Market Size of China Prefabricated Buildings Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Prefabricated Buildings Market Analysis
The Prefabricated Building Market in China is expected to grow at a CAGR of approximately 5% during the forecast period. Rising concerns over the green infrastructure and sustainable living to accommodate the needs of the increasing population will be the main driving factor.
The revenue generated from the prefabricated buildings industry in the year 2016 amounted to USD 37.716 billion. In the year 2018, the value rose to USD 41.4 billion. China's prefabricated market is expected to reach 698.2 billion in 2030.
In the past ten years, with the rapid development of the economy, the rising labor costs, the precision and quality of prefabricated components, the improvement of the construction technology and management level of assembly buildings, and the promotion of national policy factors, prefabricated buildings have gained momentum.
In its 13th Five-Year Plan, covering economic and social development from 2016 to 2020, in the cities with a permanent population of more than 3 million, the government planned for active promotion of prefabrication such that the share reaches around 15% and in other areas, the government plans to increase the share to 10%. As the concern on green buildings is increasing in China, the prefabricated construction methods are expected to gain momentum.
The government is planning to increase the proportion of prefabricated buildings in the new construction in three areas. The key promotion areas include the three major urban agglomerations of Beijing-Tianjin-Hebei, Yangtze River Delta and Pearl River Delta, where the country is looking to increase the share to around 20%.
Some of the factors that constrained the growth of the prefabrication buildings industry in China include high initial cost, high-cost pressure without appropriate economic scale effects, lack of regulations addressing prefabricated construction practices, and others. In the context of green construction in China, the prominence for prefabrication is increasing in the building construction sector in the nation.
