Market Size of US Prefabricated Buildings Industry
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| Market Size (2023) | USD 38.62 Billion |
| Market Size (2028) | USD 51.53 Billion |
| CAGR (2023 - 2028) | 5.94 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Prefabricated Buildings Market Analysis
The US Prefabricated Buildings Industry is expected to grow from USD 38.62 billion in 2023 to USD 51.53 billion by 2028, at a CAGR of 5.94% during the forecast period (2023-2028).
The prefabricated building industry had witnessed a steady growth during the review period and has generated a revenue of USD 39.6 billion in the year 2019, a 10% increase in the revenue generated from that of in the year 2016. Modular construction in the United States has grown significantly. It is estimated to double in size over the past five years. The increased productivity and lower costs are the driving factors to embrace modular construction.
Manufactured housing is a large segment with high demand in the US prefabrication construction market. The prefabrication market in the country is also witnessing demand from prefabricated housing types, including panelized, pre-cut, The drive to make housing more affordable, especially in the high-demand areas, like the San Francisco Bay area, encourages the developers to move toward the prefabrication solutions.
The prefabrication of multifamily buildings is still in its infancy in the United States. Most of the prefabricated multifamily buildings consist of wood-framed units that evolved from the products made by the manufacturers of single-family, mobile, and modular homes. Until recently, few steel modular experiments were undertaken. A Seattle company, Blokable, built its first steel units at its factory in Vancouver, Washington, for a 24-unit project in Edmunds, Washington. The preference toward the manufactured home solutions in the United states has been witnessing continuous growth, as this serves as the cost-effective alternative for conventional constructions methods. This increasing preference is increasing the demand for manufactured homes resulting in an increase in price in the country and modular housing.
