According to IMARC Group’s latest report, titled “Saudi Arabia Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, Saudi Arabia prefabricated building and structural steel market reached a value of more than US$ 1.5 Billion in 2018. Prefabricated building is a building or a structure which is manufactured off-site, and then transferred and assembled on the construction site through a systemised process. It consists of various engineering structures, metal roofs, pipelines and ventilation ducts. Structural steel, on the other hand, forms the basic framework wherein the prefabricated parts are installed. Prefabricated buildings provide instant accommodation which are used for different purposes such as retail buildings, industrial facilities, office spaces, modular classrooms, homes, warehouses particularly in disaster-prone areas.
The construction industry in Saudi Arabia is facing a shortage of affordable housing as a result of growing population and an influx of expatriates. This has encouraged the demand for prefabricated homes as they are cost-effective and time efficient. Further, prefabricated buildings are more environmental friendly than conventionally constructed buildings as they do not generate any on-site waste. This is projected to positively influence the market demand in the upcoming years. Moreover, energy efficiency, design flexibility and faster completion are some of the other advantages of prefabricated building which are anticipated to drive the market growth. Looking forward, the market is expected to grow at a CAGR of 4.4% during 2019-2024, reaching a value of US$ 2.0 Billion by 2024.
The report has segmented the market on the basis of product type into prefabricated building and structural steel, wherein prefabricated building is the most popular product type. The prefabricated building segment is bifurcated into roofs and floors, walls, staircase, and panels and lintels. Among these, roofs and floors hold the majority of the market share. Whereas, the structural steel segment is categorised as H-type beam, column, I-type beam and angles. Out of these, H-type beam is the most popular component, leading the market. Based on application, the market is segregated into residential, institutional, commercial and industrial sectors. Currently, the residential sector accounts for the largest market share. The report has also analysed the competitive landscape and provides the details of the key players operative in the market.
This report provides a deep insight into the Saudi Arabia prefabricated building and structural steel market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Saudi Arabia prefabricated building and structural steel industry in any manner.
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