GITNUX REPORT 2024

Key Prefabricated Buildings Industry Statistics: Market Growth and Trends Revealed

Unlocking the Future: Prefabricated Buildings Transforming Construction Industry with Sustainable Growth and Innovations.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

Prefabricated construction can reduce project completion time by 20-50%

Statistic 2

Prefab construction can reduce construction costs by 20% compared to traditional methods

Statistic 3

Prefabricated construction can reduce on-site labor requirements by up to 80%

Statistic 4

Prefabricated construction can improve worker safety, reducing accidents by up to 80%

Statistic 5

Prefab methods can improve construction quality, reducing defects by up to 60%

Statistic 6

Prefabricated construction can reduce the need for skilled labor on-site by up to 70%

Statistic 7

Prefabricated construction can reduce the overall project schedule by up to 50%

Statistic 8

Prefab methods can improve acoustic performance, reducing noise transmission by up to 40%

Statistic 9

Prefabricated construction can reduce the need for on-site storage space by up to 70%

Statistic 10

Prefab methods can reduce the risk of weather-related delays by up to 80%

Statistic 11

Prefabricated construction can reduce the overall project cost by up to 20%

Statistic 12

Prefab methods can improve fire resistance, increasing safety ratings by up to 2 hours

Statistic 13

Prefabricated construction can reduce the need for temporary site facilities by up to 60%

Statistic 14

Prefab methods can improve seismic performance, increasing earthquake resistance by up to 30%

Statistic 15

Prefabricated construction can reduce the need for on-site equipment by up to 50%

Statistic 16

Prefabricated construction can reduce the need for on-site quality inspections by up to 70%

Statistic 17

The residential segment accounted for the largest revenue share of 35.2% in 2022

Statistic 18

The commercial segment of the prefab market is expected to grow at a CAGR of 6.3% from 2023 to 2030

Statistic 19

The healthcare segment of the prefab market is expected to grow at a CAGR of 7.2% from 2023 to 2030

Statistic 20

The global modular data center market size is expected to reach $59.3 billion by 2027

Statistic 21

The education segment of the prefab market is projected to grow at a CAGR of 6.8% from 2023 to 2030

Statistic 22

The hospitality segment of the prefab market is expected to grow at a CAGR of 7.5% from 2023 to 2030

Statistic 23

The industrial segment of the prefab market is expected to grow at a CAGR of 6.5% from 2023 to 2030

Statistic 24

The government segment of the prefab market is projected to grow at a CAGR of 6.7% from 2023 to 2030

Statistic 25

The retail segment of the prefab market is expected to grow at a CAGR of 6.9% from 2023 to 2030

Statistic 26

The transportation segment of the prefab market is expected to grow at a CAGR of 6.6% from 2023 to 2030

Statistic 27

The sports and entertainment segment of the prefab market is projected to grow at a CAGR of 7.1% from 2023 to 2030

Statistic 28

The global prefabricated building market size was valued at USD 153.7 billion in 2022

Statistic 29

The prefabricated building market is expected to grow at a CAGR of 6.8% from 2023 to 2030

Statistic 30

The global modular construction market is projected to reach $157 billion by 2023

Statistic 31

The US prefabricated building market is expected to grow at a CAGR of 5.4% from 2023 to 2032

Statistic 32

The global prefabricated housing market is expected to reach $20.5 billion by 2027

Statistic 33

The global prefabricated building system market is expected to reach $185 billion by 2026

Statistic 34

Steel is the most widely used material in prefabricated construction, accounting for 32.8% of the market in 2022

Statistic 35

The global 3D printing construction market size is expected to reach $1.5 billion by 2024

Statistic 36

The global cross-laminated timber market is projected to reach $3.6 billion by 2027

Statistic 37

The global prefabricated bathroom pods market is expected to reach $2.5 billion by 2027

Statistic 38

The global structural insulated panels market is projected to reach $786 million by 2027

Statistic 39

The global modular kitchen market is projected to reach $36.4 billion by 2027

Statistic 40

The global precast concrete market is expected to reach $159.85 billion by 2027

Statistic 41

The global modular elevator market is expected to reach $3.65 billion by 2027

Statistic 42

The global light gauge steel framing market is projected to reach $45.5 billion by 2027

