[FURL=https://www.industryarc.com/Research/Panelized-Modular-Building-Systems-Market-Research-503037]Panelized Modular Building Systems Market[/FURL] size is forecast to reach around $20 billion by 2025, after growing at a CAGR of 8.6% during 2020-2025. The panelized modular building system is a technology in which walls, roof panels, floors or complete 3-dimensional parts of buildings are pre-manufactured inside the factory and then assembled on site. An increase in demand for a high quality product with good durability and low capital investment is driving the growth of the panelized modular building system market globally. Moreover, growing environmental concerns and government regulations are also contributing to the growth of panelized modular building system.Key Takeaways
United States dominates the panelized modular building system market due to the availability of resources and growing construction activities.
Properties such as durability coupled with ease of transportation are the major factors driving the growth of the panelized modular building system market.
Increasing environmental concerns and steps towards sustainability are also boosting the growth of the panelized modular building system market.
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Application - Segment Analysis
Based on the application, the residential segment held the largest share of more than 35% panelized modular building systems market in 2019. Rise in disposable income and an increase in the standard of living has accelerated the modular construction for residential purposes. According to United States Census Bureau, total complete housing construction in U.S reached 1,176,000 in April 2020. Apart from residential, the commercial segment has also shown significant growth. They are used in areas that have extreme climatic conditions and are used for constructing hospitals and institutions. Also according to the International Energy Agency (IEA), the global floor area in buildings expected to double to more than 415 billion square meters by 2050, which may augments the growth of panelized modular building systems market.
Drivers – Panelized Modular Building Systems Market
Low capital investment and flexibility
Rise in environmental concerns
Market Landscape: Major players in the panelized modular building system market are Algeco Scotsman, Modern Prefab Systems Pvt. Ltd Inc., Lindal Cedar Homes Inc., Oregon Timber Frame, and Kingspan Timber Solutions, Metek Building System, Robertson Timber Engineering, Modern Prefab Systems Pvt. Ltd. Inc., SIPS Eco-Panels, Ritz-Craft Corporation, among others.
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