Market Size of Russia Prefabricated Buildings Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Russia Prefabricated Buildings Market Analysis
The Prefabricated Building Market in Russia is expected to grow at a CAGR of approximately 6.5% during the forecast period.
- The outbreak of the COVID-19 pandemic led to severe uncertainty for vendors and contractors in the industry across Russia. Several construction companies shut down their projects due to lockdowns and restrictions. However, due to immediate requirements for hospitals and quarantine sectors, the demand for prefabricated materials increased. As a large workforce is required for traditional construction, prefabricated buildings are an optimum solution during the pandemic.
- The escalating conflict between Russia and Ukraine, and subsequent U.S. and international sanctions against Russia, have disrupted market operations, mainly supply chain disruption, and the cost of raw materials has increased. With the increasing shift toward turnkey housing solutions, the prefabricated housing market expects to pick up across Russia. Moreover, the ease of preparation and consent procedures are likely to boost the demand for prefabricated houses.
- The country has several companies specializing in CLT production and home construction. CLT is a new product in the Russian market. In many Western European countries, there is a well-developed market for CLT, and it is already used for building residential and commercial buildings of up to 14 stories. Also, new Russian standards for the construction of wooden buildings were announced, which allow for the construction of multi-story buildings using laminated wood framing, which drives the wood prefabricated buildings market.
- The market is being fostered by factors such as lesser construction time required, cost savings, office requirements, rising real estate investments, fast-paced urbanization, rising demand for alternative approaches to construction, and temporary and immediate requirements in the industrial sector. The market is also gaining from the rising customer attention towards reducing CO2 emissions, green construction, and lowering waste.
