Constraints Shape the £210+ Billion Industry

The global prefabricated buildings market is projected to reach a value of £210.8 billion by 2028, growing at a CAGR of 7.84% from 2022-2028. This market is highly fragmented, with local and international players competing for market share.

Vendors in the industry are adapting their value propositions to establish a strong presence. Developed countries like the U.S. and Western European nations have a high market concentration, while developing economies like China and India are still in the nascent stage.

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Asia Pacific (APAC) dominates the global prefabricated buildings market, accounting for over 37% of the revenue share in 2022. The APAC region faces a labor shortage, leading to the adoption of prefabricated construction to expedite project completion.

MARKET TRENDS & DRIVERS

Expansion of Mass Township Projects

Prefabricated materials are being increasingly used for various construction projects, including high rises, low rises, and mass townships. Governments, such as in India, are focusing on providing affordable housing and smart cities, creating a significant opportunity for vendors in the prefabricated material industry.

Space Constraints in Big Cities

Large cities worldwide are facing space constraints, driving the demand for reliable solutions that meet expanding space needs. Prefabricated buildings offer a feasible option as they reduce costs, save materials, and maximize usable floor space.

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SEGMENTATION INSIGHTS

INSIGHTS BY MATERIAL

The steel material type dominates the global prefabricated buildings market, accounting for over 33% of the market share. Steel is widely used for its strength and durability in prefabricated building construction.

INSIGHTS BY SYSTEM

The prefabricated buildings market is experiencing increased adoption of cellular systems, which play a vital role in constructing multidimensional structures. Panel systems are also in demand due to their accelerated construction time, thermal efficiency, and cost savings.

INSIGHTS BY END-USER

The non-residential end-user segment dominates the market, driven by the rise in commercial spaces. Prefabricated buildings offer time and cost-saving benefits, making them attractive to government agencies and private sector companies.

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MARKET DYNAMICS

Market Opportunities & Trends:

• Rising Demand for Turnkey Solutions
• Space Constraints in Big Cities
• High Profitability Associated With Prefabricated Building Systems

Market Growth Enablers:

• Expansion of Mass Township Projects
• Surge in Demand for High-End & Customized Buildings
• Rising Construction Opportunities in Developing Countries

Market Restraints:

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• High Initial Costs Associated With Installation of Prefabricated Structures
• Complications Associated With Supply Chain Management
• Political and Economic Uncertainties

Prefabricated Structure Types:

• Temporary Prefabricated Structures
• Fiberglass Prefabricated Structures
• Quonset Huts
• Hybrid Prefab Systems
• Structural Insulated Panels
• Ferrocement Sandwich Panel
• Waffle Crete Building System
• Open Sided Modules
• Modules Supported
• Insulated Precast Concrete Panels
• Insulated Concrete Forms

Benefits of Prefabricated Buildings:

• Faster On-Site Construction
• Resistance to Uncontrollable Factors
• Higher Quality and Consistency
• Time and Efficiency
• Reusability and Dismantlement
• Environmentally Friendly Materials

For more information about this report, click here.

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