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Prefabricated building comprises of factory-made units or components that are transported and assembled on the construction site to form the complete building. One of the major benefits of prefabricated buildings is the saving of time and cost. Moreover, prefabrication eliminates the need for skilled workers to be present on the construction site, where they often face restricting conditions such as a lack of power and water, exposure to harsh weather conditions or hazardous environments. Structural steel, on the other hand, is a category of steel construction materials that is produced with a particular cross section or shape, wherein the prefabricated parts are installed. According to IMARC Group’s latest report, titled “Prefabricated Building and Structural Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global prefabricated building market is expected to grow at a CAGR of around 6% during the forecast period (2021-2026).
Growing acceptance and awareness regarding the advantages of prefabricated building and structural steel, such as flexibility, energy efficiency and faster completion represents the key factor driving the market. Additionally, advancements in the construction industry and upsurge in infrastructural activities have propelled the demand for prefabricated building and structural steel globally. Moreover, the shifting focus towards waste management and minimizing emissions, and increasing adoption of green building practices have encouraged the concept of prefabricated construction. Further, the increasing use of this construction technique in smart cities has provided a thrust to the market.
The global prefabricated building market is segmented on the basis of product type into floors and roofs, walls, staircase, panels and lintels, and others. Based on the applications, the residential sector accounts for the largest share, followed by the institutional, commercial, and industrial sectors. Region-wise, North America represents the largest region, holding the largest share. Other major regions include Asia Pacific, Europe, Middle East and Africa (MEA), and Latin America.
The global structural steel market is segmented on the basis of product type including H-type beam, columns, I-type beam, and angles. Based on applications, the institutional sector represents the largest segment, followed by the residential, commercial and industrial sectors. Region-wise, Asia Pacific is the largest market, followed by Europe, North America, Middle East and Africa (MEA), and Latin America.
This report provides a deep insight into the global prefabricated building and structural steel market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the prefabricated building and structural steel industry in any manner.
The expanding construction sector, coupled with the growing demand for innovative building materials with higher flexibility, increased energy efficiency, and easy installation, represent some of the key drivers for the global prefabricated building and structural steel market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt of numerous construction activities, thereby limiting the demand for prefabricated building and structural steel.
The shifting focus towards waste management, along with the rising adoption of green building practices represent some of the key trends in the global prefabricated building and structural steel market.
On the basis of the application, the market has been bifurcated into residential sector, institutional sector, commercial sector, and industrial sector. Currently, the residential sector holds the majority of the prefabricated building market share.
On the basis of the application, the market has been divided into institutional sector, residential sector, commercial sector, and industrial sector. Among these, the institutional sector represents the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global prefabricated building market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global structural steel market.
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