North America Prefabricated Buildings Market Size (2024 - 2029)

The North America Prefabricated Buildings Market is projected to experience significant growth, driven by increasing awareness of construction waste and environmental impacts, which is fostering the adoption of prefabricated buildings, particularly in developed regions like the US. The market's expansion is further supported by government initiatives promoting green building construction and the demand for modular solutions due to challenging weather conditions that hinder traditional on-site methods. Despite disruptions caused by the COVID-19 pandemic and supply chain challenges, the market is poised for growth, especially in nonresidential sectors, as recovery in office, commercial, institutional, industrial, and agricultural constructions creates new opportunities.

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Market Size of North America Prefabricated Buildings Industry

North America Prefabricated Buildings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 48.17 Billion
Market Size (2029) USD 64.82 Billion
CAGR (2024 - 2029) 6.12 %
Market Concentration Low

Major Players

North America Prefabricated Buildings Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Prefabricated Buildings Market Analysis

The North America Prefabricated Buildings Market size is estimated at USD 48.17 billion in 2024, and is expected to reach USD 64.82 billion by 2029, growing at a CAGR of 6.12% during the forecast period (2024-2029).

  • Prefabricated construction accounts for nearly 20% of the US overall construction projects. The rising awareness of construction wastage and its impact on the environment is encouraging the adoption of prefabricated buildings globally. This factor is anticipated to bolster the market, predominantly in developed regions like the US.
  • The COVID-19 pandemic has caused immense disruptions in construction works across North America. Manufacturing companies have faced a range of challenges owing to the shortage of raw materials. This is owing to the imposition of lockdowns across North America that resulted in disruptions in the supply chain. Trade in prefabricated buildings are minimal due to costs associated with shipping huge portions of building units over long distances. Many small, prefabricated building producers operate only in a limited geographic range, while larger producers have many production facilities spread across the US.
  • The introduction of numerous government initiatives for promoting the construction of green buildings across the United States is also catalyzing the market. Moreover, the high prevalence of extreme cold weather in the region, leading to shorter days and heavy snowfall that inhibit on-site construction methods, is also propelling the need for modular construction. Nonresidential prefabricated building system demand in the US is expected to increase during the forecast period. The recovery in office and commercial construction, coupled with continued gains in institutional, industrial, and agricultural construction, will provide opportunities

North America Prefabricated Buildings Industry Segmentation

Prefabricated buildings (also known as prefabs) are building structures manufactured offsite and transported to the on-site assembly location. This report covers market insights, such as market dynamics, drivers, restraints, opportunities, technological innovations, their impact, Porter's five forces analysis, and the impact of the COVID-19 pandemic on the market. The report also provides company profiles to understand the competitive landscape in the market.

The North American prefabricated buildings market is segmented by application (residential, commercial, and industrial) and geography (United States, Canada, and Mexico). The report offers the North America Prefabricated Buildings Market sizes and forecasts in terms of revenue (USD) for all the above segments.

By Application
Building Construction
Infrastructure
By Type
Green Materials
Technically Advanced
By Material
Advanced Cement and Concrete
Cross-laminated Timber
Structural Insulated Panel
Sealants
Other Materials
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North America Prefabricated Buildings Market Size Summary

The North America prefabricated buildings market is poised for significant growth, driven by increasing urbanization and the rising demand for cost-effective construction solutions. As urban populations expand, particularly in the United States, there is a growing need for both residential and commercial buildings. This demand is fueling the adoption of prefabricated construction methods, which offer efficient planning timelines and reduced costs. The market is further bolstered by government initiatives promoting green building practices, as well as the challenges posed by extreme weather conditions that make traditional on-site construction less feasible. Despite the disruptions caused by the COVID-19 pandemic, which affected supply chains and raw material availability, the market is expected to recover and expand, supported by the ongoing recovery in various construction sectors.

The competitive landscape of the North American prefabricated buildings market is characterized by the presence of numerous small and medium-sized players, with no single entity dominating the market. Major companies are focusing on adopting advanced production technologies to lower costs and enhance sustainability, aligning with the growing trend towards eco-friendly construction solutions. The market's growth is also supported by strategic acquisitions, such as McGrath RentCorp's acquisition of Vesta Modular, which expands its product offerings and geographic reach. Additionally, the market is witnessing increased investments in prefab construction projects, which are expected to drive further growth during the forecast period. Despite high capital requirements and rapid technological advancements posing challenges for new entrants, the market presents opportunities for players who can leverage these trends to their advantage.

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North America Prefabricated Buildings Market Size - Table of Contents

  1. 1. MARKET INSIGHTS DYNAMICS

    1. 1.1 Current Market Scenario

    2. 1.2 Market Overview

    3. 1.3 Market Dynamics

      1. 1.3.1 Drivers

        1. 1.3.1.1 Demand for sustainable green buildings boosting the market

        2. 1.3.1.2 Increasing infrstructure projects in north america

      2. 1.3.2 Restraints

        1. 1.3.2.1 High investment costs are inhibiting the growth of the market

        2. 1.3.2.2 High dependency on substitute materials

      3. 1.3.3 Opportunities

        1. 1.3.3.1 Increasing green intiatives boosting the market

        2. 1.3.3.2 Demand for network infrastructure projects

    4. 1.4 Value Chain / Supply Chain Analysis

    5. 1.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Application

      1. 2.1.1 Building Construction

      2. 2.1.2 Infrastructure

    2. 2.2 By Type

      1. 2.2.1 Green Materials

      2. 2.2.2 Technically Advanced

    3. 2.3 By Material

      1. 2.3.1 Advanced Cement and Concrete

      2. 2.3.2 Cross-laminated Timber

      3. 2.3.3 Structural Insulated Panel

      4. 2.3.4 Sealants

      5. 2.3.5 Other Materials

North America Prefabricated Buildings Market Size FAQs

The North America Prefabricated Buildings Market size is expected to reach USD 48.17 billion in 2024 and grow at a CAGR of 6.12% to reach USD 64.82 billion by 2029.

In 2024, the North America Prefabricated Buildings Market size is expected to reach USD 48.17 billion.

North America Prefabricated Buildings Market Report Snapshots

North America Prefabricated Buildings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)