How Has the Single Family Modular and Prefabricated Housing Construction Market Evolved Historically and What is its Current Size?
The single family modular and prefabricated housing construction market has seen considerable growth due to a variety of factors.
• The market size for single-family modular and prefabricated housing construction has consistently expanded over the past few years. It's projected to rise from $50.18 billion in 2024 to reach $52.49 billion in 2025, with a compound annual growth rate (CAGR) of 4.6%.
Factors contributing to this growth during the historical period include cost efficiency, quality control, housing deficits, and technological innovations.
What Is The Projected Growth Of The Single Family Modular and Prefabricated Housing Construction Template Market?
The single family modular and prefabricated housing construction market is expected to maintain its strong growth trajectory in upcoming years.
• The market for single-family modular and prefabricated housing construction is projected to experience consistent expansion in the coming years, reaching $63.42 billion by 2029 with a compound annual growth rate (CAGR) of 4.8%.
This anticipated growth during the forecast period is linked to factors such as sustainable and energy efficient practices, customization and flexibility in design, smart home integration, as well as urbanization and compact living conditions. Key trends expected to surface in the forecast period include green building and sustainability, design customization, incorporation of technology, and reduced construction timelines.
What Are The Key Drivers Fueling Growth In The Single Family Modular and Prefabricated Housing Construction Market?
The primary driving force behind the expansion of the single-family modular and prefabricated housing construction market is a heightened emphasis on cost reduction. Using a modular approach can cut project timelines by up to 50% and expenses by 20%. This method promotes greater efficiency and reduces the workforce costs linked with unit purchasing in a production line system. A study on modular building in Europe and the US indicates that the value of the modular market in new real-estate construction could hit $130 billion by 2030 and yield an annual cost saving of $20 billion. Consequently, these notable cost savings are anticipated to fuel the growth of the single-family modular and prefabricated housing construction market.
What Are The Principal Market Segments In The Global Single Family Modular and Prefabricated Housing Construction Industry?
The single-family modular and prefabricated housing construction market covered in this report is segmented –
1) By Type: Permanent, Re-locatable
2) By Material: Steel, Wood, Concrete, Other Materials
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Permanent: Modular Homes, Prefabricated Concrete Homes, Timber-framed Prefab Homes
2) By Re-locatable: Portable Modular Homes, Temporary Housing Units, Mobile Prefabricated Homes
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What Trends Are Reshaping The Future Of The Single Family Modular and Prefabricated Housing Construction Market?
The trend of incorporating Building Information Modeling (BIM) in modular building methods is gaining traction within the single-family modular and prefabricated housing construction sector. BIM is a groundbreaking approach utilized for designing, constructing, and managing building models. This technology, based on 3D modeling, creates a digital depiction of a building's material and operational properties. It promotes collaboration and data sharing among all the parties involved in creating and managing the constructed asset. During the pre-construction stage, BIM presents a 3D model of the building to specialists. This enables them to identify potential conflicts in the mechanical, electrical, and plumbing (MEP) systems and resolve them promptly. For example, in June 2023, OpenSpace, a US software company, teamed up with Revizto, a software company from Switzerland, to introduce OpenSpace BIM+. This product is a suite of user-friendly 3D tools custom-made for field and virtual design and construction (VDC) teams, meant to enhance onsite BIM coordination, streamline workflows, and hasten project completion. It facilitates straightforward comparison between 2D blueprints and 3D models, assisting field teams in assessing site conditions against the BIM of the project. The software's design emphasizes usability, enabling teams to effectively utilize BIM. Its aim is to increase the rate of BIM incorporation among teams dedicated to leveraging such technology.
Who Are the Key Players In The Single Family Modular and Prefabricated Housing Construction Market?
Major companies operating in the single-family modular and prefabricated housing construction market include:
• Red Sea Housing Services
• Skanska AB
• Bouygues Construction
• ACS Actividades de Construcción y Servicios SA
• Lindal Cedar Homes Inc.
• Kiewit Corporation
• Balfour Beatty Plc.
• Taisei Corporation
• System House R & C Co. Ltd
• Larsen & Toubro Limited
• Algeco Scotsman
• Skyline Champion Corporation
• Kirby Building Systems LLC
• Butler Manufacturing
• Astron Buildings
• Modular Engineering
• Niko Prefab Building Systems Pvt Ltd
• Par-Kut International
• Schulte Building Systems Inc.
• United Partition Systems Inc.
• Vardhman Pre-Engineered Building Systems
• Laing O'Rourke
• Palomar Modular Buildings
• Guerdon Enterprises LLC
• JL Modular Inc.
• Julius Berger Nigeria PLC
• Katerra
• Speed House Group of Companies
• Supertech Industries LLC
• Tempohousing
• Cavco Industries Inc
• Lendlease
• Clayco
• Suffolk Construction
• DPR Construction
• PCL Construction Enterprises
• Walsh Group
• BL Harbert
• Level 10 Construction
• Austin Commercial
• James G. Davis Construction
• Turner Construction Co.
• Clark Group
• AECOM
• Hensel Phelps
• Holder Construction
• Whiting-Turner Contracting Co.
• Gilbane Building Co.
• Structure Tone
• Webcor Builders
• Power Construction
• Consigli Building Group
• McCarthy Holdings
• Hoffman Construction
• Brasfield & Gorrie
• Mortenson Const
What Are The Regional Insights Into The Single Family Modular and Prefabricated Housing Construction Market?
Asia-Pacific was the largest region in the single-family modular and prefabricated housing construction market in 2023. Eastern Europe is expected to be the fastest-growing region in the single-family modular and prefabricated housing construction market during the forecast period. The regions covered in the single-family modular and prefabricated housing construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
