According to the latest report by IMARC Group, titled "GCC Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The GCC prefabricated building and structural steel market size reached US$ 3.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
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What is Prefabricated Building and Structural Steel?
Prefabricated buildings are pre-engineered sustainable alternatives fabricated in a controlled environment inside the factory and sent to the location for assembly. On the other hand, structural steel is a skeletal layout of the building and is uniquely suited to wear and tear and rigors that outdoor structures may endure. Prefabricated building and structural steel consist of various materials, such as metal panels, composites, wooden panels, glass, and plastics. These substances are environment-friendly, highly resistant to earthquakes, dust, moisture, and high winds, and ideal for locations with unsuitable environmental conditions. As a result, prefabricated building and structural steel are witnessing a surge in demand for the construction of agricultural, institutional, residential, industrial buildings, and commercial buildings in the GCC.
GCC Prefabricated Building and Structural Steel Market Trends: In the GCC, the expansion of shopping complexes, hotels, institutes, and high-rise buildings and rapid technological advancements are primary factors creating a positive outlook for the market. Increasing investments by regional governments in the tourism industry to promote tourism and generate revenue, supported by the development of modern housing infrastructures, are accelerating the market growth. Moreover, the shifting preference toward sustainable materials and the rising awareness regarding the advantages of prefabricated buildings are boosting the market growth. Besides this, the surging consumer per capita income and burgeoning population are providing an impetus to the market growth.
GCC Prefabricated Building and Structural Steel Market 2023-2028 Competitive Analysis and Segmentation: Competitive Landscape With Key Players: The competitive landscape of the GCC prefabricated building and structural steel market has been studied in the report with the detailed profiles of the key players operating in the market. Key Market Segmentation: The report has segmented the GCC prefabricated building and structural steel market on the basis of product type, component and end-use sector. Breakup by Product Type:
GCC Prefabricated Building Market: Breakup by Component:
GCC Structural Steel Market: Breakup by Component:
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