The leading drivers and trends driving the growth of the prefabricated building system market are discussed below:
Several governments across the world are taking initiatives to provide affordable housing. For instance, the government of India is planning to provide housing for all by 2022, which requires the construction of around 30 million low-cost houses. Similarly, the launch of the Naya Pakistan Housing Program (NPHP) in Pakistan has attracted several foreign investors and construction companies to construct reasonable housing for the poor and the homeless. Saudi Arabia has a homeownership strategy, which estimates 70% of residents possessing homes by 2030. The Singapore public housing development process has more value for other countries to understand the usage and implementation of prefabricated material for housing projects. In 2019, the bathrooms of most of the newly launched Housing and Development Board’s flats were assembled off-site in Singapore. Prefabricated building system will play a bigger role in the Housing and Development Board's (HDB) efforts to boost construction productivity, which is to improve 25% by 2020 from 2010 levels. Hence, such initiatives are a major driving factor for prefabricated material companies.