◆英語タイトル：GCC Prefabricated Buildings Industry - Growth, Trends, COVID-19 Impact and Forecasts (2021 - 2026)
GCC prefabricated buildings industry is expected to grow at 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 has been severely impacted by the COVID-19 outbreak. The pandemic has impacted the growth across key sectors over the short to medium term and recovery is expected to be slow. The spread of coronavirus has 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 with the same period of 2019. The residential construction industry in Saudi Arabia is facing a shortage of affordable housing as a result of a growing population and an influx of migrants. This has encouraged the demand for prefabricated homes, as they are cost-effective and time-efficient. Moreover, energy efficiency, design flexibility, and faster completion are some of the other advantages of prefabricated buildings, which are anticipated to drive market growth.
Key Market Trends
Government Initiatives Driving the Construction Market
The GCC countries are focusing on economic diversification to reduce dependence on the oil and gas sector. To end this, they are planning a long-term strategy for sustainable growth. Therefore, they have chosen prefabricated buildings and structural steel in the construction sector. In addition, public and private stakeholders have increased their investment in the infrastructure sector, further creating growth prospects for the market. In addition, the surge in tourism and upcoming events in the Gulf Cooperation Council region has led to a demand for fast and inexpensive construction solutions. In view of these factors, the GCC prefabricated construction market is expected to show moderate growth in the next five years. Prefabricated construction is being widely used in the GCC region since it helps in waste management and saves energy.
Increasing Demand of prefabricated Buildings in GCC
There is a rise in the urban population of GCC countries. The population density in the urban areas of GCC countries is increasing due to the inflow of workers from the rural regions towards the urban regions. The prefabricated buildings 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 government is also promoting prefabricated buildings solutions to provide essential residential and other building types in less period of time. There is an increase in demand for prefabricated buildings because of less construction time and a lack of labor force in the country. There were many operational difficulties associated with COVID-19. United Arab Emirates construction workers stayed on-site during the pandemic, but social distancing measures resulted in a 10-30% drop in productivity.
GCC prefabricated buildings industry is relatively fragmented. There are several international as well as domestic companies present in GCC prefabricated buildings market. High capital requirements and rapid technological advancement are important barriers to entry for new participants. The market is expected to grow during the forecast period due to the increase in the prefab construction building investments and upcoming major projects in the country and other few factors are driving the market. The market presents opportunities for growth during the forecast period, which is expected to further drive market competition. Major players are Cemex, Extra Co Group of Companies, Albaddad International, Speed House Group of Companies, and Exeed Precast.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Current Market Scenario
4.2 Technological Trends
4.3 Insights on Supply Chain/Value Chain Analysis of the Prefabricated Buildings Industry
4.4 Brief on Different Structures Used in the Prefabricated Buildings Industry
4.5 Cost Structure Analysis of the Prefabricated Buildings Industry
4.6 Impact of COVID-19 on the Market
4.7 Insights on Different Types of Materials used in Prefabricated Buildings Construction
5 MARKET DYNAMICS
5.4 Porter’s Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Consumers / Buyers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitute Products
5.4.5 Intensity of Competitive Rivalry
6 MARKET SEGMENTATION
6.1 By Application
6.2 By Country
6.2.1 Saudi Arabia
6.2.2 United Arab Emirates
6.2.4 Rest of GCC
7 COMPETITIVE LANDSCAPE
7.2 Company Profiles
7.2.2 Extra Co Group of Companies
7.2.3 Albaddad International
7.2.4 Speed House Group of Companies
7.2.5 Exeed Precast
7.2.6 RDB EL Seif Company Ltd.
7.2.7 Memaar Building Systems (MBS)
7.2.9 Bawan Metal Industries Co.
7.2.10 Specialist Services Group
7.2.12 Red Sea International*
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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9.1 Marcroeconomic Indicators (GDP breakdown by sector, Contribution of construction to economy, etc.)
9.2 Key Production, Consumption,Exports & import statistics of construction Materials