Modular and Prefabricated Building Market By Product Type (Skeleton System, Panel System, Cellular System, and Combined System), By Module Type (Bathroom Pods, Kitchenettes, and Others (Roofs, Walls, and Windows)), By Application (Industrial, Commercial, and Residential), and By Region - Market Trends, Analysis, and Forecast till 2029

The global modular and prefabricated building market accounted for USD 149.7 Billion in 2019 and is estimated to be USD 287.2 Billion by 2029 and is anticipated to register a CAGR of 6.8%.

Modular or prefabricated buildings are opposite of traditionally-constructed buildings, which are built at the site itself. Modular or prefabricated buildings are manufactured in a factory and installed later at a site. These prefabricated building systems need modular components commonly panels, frames, doors, walls, roofs, and windows. These prefabricated components are frequently used in developed nations. They are present in various forms such as panel systems, skeleton systems, combined systems, or cellular systems. Fiber, steel, composites, wood, and glass are utilized in the construction of prefabricated buildings. However, the modular and prefabricated building market is currently at a nascent stage as compared to traditional building construction. Nevertheless, the market is emerging rapidly and resulting in the growing penetration of modular buildings within the construction sector.

Impact of Covid-19 pandemic on market

Due to the outbreak of COVID-19, the global construction industry once booming in China and the U.S due to residential and commercial construction has affected immensely. The construction industry across the globe is projected to take a major hit due to the lockdown imposed by the government and labor shortages during COVID-19 crises, which is estimated to be aggravated by the resulting financing pressures and supply chain issues due to the non-adherence to the completion times. This report will quantify the impact of this pandemic on the modular and prefabricated building market.

Growing awareness about advantages of prefabricated building and structural steel and increasing acceptance among the population, as they are flexible, energy-efficient and faster completion are the key factors propelling the growth of the global modular and prefabricated building market. In addition, shifting customer focus towards minimizing emissions and waste management coupled with the rising adoption of green building practices among the population are other factors influencing the growth of the target market. Moreover, rapid advancements in the construction industries and an increasing number of infrastructural activities coupled with rising disposable income are expected to drive the growth of the global market over the forecast period. Further, a large number of startups have entered the modular construction industry and are acquiring a huge interest from venture capital firms and angel investors. For instance, in January 2018, Katerra raised US$ 865 million in a Series D funding round controlled by SoftBank.

However, consumer perception related to quality, lack of awareness, and difficulty in availing finances are some of the factors hampering the target market growth. Additionally, the threat of an economic slowdown in the key markets including China, the U.K., and the U.S. is projected to be a major barrier for global market growth.

The global modular and prefabricated building market is segmented based on product type, module type, application, and region.

On the basis of the product type, the global modular and prefabricated building market is segmented into a skeleton system, panel system, cellular system, and combined system. Based on Module Type, the target market is segmented into bathroom pods, kitchenettes, and others (roofs, walls, and windows). Based on the application, the target market is segmented into industrial, commercial, and residential.

 Regional Insights:

In the region, the global modular and prefabricated building market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America estimated for major share in terms of revenue in 2019 and is anticipated to create lucrative growth during the forecast period. Rising disposable income and spending capacity among the population particularly in the US is the factor anticipated to boost the growth of the target market in the region. Asia Pacific market is expected to register the fastest growth in terms of revenue over the forecast period. Rising the urban population and increasing industrialization, in countries, is one of the factors stimulating the growth of the target market in the Asia Pacific region. Europe estimates major share in terms of revenue, owing to the growing influx of migrants necessitating the building of temporary and permanent housing structures. Furthermore, the market in Latin America expected to register average growth during the forecast period, followed by the Middle East and Africa in the target market.

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029.  For the purpose of this study, has segmented the global modular and prefabricated building market report based on product type, module type, application, and region.

Global Modular and Prefabricated Building Market, By Product Type:

• Skeleton system
• Panel system
• Cellular system
• Combined system

 Global Modular and Prefabricated Building Market, By Module Type:

• Bathroom pods
• Kitchenettes
• Others (Roofs, Walls, and Windows)

 Global Modular and Prefabricated Building Market, By Application:

• Industrial
• Commercial
• Residential

 Global Modular and Prefabricated Building Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global modular and prefabricated building market includes Red Sea International, Algeco Scotsman, Inc., Champion Home Builders, Inc., Astron Buildings LLC, Butler Manufacturing Company, Lindal Cedar Homes, Inc., Kirby Building Systems LLC, Ritz-Craft Corporation, Modern Prefab Systems Pvt. Ltd., Par-Kut International Inc., and United Partition Systems Inc. The prominent market companies are highly engaged in mergers and acquisitions and joint ventures among themselves and with small companies to acquire new technologies, products, and market shares in order to expand their market position. For instance, in June 2018, GRAITEC, an international BIM, Fabrication, and Design software developer for AEC, and Autodesk Platinum Partner across Europe announced the acquisition of Arma Plus, a French-based company that provides IT and Fabrication Software solutions for the construction, steel and concrete industries.

• Red Sea International
• Algeco Scotsman, Inc.
• Champion Home Builders, Inc.
• Astron Buildings LLC
• Butler Manufacturing Company
• Lindal Cedar Homes, Inc.
• Kirby Building Systems LLC
• Ritz-Craft Corporation
• Modern Prefab Systems Pvt. Ltd.
• Par-Kut International Inc.
• United Partition Systems Inc.