Market Size of GCC Prefabricated Housing Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 13.39 Billion |
| Market Size (2029) | USD 21.20 Billion |
| CAGR (2024 - 2029) | 9.63 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC Prefabricated Housing Market Analysis
The GCC Prefabricated Housing Market size is estimated at USD 13.39 billion in 2024, and is expected to reach USD 21.20 billion by 2029, growing at a CAGR of 9.63% during the forecast period (2024-2029).
- The market is growing because the government has strong plans for economic diversification. These plans include developing and diversifying the economy and releasing its growth potential. The ultimate goal is to promote development and competitiveness by increasing government spending on key non-oil sectors and encouraging private investments. The market is driven by the increasing construction activities across the region and the lack of affordable housing for migrants working on ongoing development projects in the GCC region.
- The COVID-19 outbreak had a big effect on the industry of building prefabricated homes in the GCC. The pandemic impacted growth across key sectors over the short to medium term, and recovery was expected to be slow. The spread of COVID-19 hit the prefabricated housing construction industry in Kuwait very hard. In 2020, the number of building permits wills dropped by 40%. Official data showed permits for private residential buildings dipped by around 46% in the first 10 months of 2020, as compared with the same period in 2019.
- There aren't enough affordable homes being built in Saudi Arabia because the country's population is growing, and more people are moving there. This has encouraged the demand for prefabricated homes, as they are cost-effective and time-efficient. Moreover, energy efficiency, design flexibility, and faster completion are some of the other advantages of prefabricated buildings, which are anticipated to drive market growth.
