Prefabricated Construction Market Size

Prefabricated Buildings Market size was over USD 151.34 billion in 2023 and is poised to exceed USD 360.3 billion by the end of 2036, witnessing over 6.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of prefabricated buildings is evaluated at USD 159.69 billion.

Prefabricated construction is based on the strategy to make components off-site in a factory and then are transported and put together on-site to create a structure. Its extensive characteristics such as good quality, high strength, low weight, volume, affordability, and more are gaining higher popularity. In January 2019, India's construction sector had a contribution of over 2.7 trillion Indian rupees to the country's GDP. This was an all-time high contribution recorded through the sector. In 2019, railway sector in the nation received the highest ever budgetary allocation.

Though due to COVID-19 market has seen a dip due to temporary suspension in construction activities in various regions and shortage in the supply chain. But the prefabricated buildings market will recover soon.

Frequently Asked Questions (FAQ)

It reduces the time of construction by 20-30%, the method is cost effective as on-site construction requires less labour and it produces lower amount of waste products.

The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.

The process of prefabrication possess variety of risks which includes damaged delivery of goods, untimely delivery and expensive transportation and occurrence of disconnection between manufacturer and architect by making parts off-site instead of in-site.

The market in Asia Pacific region will provide ample growth opportunities owing to the industrial investment.

The major players dominating the market are Forcepoint, Akamai Technologies, Centrify, Symantec, Palo Alto Networks, Cisco Systems, Sophos Group, Microsoft, Fortinet, IBM, Check Point Software Technologies, Cyxtera Technologies, Okta, Trend Micro Incorporated, and Cloudflare.

Prefabricated Construction Market Size