What is the global market size of GCC Pre-Engineered Buildings Market?

GCC Pre-Engineered Buildings Market size was valued at USD 14.32 billion in 2021 and is poised to grow from USD 15.78 billion in 2022 to USD 34.11 billion by 2030, growing at a CAGR of 10.1% in the forecast period (2023-2030).

GCC Pre-Engineered Buildings Market Size, Share, Growth Analysis, By Material(Concrete, Glass), By Structure(Assembled, un-assembled), By Unit Size(Small, Large), By Application(Residential, Commercial) - Industry Forecast 2024-2031

Report ID: SQMIR20C2092 | Region: Regional | Published Date: February, 2024
Pages: 225 | Tables: 118 | Figures: 77

GCC Pre-Engineered Buildings Market News

In August 2022, Red Sea International, a provider of prefabricated housing, has revealed two new contracts for the supply of steel structures to the MDLBEAST music festival in Riyadh. For one of MDLBEAST's future music events, the business announced that it would produce and deliver prefabricated steel structures that would be put up at the festival site in Riyadh.
In January 2022, one of the most renowned Middle Eastern leisure and hospitality companies, Red Sea Development Company, and Red Sea International Company entered into a contract for the design, manufacture, supply, and installation of three complexes in the Western region to support the building of five-star hotels on three Red Sea islands (the Sheybarah/Ummahat Al Shaikh islands). These buildings are made up of several modular modules that may be utilised as residences or workplaces. These apartments will be completely furnished to meet the needs of the team working on these large-scale projects' construction.

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GCC Pre-Engineered Buildings Market size was valued at USD 14.32 billion in 2019 and is poised to grow from USD 15.78 billion in 2023 to USD 34.11 billion by 2031, growing at a CAGR of 10.1% in the forecast period (2024-2031).

GCC Pre-Engineered Buildings Market is highly competitive owing to the presence of many major and new players. Due to rising prefab building investments, impending significant projects in the nation, and a few other reasons, the market is anticipated to expand throughout the course of the projected period. Major players include Strabag Dubai LLC, Albaddad International, Speed House Group of Companies, Exeed Precast and Extra Co. Group of Companies. Rapid technology improvements and high financial needs are significant obstacles to entry for new participants. 'Zamil Industrial Investment Co', 'Emirates Building Systems', 'Tiger Profiles and Insulation', 'Al-Tuwairqi Group', 'Al Shahin Metal Industries', 'Al-Ittefaq Steel Products Company', 'Al-Khodari Sons Company', 'Al Rajhi Building Solutions Group', 'Saudi Building Systems Manufacturing Company', 'Alupco', 'ArcelorMittal', 'BlueScope Steel', 'Emirates Building Materials', 'Kirby Building Systems', 'Mabani Steel', 'Metal Building Company', 'Qatar Steel Company', 'Safa Rolling and Pipe Mills Company', 'Steel Buildings Co.', 'Al Rashed Steel Products.'

Across the GCC region, there has been an increase in construction activity and investments in infrastructure, road, and railway projects. This is one of the key elements fueling the market expansion. Events planned for the GCC region and a considerable uptick in the tourist industry have made it easier for the need for rapid and affordable construction solutions. This has led to increased demand for prefabricated buildings.

Digitization has had a significant positive impact on architecture, engineering and construction (AEC). The available technology and how it is employed are largely responsible for all commercial benefits. BIM (building information modelling) is essential to contemporary advances in the construction industry. With the use of technology, a project's full three-dimensional environment may be visually planned. Prior to breaking ground, effective pre-construction assures a good conclusion. Effective modular house designs must incorporate BIM because it guarantees that each construction only utilises the necessary materials and generates a minimal amount of waste. Every construction company now needs to use BIM, which is revolutionising how it communicates and conducts business. Therefore, regional AEC enterprises in the GCC regions will embrace BIM either as a result of legal requirements or as a result of a deliberate choice to undergo a digital transformation. Adopters will gain from increased efficiency and lower costs as systems mature. Augmented reality (AR), a technique that superimposes virtual models on actual settings so that users may safely interact with both and with one another, works hand in hand with BIM. For BIM to be practical and available to on-site employees, AR will be essential.

Saudi Arabia dominated the GCC Pre-Engineered Buildings Market with a market valuation of approximately 2.8 billion in 2021. During the forecast period, the market in Saudi Arabia is anticipated to rise as a result of factors like expanding building activities, need for inexpensive housing, societal change, and a desire to provide the populace with access to more plentiful and higher-quality housing. Additionally, the growing practise of housing migrant blue-collar workers engaged in active industrial and construction projects is anticipated to increase demand for modular construction during the course of the projection period.

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GCC Pre-Engineered Buildings Market Size, Share, Growth Analysis, By Material(Concrete, Glass), By Structure(Assembled, un-assembled), By Unit Size(Small, Large), By Application(Residential, Commercial) - Industry Forecast 2024-2031

GCC Pre-Engineered Buildings Market News

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