The global prefabricated building market is predicted to grow from $190.7 billion this year to $266.6 billion by 2031, with a compounded average growth rate of 4.3%, according to a new forecast from Consegic Business Intelligence.
“Factors such as government initiatives in the infrastructure and construction sector and increasing demand for modular construction are accelerating the demand for prefabricated buildings, which, in turn, is boosting the market growth,” the report said. “In addition, growing infrastructure investments will further boost the market growth during the forecast period.”
The report noted that the metal segment contributed the largest shares to the market growth in 2022, with steel being the most widely used material owing to its high strength and durability. Based on dimension, the panel segment contributed the largest shares to the market growth in 2022 due to short production time, adaptable designs, easy services of transportation and installation, easy re-location – with the demand for panel systems in ventilated thermal panels increasing significantly.
“Based on end user, the commercial segment contributed the largest shares to the market growth in 2022,” the report added. “Prefabricated building technologies are widely used in commercial projects such as offices, hotels, recreation areas, gyms, and others. Also increasing commercial spaces such as shopping malls, trade centers, office spaces, and others globally is driving major demand for prefabricated building materials.”
