The China prefabricated construction market is estimated to garner a revenue of USD 43953.68 Million by 2031 by growing at a CAGR of 6.05% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2020, the market in the country registered a revenue of USD 33660.0 Million. The growth of the market can primarily be attributed to the growing construction activities in the nation, owing to the need for commercial and residential buildings, backed by the increasing population in the nation. 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. Prefabricated construction structures are used to build a building at a lesser time. The building blocks are connected together to form the building structure.
In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
One of the major benefits that lies with the use of these structures is the requirement of moderately skilled people for constructing the building. Additionally, low construction wastage by the use of these prefabricated structures is also anticipated to boost the market growth in the coming years. On the other hand, the growing governmental initiatives to support the construction industry in the nation, along with the rising investments in the sector are also expected to create numerous opportunities for market growth. According to the statistics by the National Bureau of Statistics of China, in the year 2020, the total investment recorded in the development of real estate was USD 2163.47 Billion. This was an increase of 7% over the previous year.
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Besides this, the growing concept of sustainable living, rise in focus towards sustainable construction materials, and the increasing adoption of green buildings are some of the opportunities anticipated to expand the market growth in the coming years. Additionally, the development of new technology of prefabricated construction structures, along with the increasing trends of 3D printing, 3D scanning and drone surveys for building advanced construction structures, are also expected to expand the market growth during the forecast period.
Growth Drivers and Challenges Impacting the Growth of the China Prefabricated Construction Market:-
Growth Drivers
- Increasing Adoption of Prefabricated Construction Structures in the Nation
- Growing Governmental Initiatives for Promoting the Real Estate Industry
Challenges
- High Cost of Construction
- Fluctuation in the Price of Raw Materials
China Prefabricated Construction Market Segmentation Synopsis
The China prefabricated construction market is segmented by type into elemental construction, permanent modular buildings, and relocatable buildings. Out of these, the permanent modular buildings segment is anticipated to garner the largest revenue of USD 25493.14 Million by the end of 2025, up from a revenue of USD 19775.58 Million in the year 2020. By component type, the market is segmented into structural components, architectural components, bridge components, and others. Out of these, the structural components segment is anticipated to register 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. By metal, the market is segmented into metal and non-metal, out of which, the non-metal segment is anticipated to grow with the highest CAGR of 7.0% during the forecast period. By end-use industry, the market is segmented into commercial, industrial, and residential. Out of these, the residential segment is anticipated to register the largest revenue of USD 26152.44 Million by the end of 2025, up from a revenue of USD 20132.82 Million in the year 2020.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. 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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