Statistic 43

The global modular wall systems market is projected to reach $10.3 billion by 2027

Statistic 44

The global prefabricated bathroom pods market is expected to reach $2.5 billion by 2027

Statistic 45

Asia Pacific dominated the prefabricated building market with a share of 40.6% in 2022

Statistic 46

The US prefabricated building market size was valued at $30.11 billion in 2022

Statistic 47

The European prefabricated building market was valued at €80 billion in 2020

Statistic 48

The North American prefabricated building market is projected to reach $35.5 billion by 2027

Statistic 49

The global prefabricated construction market in APAC is expected to reach $107.21 billion by 2027

Statistic 50

The global prefabricated building market in Europe is expected to reach $24.7 billion by 2027

Statistic 51

The global prefabricated building market in Middle East and Africa is projected to reach $5.8 billion by 2027

Statistic 52

Prefabricated construction can reduce material waste by up to 90%

Statistic 53

Prefab methods can reduce energy consumption during construction by up to 67%

Statistic 54

Prefabricated construction can reduce water consumption during building by up to 50%

Statistic 55

Prefab methods can reduce construction noise pollution by up to 30 decibels

Statistic 56

Prefab methods can reduce transportation-related emissions by up to 60%

Statistic 57

Prefabricated construction can achieve up to 50% higher energy efficiency compared to traditional buildings

Statistic 58

Prefab methods can reduce the carbon footprint of construction by up to 50%

Statistic 59

Prefabricated construction can reduce water usage on-site by up to 90%

Statistic 60

Prefab methods can reduce construction-related traffic congestion by up to 70%

Statistic 61

Prefab methods can improve thermal performance, reducing heating and cooling costs by up to 30%

Statistic 62

Prefabricated construction can reduce on-site waste generation by up to 90%

Statistic 63

Prefab methods can improve air quality during construction, reducing particulate matter by up to 90%

Statistic 64

Prefab methods can improve water efficiency in buildings, reducing consumption by up to 40%

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Summary

  • The global prefabricated building market size was valued at USD 153.7 billion in 2022
  • The prefabricated building market is expected to grow at a CAGR of 6.8% from 2023 to 2030
  • Asia Pacific dominated the prefabricated building market with a share of 40.6% in 2022
  • The residential segment accounted for the largest revenue share of 35.2% in 2022
  • Steel is the most widely used material in prefabricated construction, accounting for 32.8% of the market in 2022
  • Prefabricated construction can reduce project completion time by 20-50%
  • Prefab construction can reduce construction costs by 20% compared to traditional methods
  • The global modular construction market is projected to reach $157 billion by 2023
  • The US prefabricated building market size was valued at $30.11 billion in 2022
  • The US prefabricated building market is expected to grow at a CAGR of 5.4% from 2023 to 2032
  • Prefabricated construction can reduce material waste by up to 90%
  • The European prefabricated building market was valued at €80 billion in 2020
  • Prefab methods can reduce energy consumption during construction by up to 67%
  • The global 3D printing construction market size is expected to reach $1.5 billion by 2024
  • Prefabricated construction can reduce on-site labor requirements by up to 80%

<p>Hold onto your hard hats, folks, because the prefab building industry is building up momentum faster than a LEGO tower! With the global market hitting a whopping $153.7 billion in 2022 and expected to soar at a 6.8% CAGR through 2030, its clear that these snap-together structures are the future of construction. From Asia Pacific ruling the roost to steel reigning supreme as the go-to material, the prefab revolution is not just about cutting-edge efficiency—its also about slashing project completion times by up to 50%, dropping costs by 20%, and even reducing material waste by a jaw-dropping 90%. So, whether youre a builder, investor, or just a casual observer, the statistics dont lie: prefab is the new kid on the block, and its here to stay!</p>

