New York, Feb. 08, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the World Bank, the total population in China increased from 1.263 Billion in the year 2000 to 1.411 Billion in the year 2020. Additionally, the urban population as a share of the total population in the nation increased from 35.877% in the year 2000 to 61.428% in the year 2020.
Kenneth Research has recently released a report on “China Prefabricated Construction Market” which includes a detailed analysis of the industry value chain and the risks associated with the industry, along with a study of the market dynamics during the forecast period, i.e., 2021-2025. The report also includes the competitive benchmarking and the competitive positioning analysis, along with the product portfolio analysis of the key market players operating in the market.
Urbanization in China is growing at a significant pace and so is the overall population in the nation. As a result, there is a growing need for residential buildings, which in turn, is raising the need amongst the government of the nation to invest in the development of the real estate industry. According to the statistics by the National Bureau of Statistics of China, between January and August 2020, the national investment in the development of the real estate industry in the nation witnessed a year-on-year increase of 10.9% to reach USD 1432.9 Billion. This was recorded to be 15.9% higher than the same period of the previous year. Moreover, the statistics also stated that the investment in the residential sector was USD 1080.9 Billion during the same period in the year 2020, thereby witnessing an increase of 13.0% over the same period of the previous year. With the growing need for residential buildings, the demand for prefabricated construction structures is expected to grow significantly, and in turn, contribute to the market growth. The China prefabricated construction market generated a revenue of USD 33660.00 Million in the year 2020 and is further expected to touch USD 43953.68 Million by the end of 2025, by growing with a CAGR of 6.05% during the forecast period.
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Prefabricated construction structures have revolutionized the construction industry. One of the major benefits of these ready-to-build structures is that the time taken for construction of a building is very less and also doesn’t require high masonry skills. The Ministry of Housing and Urban-Rural Development (MOHURD) of the Chinese government has laid down recently its 14th Five-Year Plan and issued a notice for the implementation of Urban Renewal Actions in 2020, which focuses on the application of digital technology to the construction and building process and developing opportunities in low-carbon construction. Besides this, the nation has recently witnessed several commercial structures which were built in record-breaking timelines, especially amidst the surge of the COVID-19 pandemic. To curb the spread of coronavirus, the first case of which was observed in Wuhan city of China, the government of the nation built the Huoshenshan hospital in the Wuhan city in a period of 10 days by using these prefabricated construction structures to deal with the coronavirus patients. Some of the other benefits of using prefabricated construction include low construction wastage, less construction cost, and the use of renewable materials that support the concept of green buildings.
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The China prefabricated construction market is segmented by type into elemental construction, permanent modular buildings, and relocatable buildings. Amongst these segments, the permanent modular buildings segment generated the largest revenue of USD 19775.58 Million in the year 2020 and is further expected to touch USD 25493.14 Million by the end of 2025.
The China prefabricated construction market is further segmented by component type into structural components, architectural components, bridge components, and others. Amongst these segments, the structural components segment is anticipated to garner the largest revenue of USD 19779.16 Million by the end of 2025, up from a revenue of USD 13524.25 Million in the year 2020.
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The China prefabricated construction market is also segmented on the basis of material, and by end-use industry.
China Prefabricated Construction Market, Segmentation by Material
- Metal
- Steel
- Aluminum
- Others
- Non-Metal
- Concrete
- Timber
- Others
China Prefabricated Construction Market, Segmentation by End-Use Industry
- Commercial
- Industrial
- Residential
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Some of the prominent industry leaders in the China prefabricated construction market that are included in our report are SANY Group, China Saite Group Company Limited, China Railway Prefabricated Construction Co., Ltd., Hangxiao Steel Structure Co., Ltd., Zhejiang Putian Integrated Housing Co., Ltd., Atlantic Modular System Ltd., Shaanxi Construction Engineering Group Corporation, Shenyang Yuanda Enterprise Group, BROAD Group, Zhejiang Taige Integrated Housing Co. Ltd, and others.
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