The temporary housing structures (THS) market in Singapore has been growing steadily with the rapid development of the construction sector. As the mining, and oil and gas sectors are practically non-existent in the country, market participants are focused on the construction sector as well as the commercial and industrial sectors. However, there is a shift of focus toward potential overseas markets in Indonesia, Malaysia, and Thailand.
Singapore has a relatively mature THS market compared to countries in the region owing to both its mature economy and construction sector. This has encouraged major market participants in Singapore to increase their foothold by extending their businesses outside of the country. The growing construction sector in countries, such as Indonesia, Malaysia, and Thailand, has become a huge opportunity for THS market participants. The market growth rate is expected to increase stably until 2017 due to rapid national development.
New analysis from Frost & Sullivan (buildingtechnologies.frost.com), Temporary Housing Structures in Singapore, finds that the market earned revenues of over US$98.7 million in 2010 and estimates this to reach US$173.3 million by 2017.
"Singapore has a highly conducive investment market with its business-friendly trading center," says Frost & Sullivan Research Associate Janice Wung. "It has also been one of the more favorable countries to invest in Asia, and the increased participation of foreign investors has contributed to Singapore's current rapid development."
Increased consideration of THS as an alternative option for conventional building structures by end users is likely to drive the market. THS is preferred mainly by end users requiring solutions for temporary accommodation, such as those dealing with construction activities, events, and others.
Due to the country's lack of natural resources, the local market depends largely on raw material imports for THS production. "As competition is stiff in the THS market in Singapore, the source of raw materials for THS production is crucial," explains Wung. "Hence, the reliance on import results in possible fluctuations in production cost, which in return results in wavering THS product price."
End users are moving toward the trend of renting THS, with most key THS companies offering rental service, rather than purchase. Renting THS would not only confer the cost benefit, but also eliminate the hassle of disposal of THS after use.
Going forward, the market is poised to witness an uptrend and participants must be aware of the current trends sweeping the landscape. THS suppliers or manufacturers that are able to provide all-in-one solutions to end users will have the cutting edge over competition. As end users have different requirements, the capability of THS suppliers or manufacturers to provide customized solutions becomes a major determinant of sales success.
If you are interested in more information on this study, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.
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Temporary Housing Structures in Singapore / P521