Prefabricated building is manufactured in standard portions off-site, and then shipped and assembled at the construction site. Structural steel, on the other hand, forms the skeletal framework of the building wherein the prefabricated parts are installed. These construction materials can be divided into two types, concrete-based and metal-based. Prefabricated buildings are not only popular in the commercial sector but are also gaining prominence in the residential segment. IMARC Group’s new research report, titled “Saudi Arabia Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the Saudi Arabia prefabricated building and structural steel market reached a value of about US$ 1 Billion in 2017. The report further anticipates the market to reach a value of around US$ 2 Billion by 2023, at a projected CAGR of nearly 5% over the forecast period.
Saudi Arabia Prefabricated Building and Structural Steel Market Drivers/Constraints:
- The unavailability of affordable housing owing to population growth along with an influx of expatriates has encouraged the demand for prefabricated homes in Saudi Arabia.
- Prefabricated buildings are environment friendly in comparison to conventionally constructed buildings as they do not produce any on-site waste or require fuel for machines which emit harmful gases. Additionally, they are cost-effective, time- and energy-efficient and quick-to-install.
- Rapid urbanization and upcoming infrastructural projects are projected to further provide a thrust to the market for prefabricated structures in Saudi Arabia during the forecast period.
- Factors such as lack of financing options and durability issues are expected to hamper the market growth in the region.
Product Type Insights:
On the basis of type, the market has been categorised into prefabricated building and structural steel, wherein prefabricated building accounts for the majority of the total sales. This segment is further segregated into roofs and floors, walls, staircases, and panels and lintels. Amongst these, roofs and floors represent the largest segment. On the other hand, structural steel is divided into H-type beam, I-type beam, columns and angles. Currently, H-type beam dominates the market.
Based on application, the residential sector dominates the market, holding the majority of the total share. A rise in the number of expatriates and rapid urbanization are some of the factors stimulating the growth of this segment. The residential sector is followed by the institutional, commercial and industrial sectors.
The market is highly concentrated as the top four players in the prefabricated building and structural steel market in Saudi Arabia currently account for the majority of the overall market. These players include:
- Saudi building systems Mfg. Co.
- Red Sea Housing Services
- Kirby Building Systems
- Zamil Steel Pre-Engineered Buildings Co. Ltd
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal