Market Size of Scandinavia Prefabricated Housing Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.80 Billion |
| Market Size (2029) | USD 7.27 Billion |
| CAGR (2024 - 2029) | 4.59 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Scandinavia Prefabricated Housing Market Analysis
The Scandinavia Prefabricated Housing Market size is estimated at USD 5.80 billion in 2024, and is expected to reach USD 7.27 billion by 2029, growing at a CAGR of 4.59% during the forecast period (2024-2029).
The COVID-19 pandemic in 2020 plunged the global economy into recession and led to declines in prefabricated housing construction in Europe, as the lockdown measures and the need to adjust construction practices to accommodate greater social distancing stopped or slowed down projects in the country.
In Scandinavia, several prefabricated building types have flourished in many advanced countries like Norway, Sweden, and Denmark. Modular construction is ideal for construction projects with deadlines, due to which it is increasingly employed in contractual construction projects, which is aiding the market growth. Further, the aim of green building solutions in this region is to boost the demand for modular construction and encourage large construction companies to ramp up investments in cutting-edge building technologies.
The market is driven by the government's plans to upgrade infrastructure. Emerging trends, which directly impact the dynamics of the prefabricated housing industry, include increased usage of cigarette butt bricks in the prefabricated housing industry and increased usage of fly-ash in concrete in prefabricated housing.
Sweden is one of the most developed markets for prefabricated construction in the world, with a high penetration rate. Sweden is widely regarded as a leading country in offsite manufacturing, leading the world in terms of the sheer number of panelized single-dwelling residences, representing over 80 percent of the country's overall housing market. Norway is in Northern Europe, where it borders Sweden, Finland, and Russia. The urban population in Norway is increasing. Today, over 80% of Norway's population lives in the cities, and the number is increasing.
