In fact, the demand for nonresidential prefabricated buildings is set to increase by 7% every year until 2015, bringing to total growth to around $16 billion. While the demand for such buildings was relatively low in 2010, the recovery in the next four years will focus on the need for more prefabricated office and commercial buildings.
There are several kinds of prefabricated building systems: modular, metal, precast concrete, autoclaved aerated concrete, and fabric. Of all these kinds, metal buildings will still take the larger portion of the prefabricated building systems market, taking up about 45% of the total market share. This particular market will also experience an increase of around 6% annually. Meanwhile, other prefabricated building systems will increase by around 8% annually for the next four years.
While metal building systems will remain most in demand for commercial and office buildings, growth in other kinds of prefabricated buildings is also expected. With modular classrooms growing more popular, modular buildings will certainly be more popular. Precast concrete buildings will also experience a rise in sales, with the improvement of design and sound attenuation qualities.
In terms of nonresidential applications, prefabricated metal building structures will be most common in industrial, commercial, and office markets. In fact, the market for prefabricated metal buildings is set to grow by doubt digits annually until 2015, thanks to the improvement in designs and increased demand for them. Naturally, Norsteel will stay at the forefront of such improvements.
With the increased demand for nonresidential construction activity, economic growth, and population growth, the South and West North American will will experience the strongest regional market gains.