Efficiency and Cost Savings

  • Prefabricated construction can reduce project completion time by 20-50%
  • Prefab construction can reduce construction costs by 20% compared to traditional methods
  • Prefabricated construction can reduce on-site labor requirements by up to 80%
  • Prefabricated construction can improve worker safety, reducing accidents by up to 80%
  • Prefab methods can improve construction quality, reducing defects by up to 60%
  • Prefabricated construction can reduce the need for skilled labor on-site by up to 70%
  • Prefabricated construction can reduce the overall project schedule by up to 50%
  • Prefab methods can improve acoustic performance, reducing noise transmission by up to 40%
  • Prefabricated construction can reduce the need for on-site storage space by up to 70%
  • Prefab methods can reduce the risk of weather-related delays by up to 80%
  • Prefabricated construction can reduce the overall project cost by up to 20%
  • Prefab methods can improve fire resistance, increasing safety ratings by up to 2 hours
  • Prefabricated construction can reduce the need for temporary site facilities by up to 60%
  • Prefab methods can improve seismic performance, increasing earthquake resistance by up to 30%
  • Prefabricated construction can reduce the need for on-site equipment by up to 50%
  • Prefabricated construction can reduce the need for on-site quality inspections by up to 70%

Interpretation

In a world where time is money and safety is paramount, the statistics speak for themselves: prefabricated construction is not just a trend, it's a game-changer. With the potential to shave off project completion time, cut costs, minimize labor requirements, enhance worker safety, and boost quality—all while reducing the need for skilled labor, storage space, and temporary facilities—it's no wonder that prefabricated buildings are on the rise. From improving acoustic and fire resistance to weathering storms with ease, these structures are not just built to last, but to excel in every aspect. So, in the battle of traditional versus prefab methods, it seems the numbers have spoken loud and clear: innovation wins every time.

Market Segmentation

  • The residential segment accounted for the largest revenue share of 35.2% in 2022
  • The commercial segment of the prefab market is expected to grow at a CAGR of 6.3% from 2023 to 2030
  • The healthcare segment of the prefab market is expected to grow at a CAGR of 7.2% from 2023 to 2030
  • The global modular data center market size is expected to reach $59.3 billion by 2027
  • The education segment of the prefab market is projected to grow at a CAGR of 6.8% from 2023 to 2030
  • The hospitality segment of the prefab market is expected to grow at a CAGR of 7.5% from 2023 to 2030
  • The industrial segment of the prefab market is expected to grow at a CAGR of 6.5% from 2023 to 2030
  • The government segment of the prefab market is projected to grow at a CAGR of 6.7% from 2023 to 2030
  • The retail segment of the prefab market is expected to grow at a CAGR of 6.9% from 2023 to 2030
  • The transportation segment of the prefab market is expected to grow at a CAGR of 6.6% from 2023 to 2030
  • The sports and entertainment segment of the prefab market is projected to grow at a CAGR of 7.1% from 2023 to 2030

Interpretation

In the ever-evolving world of prefab building, it seems like everyone wants a piece of the modular pie. With residential structures taking the lead in revenue share, it's clear that people are increasingly warming up to the idea of living in a Legoland-style home. Meanwhile, the commercial sector is gearing up for some serious growth, expected to sprout at a steady pace until 2030. It appears that prefab structures are not just for homes and offices - they're also making their way into healthcare facilities, data centers, schools, hotels, factories, government buildings, retail spaces, transportation hubs, and even sports and entertainment venues. Who knew that pre-built could be so versatile and trendy?

Market Size and Growth

  • The global prefabricated building market size was valued at USD 153.7 billion in 2022
  • The prefabricated building market is expected to grow at a CAGR of 6.8% from 2023 to 2030
  • The global modular construction market is projected to reach $157 billion by 2023
  • The US prefabricated building market is expected to grow at a CAGR of 5.4% from 2023 to 2032
  • The global prefabricated housing market is expected to reach $20.5 billion by 2027
  • The global prefabricated building system market is expected to reach $185 billion by 2026

Interpretation

Prefabricated buildings are not just a craze, they are a booming industry that is here to stay. With numbers reaching into the billions and growth rates zooming higher than a tower crane elevator, it's clear that the world is opting for the convenience and efficiency of modular construction. The forecasted figures are like Lego blocks piecing together a future where speed and sustainability are the main pillars holding up the industry. So, grab your hard hat and get ready to witness a construction revolution that is not just putting up buildings faster, but also raising the roof on innovation and game-changing design.

