India Prefabricated Buildings Market is Expected to Register a CAGR of 12.32% Through 2030
Urbanization & Population Growth and Government
Initiatives & Policies are likely to propel the market during the forecast
period.
According to
TechSci Research report, “India Prefabricated Buildings Market – By Region,
Competition, Forecast and Opportunities, 2020-2030F”, India Prefabricated Buildings Market was
valued at USD 2.70 Billion in 2024 and is expected to reach USD 5.47 Billion by
2030 with a CAGR of 12.32% during the forecast period.
Urbanization
is one of the primary drivers of the India prefabricated buildings market. With
India experiencing rapid population growth, especially in urban areas, the
demand for housing and infrastructure has surged. According to the United
Nations, India is expected to have the largest urban population in the world by
2031. This urban migration creates a massive need for quick and cost-effective
solutions to meet the housing and infrastructure demands. Prefabricated
buildings offer an ideal solution, as they can be constructed more quickly than
traditional buildings, addressing the growing demand for residential,
commercial, and industrial spaces in urban centers.
The
increasing need for affordable housing, coupled with limited space in densely
populated cities, has further fueled the adoption of prefabricated structures.
Prefabrication allows for more efficient use of land and resources, making it particularly
attractive in crowded urban areas. Additionally, prefabricated buildings can be
customized to fit specific requirements, such as space efficiency and modern
design, making them highly suitable for growing cities.
India's
government has also launched several initiatives to promote affordable housing,
such as the Pradhan Mantri Awas Yojana (PMAY), which aims to provide housing
for all by 2022. These government policies, combined with rising urbanization,
have increased the demand for prefabricated housing, which can be produced and
assembled quickly, enabling faster completion of projects. Prefabricated
buildings provide a viable and scalable solution to urbanization-related
challenges, driving the growth of the prefabricated buildings market in India.
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Based
on Application, Residential held the largest market share in 2024. Residential buildings dominate the India
prefabricated buildings market primarily due to the growing demand for
affordable housing, rapid urbanization, and the need for quicker construction
methods to meet housing shortages. India’s urban population is expanding
rapidly, with millions migrating from rural to urban areas in search of better
opportunities. This has led to a significant demand for housing, particularly
in urban centers, where space is limited, and construction costs are high.
Prefabricated buildings provide an efficient and cost-effective solution to
address this need.
The
Indian government’s push for affordable housing through initiatives like the
Pradhan Mantri Awas Yojana (PMAY) has further propelled the adoption of
prefabricated buildings in the residential sector. Prefabricated construction
offers a faster turnaround time compared to traditional brick-and-mortar
methods, which is crucial for meeting the government’s ambitious housing
targets. Additionally, prefabricated homes are more affordable because they
reduce labor costs, material wastage, and construction time, making them an
ideal solution for large-scale residential projects aimed at low-income and
middle-income groups.
Modular
design and the ability to manufacture components off-site allow for high
scalability and customization, catering to a wide range of residential needs.
These buildings are suitable for various applications, from single-family homes
to multi-family apartment complexes, providing flexibility for developers to
meet different market segments. Furthermore, prefabricated homes are
increasingly seen as energy-efficient and environmentally friendly, with the
potential for integrating sustainable materials and green technologies like
solar panels and rainwater harvesting systems.
Given
the rapid growth of urban populations, the need for affordable housing, and the
ability to construct faster, prefabricated residential buildings are expected
to continue dominating the Indian market. Their ability to meet urgent housing
demands while offering a more efficient and sustainable construction
alternative makes them the preferred choice in the residential segment.
Based on region,
North India is the
fastest-growing region in the India prefabricated buildings market due to a
combination of factors including rapid urbanization, government initiatives,
increasing demand for affordable housing, and regional economic growth.
One
of the primary reasons for the growth of the prefabricated buildings market in
North India is the region’s rapid urbanization. Cities like Delhi, Gurgaon,
Noida, Chandigarh, and Jaipur are witnessing significant population growth due
to migration from rural areas in search of better employment and educational
opportunities. This migration has resulted in a heightened demand for
affordable housing and infrastructure, which prefabricated buildings can
deliver efficiently and cost-effectively. With the need for quick, scalable
solutions to meet the housing requirements, prefabricated buildings are
increasingly being adopted in urban centers in North India.
Government
policies and initiatives also play a crucial role in accelerating the market
growth. The Pradhan Mantri Awas Yojana (PMAY), which aims to provide affordable
housing for all by 2022, is particularly focused on North India, where many
cities face a housing shortage. Prefabricated buildings, with their reduced
construction time and cost, are an ideal solution for fulfilling the goals of
this initiative, particularly in urban regions where space is limited. Moreover,
North India has seen an increase in industrial growth and infrastructure
development, which further drives the demand for prefabricated solutions.
Cities like Gurgaon and Noida have become business hubs, requiring more
commercial buildings and industrial structures that can be built quickly. The
region’s improving infrastructure, including transportation and connectivity,
facilitates the timely delivery of prefabricated components, making it an
attractive market for developers.
Major companies
operating in the India Prefabricated Buildings Market are:
- Lendlease Corporation Limited
- Sekisui House Ltd
- Daiwa House Industry
- Champion Homes, Inc
- Morton Buildings, Inc
- Skanska AB
- Barratt Redrow Plc
- Persimmon Plc
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“The India prefabricated buildings market
presents significant growth opportunities driven by rapid urbanization, rising
demand for affordable housing, and government initiatives such as the Pradhan
Mantri Awas Yojana. Additionally, the shift toward sustainable construction,
cost efficiency, and faster project completion further boosts market potential.
Technological advancements, including modular construction and the integration
of energy-efficient features, are expanding the scope of prefabricated
solutions across residential, commercial, and industrial sectors. With
increasing awareness and growing preference for eco-friendly, cost-effective
construction, the market is poised for substantial expansion in the coming
years, offering lucrative opportunities for both domestic and international
players.” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based global management consulting firm.
“India Prefabricated
Buildings Market, By Size (Single Family, Multiple
Family), By Structure (Skeleton System, Panel System, Cellular System, Combined
System), By Application (Residential, Commercial, Industrial), By Region,
Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth
potential of India Prefabricated Buildings Market and provides statistics &
information on Market size, structure and future Market growth. The report
intends to provide cutting-edge Market intelligence and help decision-makers make
sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
India Prefabricated Buildings Market.
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