Dublin, June 14, 2024 (GLOBE NEWSWIRE) -- The "India Prefabricated Construction Industry Business and Investment Opportunities Databook - 100+ KPIs, Market Size & Forecast by End Markets, Precast Products, and Precast Materials - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The prefabricated construction industry in India is expected to grow by 14.4% to reach INR 1,146 billion in 2024, growing steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 13.5% during 2024-2028. The prefabricated construction output in India is expected to reach INR 1,904.8 billion by 2028.
The rising adoption of prefabricated technology, coupled with government initiatives will lead the market growth in 2024. Larsen & Turbo (L&T) revealed that their clients are widely accepting prefab construction technology due to faster construction time and project deliveries using off-site modular construction methods.
The Ayodhya Development Authority (ADA), on the other hand, is installing prefabricated toilets at all the scenic ghats along the holy Sarayu River. The industry is also expected to receive growth support from the booming data center market in India in 2024.
The adoption of prefabrication technology is growing rapidly in the Indian market in 2024
The real estate and construction sector is transforming in the Indian market. This comes as industry leaders like Larsen & Toubro and Tata Realty & Infrastructure embrace prefabrication and precast technology.
Larsen & Turbo (L&T) revealed that their clients are widely accepting prefab construction technology due to faster construction time and project deliveries using off-site modular construction methods. The adoption of prefab technology is also aided due to rising awareness and the shortage of skilled manpower. L&T, in 2023, completed the construction of a 7-storey flight control system integration facility for DRDO in 45 days. The firm achieved the feet using integrated hybrid modular construction technology. The firm also delivered 96 apartments in 96 days, built with precast, for CIDCO.
In terms of homebuyer acceptance, there is an emerging interest across the nation. The adoption is expected to gain more momentum over the medium term, which will result in more project launches over the next three to four years. This will support the prefabricated construction industry growth in India from the short to medium-term perspective.
Government investment in the sector will support the industry growth over the medium term
Many of the regional governments have undertaken prefabricated construction projects to provide housing to floods and violence-affected residents. Similar projects have been announced to offer convenient facilities to tourists.
The Ayodhya Development Authority (ADA), as part of the Vision Document 2047 projects, is installing prefabricated toilets at all the scenic ghats along the holy Sarayu River. This initiative aims to ensure that tourists visiting Ayodhya for the Ram Temple consecration ceremony and Magh Snan have convenient facilities. As of January 2024, the installation, operation, and maintenance of 500 prefabricated toilets have already begun at all the major ghats along the Sarayu River.
The government, in Manipur, revealed that they will build 3,000-4,000 homes in 2023. This initiative aimed to provide affordable homes to residents affected by violence in the region. Going forward, in 2024, more such projects to keep supporting are expected to be announced across India. These projects will, therefore, provide growth support to the broader prefabricated construction market in India over the next three to four years.
Prefabricated construction is expected to receive growth momentum from the flourishing data center industry in India
The global pandemic has caused increased dependency on digital services, leading to concerns about data privacy and security. As a result, the Indian government is focusing more on data localization.
This push, along with India's data protection laws and a proposed data center policy, is attracting major global players like Google, Microsoft, and Amazon to expand in India. The data center market is booming, driven by rising data consumption and the rapid adoption of cloud services, supported by government initiatives like Digital India, which are boosting the country's digital infrastructure.
The growth in the data center market means many new projects will be launched over the medium term. Prefabricated construction is emerging as the ideal technology to meet these demands in the Indian market. Consequently, the publisher expects the flourishing data center industry to offer growth support to the broader prefabricated construction market over the next three to four years.
This market intelligence report provides a detailed view of market opportunities in the prefabricated building construction industry with over 100+ KPIs, covering end markets, prefabricated/precast materials, and products in India. This is a databook offering, which primarily provides data-centric analysis with charts and tables.
Report Scope
This report provides a detailed data-centric analysis of the prefabricated construction industry, covering market opportunity, and industry dynamics by prefabricated materials, methods, and products across various construction sectors. In addition, it provides market size and forecast of the prefabricated industry covering end markets along with demand analysis in India. With over 100 KPIs at the country level, this report provides comprehensive understanding of market dynamics at a more granular level.
India by Building Construction Sector
- Residential
- Single-Family
- Multi Family
- Commercial
- Office
- Retail
- Hospitality
- Other
- Institutional
- Industrial
India by Prefabrication Methods
- Panelised construction
- Modular (Volumetric) construction
- Hybrid (Semi-volumetric) construction
India by Prefabricated Material
- Aluminium
- Wood
- Iron & Steel
- Concrete
- Glass
- Other
India by Prefabricated Product
- Building Superstructure
- Roof Construction
- Floor Construction
- Interior Room Modules
- Exterior Walls
- Columns & Beams
- Other
India by Prefabricated Product
- Aluminium
- Wood
- Iron & Steel
- Concrete
- Glass
- Other
India by Prefabrication Construction Sector
- Residential
- Commercial
- Industrial
- Institutional
For more information about this report visit https://www.researchandmarkets.com/r/ohi0ix
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