Market Size of Panelized Modular Building Systems Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 121.22 Billion |
| Market Size (2029) | USD 168.35 Billion |
| CAGR (2024 - 2029) | 6.79 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Panelized Modular Building Systems Market Analysis
The Panelized Modular Building Systems Market size is estimated at USD 121.22 billion in 2024, and is expected to reach USD 168.35 billion by 2029, growing at a CAGR of 6.79% during the forecast period (2024-2029).
The COVID-19 pandemic in 2020 and the first half of 2021 drastically curtailed the global construction sector due to imposed government bans and restrictions, thereby limiting the panelized modular building systems market growth. Residential real estate was the worst hit as strict lockdown measures across significant cities resulted in the suspension of home registrations and slow home loan disbursements. However, the construction sector has been recovering well since restrictions were lifted. An increase in house sales, new project launches, and increasing demand for new offices and commercial spaces have been leading the market recovery.
- Over the medium term, the rising demand for off-site construction and increasing demand for structural insulated panels in energy-efficient prefabricated homes are the major driving factors augmenting the growth of the market studied. Furthermore, favorable government incentives and policies supporting energy-efficient building construction are propelling the project contractors to incorporate panelized building systems in new and renovation constructions.
- On the flip side, the requirement of transportation logistics to bring the prefabricated materials on-site is the key factor anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the increasing investment in infrastructure and commercial constructions in developing economies and the implementation of building information modeling (BIM) will likely create lucrative growth opportunities for the global market soon.
- Asia-Pacific is expected to dominate the market during the forecast period. This growth is attributed to the bullish demand for roof panels, floor panels, wall modules, and various other products in the residential, commercial, industrial, and infrastructure sectors.
