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, 2019-2029

India Prefabricated Buildings Market is anticipated to register a healthy CAGR during the forecast period.

Prefab houses sometimes referred to as prefabricated homes, are ones that have been built using prefabricated construction materials. These construction materials are prefabricated in a facility off-site, transported there, and then put together. Prefabricated houses combine conventional home ownership with modern technologies. Utilizing various techniques, such as 3-D printing, these dwellings are constructed in advance and erected off-site. Modular dwellings are defined as having at least 70% of their components prefabricated. This facilitates disassembling, moving, and assembling these dwellings. Prefab homes are less expensive, more environment friendly, and more aesthetically pleasing than traditional residences. Prefab houses are built with concrete-based and metal-fabricated construction elements. The lack of raw resources has presented a number of problems for manufacturing enterprises. Additionally, the suspension of construction contracts has slowed the market expansion for prefabricated buildings. The decline in building and construction activities has had a substantial influence on market growth since it has reduced demand for prefabricated building systems. India will need 50 million houses by 2022, and there are more than 90 proposed smart cities. Industry analysts predict that prefabricated housing and off-site building will be essential to accomplishing such large targets in such a short period of time.

Government Initiatives in the Infrastructure and Construction Sector

In India, there is a record-high need for infrastructure. The government has given Real Estate Investment Trust (REIT) approval to help investors come forward and invest in the Indian real estate market as it looks to accelerate the growth of infrastructure in the country. As a result, an opportunity worth USD 19.65 billion will be created in the Indian market over the coming years. The government intends to introduce the most recent technology to the building industry through the Global Housing Technology Challenge.

The country has set aside USD 29.2 billion for the Smart-Communities project, which aspires to build sustainable, world-class cities. By June 2020, investments totaling USD 16.5 billion had completed 75% of the planned projects. The national government has allocated a sum of USD 16.5 million for HRIDAY, a program to develop heritage cities. The infrastructure and construction sector is expected to experience tremendous expansion as a result of several other government projects and plans, including AMRUT and PMAY (Pradhan Mantri Awas Yojana, a national housing program). This would in many ways boost the prefabrication market.

Precast Concrete Holds Largest Share in the Market

Due to a rise in building activities off-site, precast concrete now retains the biggest market share. The country's government is actively developing its infrastructure, which has led to a strong demand for building supplies such as concrete, that is also relatively high. A increase in non-residential and residential development is anticipated due to growing urbanization.