North America Prefabricated Buildings Market Insights Forecasts to 2033

• The North America Prefabricated Buildings Market Size was valued at USD 45.57 Billion in 2023.
• The Market Size is Growing at a CAGR of 6.21% from 2023 to 2033
• The North America Prefabricated Buildings Market Size is Expected to Reach USD 83.21 Billion by 2033

The North America Prefabricated Buildings Market Size is Anticipated to Reach USD 83.21 Billion by 2033, Growing at a CAGR of 6.21% from 2023 to 2033

Market Overview

The industry that involves designing, manufacturing, and constructing buildings or structures that are pre-assembled in a factory before being transported to the construction site to be finished is known as the North America prefabricated buildings market. Modular components including walls, floors, and roofs manufactured off-site are used to build these buildings. This method is becoming a more and more common choice across various businesses, including commercial, industrial, and residential because it enables faster construction, cost savings, and less trash creation. Cost reductions, growing urbanization, and increased demand for environmentally friendly building solutions are the main factors driving market expansion. Reduced construction time is a key benefit of prefabricated buildings as a means of meeting growing infrastructure demands. Furthermore, because these structures are generally constructed with an emphasis on energy efficiency, the global shift towards greener building approaches has increased their utilization. The market for prefabricated buildings in North America is expanding rapidly due in part to government policies. A favorable environment for the market's expansion has been created by several government programs aimed at encouraging sustainable building practices, offering rewards for green structures, and boosting affordable housing. Furthermore, the industry's expansion is being reinforced by support for cutting-edge construction methods, such as the integration of smart technologies in prefabricated structures.

Report Coverage

This research report categorizes the market for the North America prefabricated buildings market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America prefabricated buildings market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America prefabricated buildings market.

Driving Factors

A primary motivator is the growing demand for rapid and economical construction solutions. Quick assembly of prefabricated buildings reduces project costs and schedules, drawing in both developers and builders. Furthermore, the need for eco-friendly, energy-efficient building methods and materials has increased due to the increased focus on sustainability in construction; prefabricated buildings are often more waste-free and have higher energy efficiency. The need for inexpensive housing and urbanization are key factors driving the market since these structures offer a practical solution to the housing supply problem.

Restraining Factors

The market for prefabricated constructions faces challenges such as high transportation and prefabrication costs, limited customization options, and aesthetic appeal. Local prefabricated building structure codes and regulatory complexities can also hinder market expansion. However, the potential for growth is increasing due to technical advancements and government policies supporting green building practices, despite potential obstacles for small-scale projects.

Market Segmentation

The North America prefabricated buildings market share is classified into product and application.

• The panel system segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

The North America prefabricated buildings market is segmented by product into skeleton system, panel system, cellular system, and combined system. Among these, the panel system segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The panel system's efficiency and adaptability in building walls, floors, and roofs with prefabricated panels that can be quickly put up on location have led to its widespread use. Due to its ability to balance cost, construction speed, and design flexibility, the system is particularly popular for both residential and commercial applications.

• The residential segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the application, the North America prefabricated buildings market is divided into residential, commercial, and industrial. Among these, the residential segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Prefabricated structures are in higher demand in the housing market due to the growing need for efficient and affordable living spaces as well as the need for faster construction. They are most suited to handling housing shortages and urban expansion because they offer alternatives that are less expensive, time-consuming, and energy-intensive than traditional construction methods.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America prefabricated buildings market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Red Sea Housing Services
• Astron Buildings
• United Partition Systems
• Ritz-Craft Corporation
• Champion Home Builders
• Kirby Building Systems LLC
• Par-Kut Internationals
• Algeco Scotsman
• Modern Prefab Systems
• GRAITC Groups
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In February 2023, Adler Tank Rentals was sold to Ironclad Environmental Solutions, a Kinderhook portfolio company, for USD 265 million, subject to certain adjustments, and Vesta Modular, a Kinderhook Industries portfolio company, was purchased by McGrath RentCorp, a leading business-to-business rental company in North America, for USD 400 million, subject to certain adjustments, as part of a definitive agreement. Through this acquisition, the business will be able to provide its services in multiple locations and have access to a variety of items.

Market Segment

This study forecasts revenue at North America, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the North America prefabricated buildings market based on the below-mentioned segments:

North America Prefabricated Buildings Market, By Product

• Skeleton System
• Panel System
• Cellular System
• Combined System

North America Prefabricated Buildings Market, By Application

• Residential
• Commercial
• Industrial