Increasing demand for green buildings drives the growth of the pre-engineered buildings market

Posted April 29, 2021 by white123

The pre-engineered buildings market is projected to grow from USD 14.5 billion in 2019 to reach USD 25.0 billion by 2024, at a CAGR of 11.5%.

The pre-engineered buildings market is projected to reach USD 25.0 billion by 2024, at a CAGR of 11.5% from 2019. Factors such as rapid industrialization, growth in the infrastructural investments, an increase in the use of steel in building & construction, and rising demand for sustainable buildings drive the pre-engineered buildings market.

Pre-engineered buildings are steel buildings or structures fabricated away from the construction site, based on customer requirements. These buildings are first designed using specific software tools, and then individual elements are manufactured at the factory, which is further transported, assembled, and erected at the construction site, with bolted connections.

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The warehouses & industrial segment is projected to grow at the highest CAGR during the forecast period.

This is attributed to the growth in the manufacturing, logistics, and e-commerce sectors. Growth in these sectors generates the demand for factories, production plants, R&D centers, warehouses, and distribution centers, thereby supporting the pre-engineered buildings market growth. The infrastructure segment is projected to register the second-highest growth, owing to the infrastructural investments leading to the demand for metro stations’ sheds, airport hangers, airport terminal buildings, shipyards, highways and footbridges, and railway platform sheds.

In terms of geographical coverage, the pre-engineered buildings market has been segmented into five regions, namely, North America, Asia Pacific, Europe, the Middle East, and Africa, and South America. Asia Pacific accounted for the largest share in 2018 and is also projected to record the highest growth rate during the forecast period. Growth in the Asia Pacific region can be attributed to the increasing demand for pre-engineered buildings from the growing non-residential construction (including commercial and industrial) and infrastructural development in the region. The major demand for pre-engineered buildings in the region is contributed by India and China, owing to the growing population, economic growth, government investments, and demand for low-cost green buildings.

Furthermore, foreign investors are setting up their factories and distribution centers in the developing countries of Asia Pacific, owing to cheap labor, trade liberalization, and favorable government policies, further boosting the pre-engineered buildings market growth. This acts as an opportunity for the pre-engineered buildings manufacturers and suppliers.

The pre-engineered buildings market is dominated by major players such as BlueScope Steel (Australia), NCI Building Systems (US), Nucor Corporation (US), Kirby Building Systems (Kuwait), Zamil Steel Holding Company (Saudi Arabia), ATCO (Canada), Lindab Group (Sweden), PEBS Pennar (India), PEB Steel Buildings (Vietnam), and Everest Industries (India). These players adopt various growth strategies such as contracts/orders/project developments, new product developments, divestitures and expansions, and acquisitions to increase their market share.

Zamil Steel Holding Company (Saudi Arabia) is one of the key players in the pre-engineered buildings market. It offers pre-engineered buildings for a wide range of applications including warehouses, factories, offices, showrooms, shopping malls, aircraft hangars, power stations, and recreational infrastructures. It is among the few companies that offer complete building solutions. Contracts is the major growth strategy adopted by the company. For instance, in August 2017, Zamil Steel Pre-engineered Building Company signed a contract with Agility Kuwait to build four air-conditioned warehouses in Mina Abdullah, Kuwait. This contract was valued at USD 6.7 million. Under this contract, the company will provide 4,600 metric tons of pre-engineered steel buildings and over 100,000 square meters of sandwich panels. This contract is expected to enhance the pre-engineered buildings business and tap the untapped market.

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Issued By Markets and Markets
Country United States
Categories Business , Construction
Tags construction industry , preengineered buildings , preengineered buildings market
Last Updated April 29, 2021