The Saudi Arabia prefabricated building and structural steel market reached a value of US$ 1.5 Billion in 2018. Prefabricated buildings are structures that are manufactured off-site, and then transferred and assembled on the construction site. On the other hand, structural steel represents the basic framework wherein prefabricated parts are installed. As compared to conventionally constructed buildings, these structures offer numerous advantages, which include durability, design flexibility, ease of expansion, weather resistance, efficient material utilization, minimal maintenance and eco-friendly nature. These advantages, in confluence with rapid urbanization and escalating population, are increasing the usage of these structures in the construction of offices, housing complexes, camp facilities and warehouses in Saudi Arabia.
The economy of Saudi Arabia has primarily relied on the oil and gas industry for generating wealth. However, the Government started diversifying the economy after the fall of oil prices in 2014. As a result, it is investing in alternative sources of income by introducing infrastructural projects, such as Vision 2030, and the development of NEOM City, Jeddah Waterfront and Entertainment City. Furthermore, on account of the growing population and the increasing influx of expatriates, there is a rise in the shortage of affordable housing in Saudi Arabia. This, in confluence with the advantages offered by prefabricated building and structural steel such as affordable price point and time efficiency, has escalated the demand for prefabricated buildings in the country. Apart from this, owing to the rising environmental concerns, there is an increase in the adoption of prefabricated buildings as they do not generate any on-site waste. On account of these factors, IMARC Group expects the market value to reach US$ 2.0 Billion by 2024, at a CAGR of 4.4% during the forecast period (2019-2024).
Breakup by Component:
At present, floors and roofs, and H-type beams account for the majority of the total market share in the Saudi Arabia prefabricated building and structural steel markets, respectively.
Breakup by End Use:
The residential sector exhibits a clear dominance in the market, on account of rapid urbanization and the increasing number of expatriates in the country.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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