Prefabricated building architecture is defined as a manufacturing process or an assembly site, in which several materials & building systems are combined to form a component or a part of larger onsite assembly or a building, where the structure is to be installed onsite. Prefabricated construction materials classified into various types such as concrete-based and metal prefabricated products.
The increase in the global foreign direct investment (FDI) inflows is expected to boost the target market growth. For instance, as per the U.S Economic & Social Commission for APAC, it was valued at US$ 1.76 trillion in the year 2015. This amounted for 38% increase as compared to 2014. The growing FDI inflow was more prominent in developed countries, which received US$ 962 billion in the year 2015, which is 84% more than in 2014. This along with foreign direct investment in retail has pushed the number of construction projects in the Asia Pacific region.
The governments across the all regions are seen promoting & developing their construction sector. The emerging countries are the ones that are particularly bringing various reforms & regulations to propel their infrastructure growth & real-estate market. Such factors are expected to accelerate the global prefabricated building market growth. The government of India announced some major policy initiatives like passage of the Real Estate Act 2016, the amendment to the Benami Transactions Act, 100% deduction in profits for affordable construction which is expected to drive the market growth.
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Fluctuations in raw material prices, additional cost are the major challenging factors which expected to hamper the global prefabricated building market growth. Also, lack of skilled labor may hinder the market growth during this forecast period.
Global Prefabricated Building Market Segmentation
The Global Prefabricated Building Market is segmented into product such as Skeleton System, Panel System, Combined System, and Cellular System, by module type such as Bathroom Pods, Kitchenette, and Others. Further, market is segmented into application such as Industrial, Commercial, and Residential.
Also, the is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The Asia-Pacific dominated the global prefabricated construction market in the year 2016. It is also anticipated to be the fastest growing region for the prefabricated construction. The rise in industrialization, increasing urbanized population, and growth in spending capacity are the driving the growth of the market in Asia-Pacific region.
Market Key Players
Some companies are listed in this report such as Algeco Scotsman, Butler Manufacturing Company, Champion Home Builders, Inc., Red Sea Housing Services, Astron Buildings, Kirby Building Systems LLC, Lindal Cedar Homes, Inc., Modern Prefab Systems Pvt. Ltd., Par-Kut International Inc., United Partition Systems Inc., Ritz-Craft Corporation, etc.
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