Dublin, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia prefabricated building and structural steel market reached US$ 1.75 billion in 2023. Looking forward, the market is projected to reach US$ 2.51 billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2023-2032.
The economy of Saudi Arabia has primarily relied on the oil and gas industry for generating wealth. However, the Government started diversifying the economy after the fall of oil prices in 2014. As a result, it is investing in alternative sources of income by introducing infrastructural projects, such as Vision 2030, and the development of NEOM City, Jeddah Waterfront and Entertainment City.
Furthermore, on account of the growing population and the increasing influx of expatriates, there is a rise in the shortage of affordable housing in Saudi Arabia. This, in confluence with the advantages offered by prefabricated building and structural steel such as affordable price point and time efficiency, has escalated the demand for prefabricated buildings in the country.
Apart from this, owing to the rising environmental concerns, there is an increase in the adoption of prefabricated buildings as they do not generate any on-site waste.
Key Market Segmentation
This report provides an analysis of the key trends in each segment of the Saudi Arabia prefabricated building and structural steel market report, along with forecasts at the regional and country levels from 2024-2032. The report has categorized the market based on component and end use.
Breakup by Component:
- Prefabricated Building
- Floors and Roof
- Walls
- Staircase
- Panels and Lintels
- Others
- Structural Steel
- H-Type Beam
- I-Type Beam
- Columns
- Angles
- Others
At present, floors and roofs, and H-type beams account for the majority of the total market share in the Saudi Arabia prefabricated building and structural steel markets, respectively.
Breakup by End Use:
- Residential
- Institutional
- Commercial
- Industrial
The residential sector exhibits a clear dominance in the market, on account of rapid urbanization and the increasing number of expatriates in the country.
Competitive Landscape
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
- Saudi Building Systems Mfg. Co.
- Red Sea Housing Services
- Kirby Building Systems
- Zamil Steel Pre-Engineered Buildings Co. Ltd.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 129 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $1.75 Billion |
| Forecasted Market Value (USD) by 2032 | $2.51 Billion |
| Compound Annual Growth Rate | 4% |
| Regions Covered | Saudi Arabia |
For more information about this report visit https://www.researchandmarkets.com/r/297r6f
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