Materials and Technology

  • Steel is the most widely used material in prefabricated construction, accounting for 32.8% of the market in 2022
  • The global 3D printing construction market size is expected to reach $1.5 billion by 2024
  • The global cross-laminated timber market is projected to reach $3.6 billion by 2027
  • The global prefabricated bathroom pods market is expected to reach $2.5 billion by 2027
  • The global structural insulated panels market is projected to reach $786 million by 2027
  • The global modular kitchen market is projected to reach $36.4 billion by 2027
  • The global precast concrete market is expected to reach $159.85 billion by 2027
  • The global modular elevator market is expected to reach $3.65 billion by 2027
  • The global light gauge steel framing market is projected to reach $45.5 billion by 2027
  • The global modular wall systems market is projected to reach $10.3 billion by 2027
  • The global prefabricated bathroom pods market is expected to reach $2.5 billion by 2027

Interpretation

In the ever-evolving world of prefabricated construction, it seems that steel is still the reigning champion – accounting for a robust 32.8% of the market in 2022. However, with the rise of 3D printing, cross-laminated timber, modular kitchens, and even bathroom pods, it's clear that innovation is knocking on steel's sturdy door. As we look ahead to the projected billions in market value across various prefabricated sectors, one thing is certain: the race to build faster, more sustainably, and with style is on, and steel might just have to share the podium.

Regional Market Share

  • Asia Pacific dominated the prefabricated building market with a share of 40.6% in 2022
  • The US prefabricated building market size was valued at $30.11 billion in 2022
  • The European prefabricated building market was valued at €80 billion in 2020
  • The North American prefabricated building market is projected to reach $35.5 billion by 2027
  • The global prefabricated construction market in APAC is expected to reach $107.21 billion by 2027
  • The global prefabricated building market in Europe is expected to reach $24.7 billion by 2027
  • The global prefabricated building market in Middle East and Africa is projected to reach $5.8 billion by 2027

Interpretation

In a world where construction seems to take forever, prefabricated buildings are here to remind us that good things can indeed come in pre-built packages. With Asia Pacific leading the charge at 40.6% domination, it's clear that the East is showing the West how efficiency can be a beautiful thing. The EU might have claimed the €80 billion prize back in 2020, but the US is hot on its heels with a cool $30.11 billion tag on its prefabricated buildings. As North America gears up to hit $35.5 billion by 2027, it seems like everyone is jumping on the prefabricated bandwagon – with the global market set to skyrocket to impressive numbers. So, whether you're in the bustling streets of Seoul or the charming cobblestone alleys of Paris, get ready to see more prefab wonders cropping up near you. After all, why build from scratch when you can just pop it out of a pre-packaged box?

Sustainability

  • Prefabricated construction can reduce material waste by up to 90%
  • Prefab methods can reduce energy consumption during construction by up to 67%
  • Prefabricated construction can reduce water consumption during building by up to 50%
  • Prefab methods can reduce construction noise pollution by up to 30 decibels
  • Prefab methods can reduce transportation-related emissions by up to 60%
  • Prefabricated construction can achieve up to 50% higher energy efficiency compared to traditional buildings
  • Prefab methods can reduce the carbon footprint of construction by up to 50%
  • Prefabricated construction can reduce water usage on-site by up to 90%
  • Prefab methods can reduce construction-related traffic congestion by up to 70%
  • Prefab methods can improve thermal performance, reducing heating and cooling costs by up to 30%
  • Prefabricated construction can reduce on-site waste generation by up to 90%
  • Prefab methods can improve air quality during construction, reducing particulate matter by up to 90%
  • Prefab methods can improve water efficiency in buildings, reducing consumption by up to 40%

Interpretation

In a world where sustainability is not just a buzzword but a crucial necessity, the Prefabricated Buildings Industry stands out as a beacon of hope. With statistics showing that prefabricated construction can make a massive impact on reducing waste, energy consumption, water usage, noise pollution, carbon footprint, and more, it's clear that this innovative approach is not just a trend but a game-changer in the world of construction. By significantly lowering environmental impact and improving efficiency across the board, prefab methods are proving that you can indeed build a better future one modular piece at a time. It's time for traditional construction to step aside and make room for a greener, cleaner, and smarter way forward.

References