The global market for Nonresidential Prefabricated Building Systems is projected to reach US$95 billion by 2024, driven by the growing focus on enhancing construction efficiency and productivity and the resulting interest in benefits offered by "Factory-Built Building". In the current age of automation, a growing number of high-end premium homes, apartments, and high-rise hospitals and commercial complexes are going modular. Offsite manufacturing at factories brings about superior quality structures, ensures conformance to stringent building codes and regulations, reduces on-site work and wastage of materials, elimination of jobsite issues such as reduced need for transportation of waste and safe storage of materials, lowers capital costs and quickens installation, erection, commissioning and completion time. Also, known as modular construction, offsite construction enables reduction in carbon footprint of energy used in construction in the form of lower articulates emissions. Other major factors benefiting the prefabrication construction concept include rising prominence of ‘green construction’ amid changing regulatory realities; competitive need to meet complex timelines; growing emphasis on Building Information Modeling (BIM) technologies; and rapid urbanization offers potential for growth in developing countries. Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 8.3% over the analysis period, led by factors such as healthy economic growth; rising public and private investments in industrial, commercial, and institutional construction projects; increasing investments in smart cities; growing pressure to reduce both costs and carbon footprints of construction activity; rising interest in new construction technologies that promise enhanced productivity and competitiveness of construction projects.
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Company and Industry News & Stories
- GSX Partners with Triumph Modular in a Move to Meet the Growing Demand for More Sophisticated Living Communities at Schools and Colleges
- Fleetwood to Acquire Shawcorp Investments’ Modular Building Systems in a Transaction Valued at US$34 Million
- NCI Building Systems Enters into Merger with Ply Gem Parent in a Move to Create the Leading North American Exterior Building Products Platform
- Urban Splash to Acquire SIG’s Modular Factory in a Move to Expand its Offsite Construction Capacity
- Wernick Launches New Swiftplan™ Modular System Designed to Deliver Larger Buildings While Maintaining Shorter, More Dependable and Cost Efficient Programs
Outlook in Key Market Segments
- Through 2024, Metal Building Systems will remain the largest market, followed by Modular Building Systems.
- Modular Building Systems is projected to witness the fastest growth driven by schedule challenges and chronic cost overruns in construction projects.
Product Definition & Scope
- Non-residential Prefabricated Building Systems, as defined in our study, involve pre-engineered components, which are manufactured in a facility, and either assembled at the plant and carried to the site ready for installation, or delivered to the building site for assembly.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America, and Rest of World
Market Segmentation & Classification
- Product Segments:
- Metal Building Systems, Modular Building Systems, Panelized Precast Concrete Systems, and Other Prefabricated Building Systems
- Algeco Scotsman, Inc.
- CadoltoFertiggebäude GmbH & Co. KG
- Inland Building Systems
- Oldcastle Infrastructure
- Rollalong Ltd.
- United Structures of America, Inc.
- Varco Pruden Buildings, Inc.
- Yves Cougnaud S.A.