Westford, USA, March 03, 2023 (GLOBE NEWSWIRE) -- The GCC pre-engineered buildings market in Saudi Arabia is expected to grow significantly during the projected period as a result of factors such as rising development activity and the demand for affordable homes. Additionally, construction work and financial expenditures on infrastructure, roadway, and transit projects have increased throughout the GCC region and this is one of the main drivers of market growth. The requirement for quick and economical building solutions has been made simpler by activities scheduled for the GCC region and a significant upswing in the tourism sector, the prefabricated buildings are now in greater demand as a result of this. Therefore, all these factors are estimated to drive market growth during the forecast period.
SkyQuest found during a market study that since the start of Saudi Arabia's reform plan, the total amount spent on real properties and construction projects had already surpassed $1.11 trillion. Neom is an example of a transformational initiative. Neom will be a high-tech city worth $501 billion and a centrepiece of Saudi Arabia's Vision during the forecast period. It is being constructed on a location that is more than 36 times the size of Singapore, covering a total area of 26,501 square kilometres, and it will have more than 450 kilometres of shoreline. Green spaces and athletic facilities will also be included in the development hamlet.
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Tables - 118
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Pre-engineered or prefabricated buildings, sometimes known as prefabs, are made off-site and transferred to the construction site for on-site assembly. It includes the building's structure in addition to the rooftop and wall panels. Pre-engineered building producers create them to satisfy customer needs by utilizing the best raw material stocks.
Prominent Players in GCC Pre-Engineered Buildings Market
- Saudi Building Systems Mfg. Co. (SBSMC)
- Red Sea Housing Services (RSHS)
- KIRBY BUILDING SYSTEMS
- Zamil Industrial Investment Co.
- United Company for Caravans & Prefab Houses
- Al-Jazera Factory For Engineering Construction Co Ltd
- Batterjee for Engineering and Metal Construction
- AlShahin Metal Industries 'SHMICO'
- International Building Systems Factory Co., Ltd. (IBSF)
- Gulf Specialized Works Co. Ltd.
- Alfanar Steel Co. Ltd.
- The Dolphin International Steel Company
- Jindal Buildsys
- Tiger Steel Engineering
- PEB Steel Buildings
- Lloyd Insulations
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Steel Segment to Dominate the Market Growth Owing to Its Increasing Usage and Unique Characteristics
In 2021, the steel sector had the most market share in the GCC for pre-engineered buildings and it is estimated to keep dominating the market throughout the forecast period. Steel is a strong and durable material that helps to build sturdy structures that last for many years. Also, a number of engineers and construction experts from throughout the world have shown that well-insulated steel constructions can significantly reduce owners' heating and cooling costs. Several fabricators and construction companies offer prefabricated steel structures for commercial construction. It helps hasten construction without compromising the building's safety and security characteristics.
SkyQuest also found that the rising production of steel in major countries like Saudi Arabia will support the segment growth. It was noted that over 8.71 million metric tonnes of steel were produced in Saudi Arabia as of 2020, up from about 4.81 million metric tonnes in 2017.
The market for pre-engineered buildings in the Saudi Arabia region gained revenue of 2.8 billion in 2021 and will also grow significantly over the course of the projected period as a result of the expansion of government-backed infrastructure development projects as well as rising construction projects in the GCC region. The growing practice of housing migrant blue-collar workers involved in active industrial and construction projects, societal change, and a desire to give the populace access to more affordable and higher-quality housing are all predicted to increase demand for modular construction over the course of the projection period.
Residential Segment to Gain Largest Market Share Due to Growing Population and Rising Urbanization
The pre-engineered building market's primary application, which accounts for the majority of sales, is the residential sector. The residential construction industry is having difficulty meeting the demand for affordable housing due to population growth and a wave of immigration. SkyQuest’s latest statistics show that six nations in Western Asia currently make up the GCC, an alliance of governments. The combined size of all member nations is 0.991 million square miles. 2.571 million km2 and 58.25 million inhabitants. The Middle East's most populous countries are Egypt, Turkey, Iran, Iraq, and Saudi Arabia. Further, prefabricated homes are more in demand since they save time and money. Energy efficiency, design flexibility, and quicker completion are further advantages of prefabricated buildings, all of which are anticipated to drive market expansion.
Moreover, throughout the projection period, the market in the United Arab Emirates is expected to expand significantly. The rising use of modern construction methods to shorten construction time and the rise in unskilled labour are two main reasons driving the economy for prefabricated buildings in the United Arab Emirates. Using these approaches also lowers project expenses overall, construction waste, pollution, and human error. The UAE construction and development industry is predicted to be a booming sector over the projection period given the specific infrastructure development plans.
The most recent SkyQuest research on the GCC pre-engineered buildings market has just been released. The study addresses a number of important market-related issues, such as market size, growth rate, and demand-supply dynamics. The important competitors and market strategies, such as mergers, acquisitions, partnerships, and collaborations, are also analysed. The research concludes with a thorough examination of the market's drivers, difficulties, and possibilities.
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Key Developments in the GCC Pre-Engineered Buildings Market
- Prefabricated housing supplier Red Sea International announced two additional contracts for the delivery of steel structures to the MDLBEAST music festival in Riyadh in August 2022. The company said that it will create and deliver prefabricated steel structures that would be erected at the festival site in Riyadh for one of MDLBEAST's upcoming musical events.
- Red Sea Development Company and Red Sea International Company, two of the most well-known leisure and hospitality businesses in the Middle East, signed a contract in January 2022 for the design, production, supply, and installation of three complexes in the Western region to support the construction of five-star hotels on three Red Sea islands. These structures are composed of numerous modular modules that can be used as homes or offices.
- Three prefabricated structures will be built by the Susquehanna Regional Transportation Authority at the Cumberland County Ritner Campus, 1601 Ritner Highway.
Key Questions Answered in the GCC Pre-Engineered Buildings Market Research Report
- What are the main market trends and developments, and how are market participants utilising them to achieve a competitive advantage?
- Which sub-segment of the application segment is anticipated to expand at the fastest pace throughout the forecast period, and what causes are responsible for this growth?
- What reasons are causing this growth in the regions/countries that are predicted to experience the highest market growth rates?
- What are the main obstacles brand-new entrants must overcome to establish a presence in the market?
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