Global Prefabricated Buildings Market to Reach $153.7 Billion by 2026

Abstract: Global Prefabricated Buildings Market to Reach $153. 7 Billion by 2026 . Prefabricated homes, also known as prefab homes are those that have been constructed with the help of prefabricated building materials.

New York, Oct. 11, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Prefabricated Buildings Industry” – https://www.reportlinker.com/p05817584/?utm_source=GNW
These building materials are prefabricated in an off-site facility and are then transported to the desired location where they are assembled. Prefabricated homes are a combination of traditional homeownership and technology. These homes are prebuilt at off-site locations using different methods such as 3-D printing and are then assembled at the construction site. Homes that are at least 70% prefabricated are known as modular homes. Although the prefab homes are placed on permanent foundations, their structures are pre-built in sections. This makes taking apart, transportation and building of these homes easy. Compared to traditional houses, prefab homes are cheaper and also more sustainable and better looking. The construction materials used in developing prefab homes are classified as concrete based and metal fabricated.

Amid the COVID-19 crisis, the global market for Prefabricated Buildings estimated at US$106.1 Billion in the year 2020, is projected to reach a revised size of US$153.7 Billion by 2026, growing at a CAGR of 6.4% over the analysis period. Panel Systems, one of the segments analyzed in the report, is projected to grow at a 7.2% CAGR to reach US$61.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Skeleton Systems segment is readjusted to a revised 5.8% CAGR for the next 7-year period. This segment currently accounts for a 22.9% share of the global Prefabricated Buildings market.

The U.S. Market is Estimated at $20.2 Billion in 2021, While China is Forecast to Reach $38.2 Billion by 2026

The Prefabricated Buildings market in the U.S. is estimated at US$20.2 Billion in the year 2021. The country currently accounts for a 18.3% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$38.2 Billion in the year 2026 trailing a CAGR of 7.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.9% and 5.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$41.4 Billion by the close of the analysis period.

The market is being fostered by factors such as lesser construction time required, cost savings, office requirements in emerging SEZs, rising real estate investments, fast-paced urbanization, rising demand for alternative approaches to construction, and…