United Kingdom Prefabricated Buildings Industry - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

United Kingdom Prefabricated Buildings Industry - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The United Kingdom Prefabricated Buildings Industry is expected to grow from USD 7.38 billion in 2024 to USD 9.96 billion by 2029, at a CAGR of 6.17% during the forecast period (2024-2029).

The ease of construction, affordability, and fast delivery drive the market. Furthermore, the market is driven by the huge investments coming into the market.

Modular construction is becoming more and more popular in the European region as a result of population growth and housing shortage. Modular construction is becoming increasingly popular as an affordable housing option. More and more modular homes are being built in the UK. The leading construction companies, investors, and the leading developers in the UK are looking for the best prefabrication solutions. The growing investment in the UK modular construction sector is also contributing to the development of the UK prefab industry.

Modular housing is relatively new in the UK compared to countries like Japan and Germany, where it’s more established, and it’s still essentially a loss-making industry. But the good news is that faster construction of high-quality homes could be part of the solution to the UK’s long-term housing problem.

According to estimates from Make UK Modular, the industry will have the capacity to construct 20,000 new modular homes in 2025, which would be one-fifth of the annual shortfall of 100,000 homes. The government has set itself a target of creating 300,00 new homes per year by 2025, with official figures showing that 204,500 new homes were constructed in the 12 months to March 2022.

UK Prefabricated Buildings Market Trends

Need for Precast Concrete Technology Driving the Market

There is a growing demand for precast concrete in the construction industry (residential and commercial) in the UK. Structural building components are in high demand due to various factors such as fast installation, variety of options, ease of maintenance, and low cost.

The growing demand for sustainable and environmentally friendly building products is driving the structural building component segment of the precast concrete market in the UK. The growing awareness of cost-effective and easy-to-maintain building materials is driving the market for structural building components within the precast concrete industry in the UK. Precast concrete structural building components help to reduce installation, repair, and maintenance time. This is one of the key factors driving the UK market for precast concrete structural components.

Opportunities in Affordable Housing & Residential Construction to Boost the Prefab market in 2023 and Going Forward

While technology has revolutionized many aspects of life, including transportation, entertainment, shopping, and consumer goods, housebuilding has been slow to catch up. That is all set to change with the introduction of the next generation of factory-built modular homes.

A new report from Make UK Modular, in collaboration with KOPE, has revealed that by 2025, the modular housing industry will be able to provide 20,000 energy-efficient, low-carbon homes across the UK. These homes will be 55% less likely to need to be heated than the average UK family house and will be built twice as fast.

Modular manufacturers are already setting up plants in post-industrial small towns or cities, employing more than 3,000 people, and bringing GBP 700 million (USD 860.10 million) of investment to low-growth, low-employment areas.

The government has expedited the planning process for modular homes and committed to 20% of the affordable housing program for modular homes, which would double new jobs in a short period.

UK Prefabricated Buildings Industry Overview

The United Kingdom Prefabricated Buildings Market is fragmented and highly competitive, with a few players occupying the major share. The major players include Barratt Developments PLC, Bellway Homes Limited, Berkley Group, Weberhaus, and many more. There is an increase in prefab construction building investments and upcoming major projects in the country, and other factors are driving the market. Berkley Homes, one of the largest players, also announced plans to open a factory in Kent to produce a thousand homes a year. Recently, Goldman Sachs invested USD 93 million in TopHat, a leading player in the prefab industry in the UK.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support