Global prefabricated construction market is anticipated to witness a massive growth with a staggering CAGR in the forecast period. Precisely, prefabrication is nothing but the practice of accumulating and assembling all the required components in a factory and then transporting all of them to the construction site where the structure is to be located.
The market is majorly growing because there is an immense surge in the infrastructural developmental activities and constructions globally. After long despair in the prefabricated construction market, the number of new constructions in numerous developed and emerging countries has increased tremendously and the market has come into a major hype again. But, there are countries where the labors do not hold the potential and skill resulting in a poor infrastructure. This is one of the foremost restraining factor, which is impeding the growth of the market.
Yet, the prefabricated construction market is estimated to experience tremendous growth in the forthcoming years as there is a huge demand for low-cost residential units. This gives striking unconventional solutions to architects and engineers to meet the expanding demand for reasonable housing. The other reasons that will help this market to develop in future are building criteria in terms of high quality of work, reduced weight of the upper structure, cost efficiency and construction speed. The influence of all these factors are currently adequate but are likely to surge soon during the forecast period.
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The market is segmented on the basis of product type (columns & beams, floors & roofs, walls, staircases, girders, paving slabs); by end user (residential, non-residential); by construction type (modular construction, manufactured homes) and region (North America, Europe, Asia Pacific and LAMEA).
Geographically, Asia Pacific has been generating the maximum revenue and holds the largest market share of the prefabricated construction industry and is estimated to dominate the market even in the near future. The reason behind Asia Pacific’s domination is the upsurge in urbanization and infrastructural development in some its countries such as India, Indonesia and China. Followed by this, Europe is the second region that is expected to witness a decent growth in the market during the forecast period. In the near future, market will continue to come up with new product innovations to attract new consumers and investors, for them to continue the domination.
“Smart City’ is one of the major trends in the market as it provides a proficient and maintainable environment within the buildings. This concept has gained great popularity in developed and developing regions because smart cities have the potential to optimize energy very efficiently.
Some of the major key vendors of the prefabricated construction market are Taisei Corporation, Balfour Beatty plc, Komatsu Ltd, Red Sea Housing Services, Kiewit Corporation, Julius Berger Nigeria Plc, Bouygues Construction, Larsen & Toubro Limited, Laing O’Rourke and ACS Group. Other minor key players in this market are Spiroll Precast Services Ltd., Weckenmann Anlagentechnik GmbH & Co. KG, Putzmeister Holding, Elematic Inc. and EBAWE. All the leading companies are including mergers and acquisitions, partnerships and joint ventures to enhance the growth of the market efficiently.
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