The global pre-engineered buildings market is forecast to reach USD 29.65 Billion by 2026, according to a new report by Reports and Data. The increasing construction activities across the globe, coupled with the rising population and changing lifestyles are propelling the growth of the market. Rapid urbanization will also drive the demand for pre-engineered buildings during the forecast period. Construction Industry is a booming industry and is expected to remain so with the continuation of the development process, especially in the developing countries.
The pre-engineered buildings are a cost-saving method of construction. For instance, the use of standard seam roofs, instead of membrane-style roofs can significantly reduce the expenses involved. The use of sheeting can also further drive down the cost. As the materials and designs are pre-engineered, erection of the buildings is quicker and more efficient than a conventional structure.
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Key participants include Kirby Building Systems, BlueScope Steel, Zamil Steel, PEB Steel Buildings, Everest Industries, Era Infra, Jindal Buildsys, Interarch Building Products, Multicolor Steels, Lloyd Insulations, SML Group, PEBS Pennar, and Tiger Steel Engineering, among others.
Further key findings from the report suggest
- Among the materials, steel accounts for the largest market share of ~31% in the year 2018 and is forecasted to grow further with a CAGR of 11.9% during the forecast period. Steel buildings consist of a metal roofing system, supported by a structural steel framing system, and the wall panels of different materials. The walls are generally made from non-load bearing and provide a space free from obstruction by inferior columns. Pre-engineered steel buildings are generally engineered to specific dimensions, taking into account all relevant building regulatory, environmental factors, and potential load issues.
- The single-storey structures account for a larger market share of ~59% in the year 2018. Single-storey structures are typically used for factories, workshops, industrial, warehouses, and retail and leisure.
- The multi-storey structures are anticipated to witness a higher growth rate of 12.5% during the forecast period. The growth of multi-storey structures is attributed to its demand from the commercial sector. The tangible benefits of multi-storey structures include the ability to provide efficient circulation space, column-free floor spans, integration of building services, and the influence of the site and local access conditions on the construction process.
- The Asia Pacific region held the largest market share of ~31% in the year 2018 and is anticipated to witness the highest CAGR of 12.2% during the forecast period. High construction & infrastructure spending in emerging economies, including China and India, are majorly escalating the demand for pre-engineered buildings. Moreover, the growing transportation, logistics, and tourism industries in the region have led to an increased demand for warehouses, power plants, laboratories, restaurants, and others, which positively impacts the market growth.
- The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Pre-Engineered Buildings market.
For this report, Reports and Data have segmented into the global pre-engineered buildings market on the basis of building type, material, end-user, and region:
Building Type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
Material Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
End-User Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
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Detailed Regional Analysis Covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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