Market Size of GCC Prefabricated Buildings Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC Prefabricated Building Market Analysis
The GCC prefabricated buildings industry is expected to register a CAGR of approximately 5.3% during the forecast period. The factors driving the growth of the market are the government's strong economic diversification plans, which include developing and diversifying the economy and releasing its growth potential, with the ultimate goal of promoting development and competitiveness through increased government spending on key non-oil sectors and stimulating private investments. The market is driven by the increasing construction activities across the region and the lack of affordable houses for migrants working for the ongoing development projects in the GCC region.
The prefabricated construction industry in GCC was severely impacted by the COVID-19 outbreak. The pandemic impacted the growth across key sectors over the short to medium term, and recovery is expected to be slow. The spread of coronavirus dealt a severe blow to the prefabricated construction sector in Kuwait, with the number of building permits plunging by 40% in 2020. Official data showed permits for private residential buildings dipped by around 46% in the first 10 months of 2020 compared to the same period of 2019. The residential construction industry in Saudi Arabia is facing a shortage of affordable housing due to the growing population and an influx of migrants. This augments the demand for prefabricated homes, as they are cost-effective and time-efficient. Moreover, energy efficiency, design flexibility, and faster completion are the other advantages of prefabricated buildings, which are anticipated to drive market growth.
GCC Prefabricated Building Industry Segmentation
Prefabricated buildings (also known as prefabs) are the building structures manufactured offsite and transported to the on-site assembly location. This report covers market insights, such as market dynamics, drivers, restraints, opportunities, technological innovations and their impact, Porter's five forces analysis, and the impact of COVID-19 on the market. The report also provides company profiles to understand the competitive landscape of the market.
The GCC prefabricated buildings industry is segmented by application (residential, commercial, and industrial) and country (Saudi Arabia, the United Arab Emirates, Qatar, and the Rest of GCC).
| By Application | |
| Residential | |
| Commercial | |
| Industrial |
| By Country | |
| Saudi Arabia | |
| United Arab Emirates | |
| Qatar | |
| Rest of GCC |
GCC Prefabricated Buildings Industry Size Summary
The GCC prefabricated building market is poised for growth, driven by government initiatives aimed at economic diversification and increased investment in non-oil sectors. The region's construction activities are on the rise, fueled by a pressing need for affordable housing to accommodate the growing urban population and influx of migrants. Prefabricated buildings offer a solution to these challenges, providing cost-effective, energy-efficient, and rapidly constructed housing options. Despite the setbacks caused by the COVID-19 pandemic, which temporarily hindered construction activities and reduced productivity, the market is expected to recover and expand. The focus on sustainable growth and infrastructure development, coupled with the advantages of prefabricated construction, positions the GCC market for moderate growth over the forecast period.
The market landscape is characterized by a mix of international and domestic players, with companies like Cemex, Extra Co Group of Companies, Albaddad International, Speed House Group of Companies, and Exeed Precast leading the charge. These companies are capitalizing on the demand for innovative construction solutions, such as mobile homes with sustainable features. The fragmented nature of the market, along with high capital requirements and rapid technological advancements, presents both challenges and opportunities for new entrants. As the GCC countries continue to focus on reducing their reliance on oil and gas, the prefabricated building sector is expected to play a crucial role in meeting the region's construction needs, supported by government policies and private sector investments.
GCC Prefabricated Buildings Industry Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Current Market Scenario
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1.2 Technological Trends
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1.3 Insights on Supply Chain/Value Chain Analysis of the Prefabricated Buildings Industry
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1.4 Brief on Different Structures Used in the Prefabricated Buildings Industry
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1.5 Cost Structure Analysis of the Prefabricated Buildings Industry
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1.6 Impact of COVID-19 on the Market
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1.7 Insights on Different Types of Materials used in Prefabricated Buildings Construction
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2. MARKET SEGMENTATION
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2.1 By Application
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2.1.1 Residential
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2.1.2 Commercial
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2.1.3 Industrial
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2.2 By Country
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2.2.1 Saudi Arabia
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2.2.2 United Arab Emirates
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2.2.3 Qatar
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2.2.4 Rest of GCC
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GCC Prefabricated Buildings Industry Market Size FAQs
What is the current GCC Prefabricated Buildings Market size?
The GCC Prefabricated Buildings Market is projected to register a CAGR of 5.30% during the forecast period (2024-2029)
Who are the key players in GCC Prefabricated Buildings Market?
Cemex, Extra Co Group of Companies, Albaddad International, Speed House Group of Companies and Exeed Precast are the major companies operating in the GCC Prefabricated Buildings Market.
