India Prefabricated Buildings Market Expected to Register at Strong CAGR Through 2028
Government investment in Infrastructure projects and
reducing the time of construction by 20-30% are driving the Prefabricated
Buildings market in India.
According to
TechSci Research report, “India Prefabricated Buildings Market - By Region, Competition, Forecast & Opportunities, 2028”, the India prefabricated
buildings market is expected to grow over the course of the forecast period as
prefabricated building systems become more popular than calcium oxide owing to
their wide range of attributes, including high quality, high strength, low
weight, volume, affordability, and more. Prefabricated building systems are
also frequently praised for their eco-friendliness and sustainable design. The
prefabricated building systems market's main growth driver, vented thermal
panels, is seeing an increase in demand as a result of the booming commercial
and residential sectors. Additionally, the residential and commercial building
sectors are flourishing due to government initiatives such as "Smart
Cities mission," "Housing for All," and "Pardhan Mantri
Awas Yojana - a national housing scheme," which is anticipated to play a
crucial role in propelling the prefabricated building systems market over the
course of the forecast period.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on the "India Prefabricated Buildings Market"
The Indian government has
also made it a priority to expand regional airports, enhance regional
connectivity, and lower the cost of air travel. As part of the Center's Udan
project, 100 additional airports were suggested to be built by 2024 in the
Union Budget, which was released in February 2020. Therefore, it is projected
that the need for prefabricated building systems would increase along with the increase
in commercial construction activities, which will ultimately fuel the
prefabricated building systems market expansion in India during the forecast
period.
The market is being aided by
elements such as shorter construction timelines, lower construction costs, the
need for offices in developing SEZs, rising real estate investments, rapid
urbanisation, rising demand for alternative construction methods, and temporary
and urgent needs in the industrial sector. The market is also benefiting from
the growing consumer focus on waste reduction, green building, and CO2 emission
reduction. Additionally, the nation's rising real estate investments as well as
India's developing construction and infrastructure sectors are propelling market
expansion. The market's growth is probably going to follow the expansion of the
housing and real estate markets, and the areas are probably going to present a
lot of prospects for market expansion. It also augurs well for the market's
expansion since more people are becoming aware of the advantages of
prefabricated houses and are accepting them more readily. Moreover, the market
for prefabricated structures is being supported by an increase in
rehabilitation projects aimed at enhancing both the aesthetic and construction
value of buildings. Building new homes is being sped up by rising disposable
income levels, which is also stoking interest in prefabricated structures. Prefabricated
goods in various sizes and forms are increasing in demand. Prefabricated metal
items are used in structures for a variety of aesthetic architectural needs.
The substantial benefits of off-site construction, such as increased
flexibility, quicker project completion, economic effectiveness, safer, greener
construction, and practicality in distant places, are driving up demand for
industrial modular structures.
As per India Investment Grid
(IIG), the per cent share of the number of project developments in real estate,
for instance, 40% in residential real estate, 36% in public space development,
21% in commercial real estate, and 3% in industry parks/zones. Hence, the
demand for prefabricated buildings is expected to rise in the upcoming years.
Based on structure, the India
Prefabricated Buildings market is further segmented into skeleton system, panel
system, cellular system, and combined system. The skeleton sub-segment makes up
the greatest portion of the market owing to the skeleton system's high tensile
strength, low weight, and small volume. On the basis of application, the market
is further divided into residential, commercial, and industrial. Since
prefabricated structures can more affordably meet immediate needs, the
commercial sector is predicted to dominate the market.
Key market
players in the India Prefabricated Buildings Market include:
·
Everest
Industries Limited
·
Satec Envir
Engineering (India) Private Limited
·
E-PACK Polymers
Pvt. Ltd.
·
Speed 4 Prefab
Solutions Pvt. Ltd
·
Balarka
Fabricon Private Limited
·
Loom Crafts Shade Systems Pvt Ltd
·
ASS Engineers
India Pvt. Ltd.
·
Primex Building
Systems Pvt. Ltd
·
Champion
Infratech Pvt. Ltd. Interarch Building Products Pvt. Ltd.
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Recent
Developments:
- EPACK Prefab
(turnkey solution suppliers of cutting-edge and effective building materials
and packaging solutions) offers Amarnath Yatra pilgrims the safest and nicest
lodging with cutting-edge amenities, from February 2022. This project, which
comprises of G+2 buildings with contemporary amenities, was successfully
completed. There were several challenges, including thefts and a lack of
adequate infrastructure for delivering the materials.
- Affordable
housing developer, Janaadhar Constructions, announced the opening of a facility
specifically designed to produce precast concrete in December 2021. This will
enable considerable energy and water savings in the building of homes. Reall, a
pioneer and investor in climate-smart, affordable housing, is funding the
facility, which will make modular housing panels that, when constructed
on-site, would offer inexpensive green dwellings to low-income people
throughout India.
- Housejoy, a
company that specialises in building, remodelling, interior design, and house
maintenance, announced a cooperation with Tata Steel Nest-In in June 2021 to
offer prefabricated modular housing options in Bengaluru. As part of the
cooperation, Housejoy will construct steel-heavy modular houses in Bengaluru,
using prefabricated building methods from Tata Steel.
“By
2023, India will require 60 million new households, and more than 90 smart
cities are in the planning phase. Industry analysts note that off-site buildings
and prefabricated dwellings will play a key part in achieving such a massive
task in such a short period of time. Additionally, the prefabrication of
buildings in the real estate industry is quite sluggish in India. Out of its
more than USD 100 billion real estate industry, India barely has 1% to 2% of
prefabricated structures, according to an industrial source. The mentality
barrier in India, where most developers are reluctant to invest in modular
techniques of construction and reluctant to include prefabrication in their new
and continuing projects, is one of the key causes of the poor adoption of
prefabrication solutions in India.” Therefore, the market growth of prefabricated
buildings is expected to rise during the forecast period, said Mr Karan Chechi,
Research Director with 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, 2028”, has evaluated the future growth potential of India Prefabricated
Buildings Market and provides statistics and information on market structure,
size, share, and future growth. The report is intended to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the India Prefabricated
Buildings Market.
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