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Prefabricated buildings are structured components which are manufactured in a factory and then assembled at the construction site. These prefabricated buildings are installed in structural steel frames which form the skeletal layout of the building. In the GCC region, prefabricated construction is gaining prominence on account of its various advantages such as sustainability, flexibility, cost effectiveness, time efficiency, and protection from moisture, environmental hazards and dirt. A new research report by IMARC Group, titled “GCC Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 3.0 Billion in 2017. The report further anticipates the market to cross US$ 4.4 Billion by 2023, at a projected CAGR of 6.6% over the forecast period.
GCC Prefabricated Building and Structural Steel Market Drivers/Constraints:
Product Type Insights:
On the basis of product type, the market has been segmented into prefabricated building and structural steel. They are further segregated on the basis of components where prefabricated buildings include floors and roofs, walls, staircases, and panels and lintels, whereas, the structural steel segment includes H-type beam, I-type beam, columns and angles.
End-Use Insights:
Based on end-use, residential sector holds the largest market share, followed by the institutional, commercial and industrial sectors. The growth in the residential sector can be attributed to increasing levels of disposable incomes and urbanisation.
Regional Insights:
On a geographical front, Saudi Arabia represents the largest region in the GCC prefabricated building and structural steel market. This can accredited to growing infrastructural projects across the region. Saudi Arabia is followed by the UAE, Oman, Qatar, Kuwait and Bahrain.
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