China Prefabricated Construction Market to Grow with a CAGR of 6.05% During 2021-2025; Market to Grow on Account of Increasing Population in China and the Need for Residential Buildings
Kenneth Research published a report titled China Prefabricated Construction Market: Demand Analysis & Opportunity Outlook 2025 which delivers detailed overview of the China prefabricated construction market in terms of market segmentation by type, component type, material, and by end-use industry.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The China prefabricated construction market is anticipated to grow with a CAGR of 6.05% over the forecast period, i.e., 2021 – 2025. The market is segmented by type into elemental construction, permanent modular buildings, and relocatable buildings, out of which, the permanent modular buildings segment is anticipated to garner the largest revenue of USD 25493.14 Million by the end of 2025. Moreover, in the year 2020, the segment generated a revenue of USD 19775.58 Million.
The China prefabricated construction market is estimated to garner a revenue of USD 43953.68 Million by 2025, up from a revenue of USD 33660.0 Million in the year 2020. Rising construction activities in China, owing to the growing population and the increasing need for residential buildings amidst these population are some of the major factors anticipated to drive the market growth.
Growing Population in China to Create Opportunities for Market Growth
The total population in China increased from 1.263 Billion in the year 2000 to 1.411 Billion in the year 2020, according to the statistics by the World Bank.
Backed by the growing population in China, there is a growing need for residential buildings. Moreover, with the increasing support of the government in the development of the real estate industry in the nation, along with the advancements in the field of construction, the demand for prefabricated construction structures is increasing significantly. These structures usually take lesser time for construction of the building, and also have low construction wastage. Such factors are therefore anticipated to drive the growth of the market in the coming years.
However, the high cost of construction, along with the fluctuation in the price of raw materials are expected to operate as key restraint to the growth of China prefabricated construction market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the China prefabricated construction market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the China prefabricated construction market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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