The energy price cap will jump to £3,549 from October
Dublin, Aug. 25, 2022 (GLOBE NEWSWIRE) -- The "Prefabricated Buildings - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering. Global Prefabricated Buildings Market to Reach $153.7 Billion by 2026
Amid the COVID-19 crisis, the global market for Prefabricated Buildings estimated at US$117.4 Billion in the year 2022, is projected to reach a revised size of US$153.7 Billion by 2026, growing at a CAGR of 6.4% over the analysis period.
Prefabricated homes, also known as prefab homes are those that have been constructed with the help of prefabricated building materials. These building materials are prefabricated in an off-site facility and are then transported to the desired location where they are assembled. Prefabricated homes are a combination of traditional homeownership and technology. These homes are prebuilt at off-site locations using different methods such as 3-D printing and are then assembled at the construction site. Homes that are at least 70% prefabricated are known as modular homes. Although the prefab homes are placed on permanent foundations, their structures are pre-built in sections. This makes taking apart, transportation and building of these homes easy. Compared to traditional houses, prefab homes are cheaper and also more sustainable and better looking. The construction materials used in developing prefab homes are classified as concrete based and metal fabricated. The U.S. Market is Estimated at $21.2 Billion in 2022, While China is Forecast to Reach $38.2 Billion by 2026 The Prefabricated Buildings market in the U.S. is estimated at US$21.2 Billion in the year 2022. The country currently accounts for a 18.3% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$38.2 Billion in the year 2026 trailing a CAGR of 7.9% through the analysis period. The market is being fostered by factors such as lesser construction time required, cost savings, office requirements in emerging SEZs, rising real estate investments, fast-paced urbanization, rising demand for alternative approaches to construction, and temporary and immediate requirements in the industrial sector.
The market is also gaining from the rising customer attention towards reducing CO2 emissions, green construction, and lowering waste. Also, the expanding construction and infrastructure markets in Asia and growing investments in real estate worldwide are also driving market growth. The development of the market is likely to be in accordance with the growth of the housing and real estate markets globally, with immense growth opportunities likely to emerge from the GCC and Asia-Pacific regions.
Rising awareness of the benefits of prefabricated buildings among people and their growing acceptance is also boding well for the market`s growth. Further, increasing renovation activities for improving aesthetic value of buildings and also their construction value is supporting demand for prefabricated buildings.
Increasing disposable income levels are spurring new house construction activities, which is also fuelling interest in prefabricated buildings. There is growing demand for prefabricated products that are available in different sizes and shapes. Metal products that are prefabricated are being employed for various decorative architectural requirements in buildings. Demand for industrial modular buildings is on the rise on account of the significant advantages of off-site construction, such as more flexibility, faster project completion, cost effectiveness, greener and safe construction, and feasibility in remote locations. Select Competitors (Total 272 Featured):
BlueScope Buildings North America, Inc.
Niko Prefab Building Systems Pvt. Ltd.
WillScot Mobile Mini Holdings Corp.
Key Topics Covered: I. METHODOLOGY II. EXECUTIVE SUMMARY 1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS 3. MARKET TRENDS & DRIVERS
Rising Global Population Propels Demand for Affordable Housing
Expansion in Middle Class Population Augurs Well for Future Growth
Prefab to Address Construction Industry's Major Problems
Prefabricated Houses: A Stop-Gap Solution for Emergency Housing
Global 'Green Construction' Trend Augurs Well for the Prefabrication Market
Leading Factors Fostering Future Uptake of Green Building Practices among Contractors in North America: Ranked by Order of Importance
Growing Adoption of BIM Increases Uptake of Model Driven Prefabrication
3D Printing Enhances Prefabrication Process
Corporate Sector Relies on Prefabricated Model for Office Space Needs
Educational Institutions Invest In Prefabricated Buildings
Prefabricated Buildings Gain Traction in Healthcare Sector
Industrial Enterprises Adopt Prefabricated Approach
Military Sector: One of the Foremost Adopters of Prefabricated Model
Revenue Contribution of Agricultural Sector Remains High
Prefabricated Model Fully Suffices the Worksite Building Needs
Metal Roofing Systems Sense Robust Opportunities
Optimally Designed Steel Framed Buildings Gain Traction
Public Misconceptions Hinder Widespread Adoption of Prefabricated Housing
4. GLOBAL MARKET PERSPECTIVE III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/7742na
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The cap will affect around 24 million households on default tariffs in England, Scotland and Wales.
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Larger households will be disproportionately hit by Friday's rise in the energy price cap because of a quirk in the way it is calculated, experts have warned. The classic 2.4 family could end up spending £2,362 more than £3,549 cap when it comes into effect in October, according to calculations by broker Interactive Investor.
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