The size of India prefabricated buildings market is USD 2.3 billion in the current year and is anticipated to register a CAGR of over 13% during the forecast period. The prefab house market in India has been steadily growing in recent years, driven by various factors such as rapid urbanization, increased demand for affordable housing, technological advancements, and government initiatives promoting sustainable construction practices.
Key points about the prefab house market in India:
Affordable Housing: India has a significant shortage of affordable housing, especially in urban areas. Prefab houses offer a cost-effective solution to address this housing demand. Prefabricated construction methods enable faster completion of projects, reducing construction time and associated costs, making them an attractive option for affordable housing initiatives.
Government Initiatives: The Indian government has been actively promoting prefab construction methods to address the housing shortage and promote sustainable development. Initiatives such as the Pradhan Mantri Awas Yojana (PMAY) and Affordable Housing for All have incentivized the use of prefab technology in housing projects, particularly for economically weaker sections and low-income groups.
Technological Advancements: The advancement of construction technologies and manufacturing processes has led to the development of innovative prefab solutions in India. These include factory-produced modular components, 3D printing, and use of advanced materials. These technologies offer improved design flexibility, faster construction times, and enhanced quality control.
Growing Acceptance: Prefab houses are gaining acceptance among homebuyers and developers in India. The perception of prefab construction has shifted positively, with increased awareness about its benefits, including faster construction, customization options, and cost savings. Prefab houses are being seen as a viable alternative to traditional construction methods.
Sustainability and Green Building: The focus on sustainable and green building practices has further boosted the demand for prefab houses in India. Prefab technology allows for efficient use of resources, reduced waste generation, and lower energy consumption. Green building certifications like Indian Green Building Council (IGBC) and Leadership in Energy and Environmental Design (LEED) are driving the adoption of prefab construction for achieving sustainable housing goals.
Infrastructure and Disaster Resilience: Prefab houses are also being used for infrastructure development and disaster relief purposes in India. Quick deployment, cost-effectiveness, and the ability to withstand natural disasters make prefab structures suitable for temporary shelters, schools, healthcare facilities, and other infrastructure projects.
Market Players: The prefab house market in India has seen the emergence of several domestic and international players offering prefab solutions. These companies provide a range of prefab options, including modular homes, panelized systems, and container-based structures. Local manufacturers are also focusing on developing low-cost and sustainable prefab solutions tailored to Indian market needs.
Overall, the prefab house market in India is poised for significant growth, driven by factors like affordability, government support, technological advancements, sustainability goals, and changing consumer preferences. The market is expected to expand further as more players enter the space and awareness about the benefits of prefab construction continues to increase.
Government Initiatives in the Infrastructure and Construction Sector to Boost the Industry
In India, the construction industry is divided into two categories: real estate and urban development. Residential, office, retail, hotels, and leisure parks are all included in the Real Estate segment. Water supply, sanitation, urban transportation, schools, and healthcare are all sub-segments of the urban development segment. By 2025, India's construction industry is expected to be worth USD 1.4 trillion. The urban population will contribute 75% of GDP (up from 63%), and 68 cities will have populations of over 1 million, up from 42 in 2021. India's construction industry is divided into 250 sub-sectors with cross-sectoral connections. By 2030, India's real estate industry is expected to be worth USD 1 trillion, contributing 13% of the country's GDP. India has a USD 1.4 trillion infrastructure investment budget under National Infrastructure Pipeline (NIP), with 24% going to renewable energy, 19% to roads and highways, 16% to urban infrastructure, and 13% to railways. Between April 2000 and September 2021, Foreign Direct Investment (FDI) in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activities totaled USD 26.16 billion and USD 25.95 billion, respectively. Technology-driven urban planning schemes, such as the revolutionary Smart City Mission (target 100 cities), are expected to improve the quality of life.
The major players operating in global prefabricated buildings market are Angath Exterior & Interior, Wedge Industries Limited, Primex Building Systems Pvt. Ltd., Stelloid Infrastructure Pvt. Ltd., Multicolor Steels India Pvt Ltd, BNAL Prefabs Pvt. Ltd., The Octamec Group, Rapid Prefab Constructions (India) Pvt. Ltd., E-Pack Polymers Pvt. Ltd., Supertech (India) Pvt. Ltd., S. SHAHA & CO.
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