North America Prefabricated Buildings Market Size

North America Prefabricated Buildings Market Analysis

The North America Prefabricated Buildings Market size is estimated at USD 48.17 billion in 2024, and is expected to reach USD 64.82 billion by 2029, growing at a CAGR of 6.12% during the forecast period (2024-2029).

• Prefabricated construction accounts for nearly 20% of the US overall construction projects. The rising awareness of construction wastage and its impact on the environment is encouraging the adoption of prefabricated buildings globally. This factor is anticipated to bolster the market, predominantly in developed regions like the US.
• The COVID-19 pandemic has caused immense disruptions in construction works across North America. Manufacturing companies have faced a range of challenges owing to the shortage of raw materials. This is owing to the imposition of lockdowns across North America that resulted in disruptions in the supply chain. Trade in prefabricated buildings are minimal due to costs associated with shipping huge portions of building units over long distances. Many small, prefabricated building producers operate only in a limited geographic range, while larger producers have many production facilities spread across the US.
• The introduction of numerous government initiatives for promoting the construction of green buildings across the United States is also catalyzing the market. Moreover, the high prevalence of extreme cold weather in the region, leading to shorter days and heavy snowfall that inhibit on-site construction methods, is also propelling the need for modular construction. Nonresidential prefabricated building system demand in the US is expected to increase during the forecast period. The recovery in office and commercial construction, coupled with continued gains in institutional, industrial, and agricultural construction, will provide opportunities