New York(United States):- Global Prefabricated Housing Market is valued at approximately USD $billion in 2021 and is anticipated to grow with a healthy growth rate of more than $% over the forecast period 2022-2028.
Prefabricated Housing is primarily manufactured in advance off-site and then transported and assembled on site. Sustainability, lower cost as compared to prices of residential construction in cities and less waste are the major factors contributing to the growth of Prefabricated Housing.
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According to RICS.org report of September 2018, prefabricated construction method requires 80% fewer vehicles to site and cuts overall waste by 80%, which minimizes disruption in the local area. Additionally, growing awareness regarding modular homes and strategic initiatives by market players are propelling demand in the market. Furthermore, rising shortage of labor in the construction sector and technological advancements are expected to fuel growth during the forecast period. As per the February 2021 report of The Construction Association, in 2021, 61% of construction firms were facing project delays due to workforce shortages. However, lack of skilled workforce can restrain growth in the near future.
The geographical regions considered for the Global Prefabricated Housing Market analysis include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is deemed as a significant region in terms of revenue owing to growing awareness regarding environment protection and presence of prominent players. Whereas, Asia Pacific is expected to witness the highest growth rate during the forecast period due to growing construction sector in the region, coupled with less cost of Prefabricated Housing.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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