Rapid Urbanization In Developing Economies Will Propel Growth Of Global Prefabricated Housing Market

Prefabricated Housing Market

Prefabricated houses are the prefabricated homes built off site particularly in a standard segment that is easy to shift and assembled. These fabricated houses include the construction of private homes as well as buildings. It is the process of making buildings by utilizing various building systems. It consists of modular components like panels, walls, frames, doors, windows, and roofs. The fabricated buildings are widely utilized in developing countries. The fabricated buildings are conveniently available in pre-made and only required to be assembled and installed when needed. They can be modified according to the requirement and effectively withstand any weather. Glass, fiber, and composites are commonly utilized materials for making frames.

One of the major factors driving the growth of the global prefabricated housing market is the rapid urbanization in developing economies all across the globe. The prefabricated buildings can easily survive severe climatic conditions like earthquakes, thereby these are highly in demand in the regions like Turkey, Mexico, Indonesia, Japan, Nepal, China, and Iran. Growing awareness regarding lowering construction waste will significantly propel the growth of the market. The growing investments from prominent market leaders to launch innovative products in the market is likely to further boost its demand all across the globe. Also, the growing inclination of people for outings and vacations at natural landscapes is also likely to accentuate its demand vigorously in the forthcoming years.

The global prefabricated housing market can be segmented into end-user, construction, home type, and region.

By end-user, the market can be segmented into commercial and residential. The commercial segment accounts for the largest share in the global prefabricated housing market.

By construction, the market can be segmented into multi-section and single-section homes.

By home type, the market can be segmented into modular panelized precut, manufactured, and others.

North America accounts for the largest share in the global prefabricated housing market due to the green building protocol in the region. Moreover, the presence of prominent players in the region will further promulgate the growth of the regional market.

Some of the significant players in the global prefabricated housing market are GRAITC Groups, Modern Prefab Systems, Algeco Scotsman, Par-Kut Internationals, Kirby Building Systems LLC, Champion Home Builders, Ritz-Craft Corporation, Butler Manufacturing Company, United Partition Systems, Astron Buildings, Red Sea Housing Services, and Lindal Cedar Homes Inc. To cite, Sekisui, Japan’s biggest house-builder has ventured with the UK government in 2019 for building several modular homes in the region.