According to the latest study by IMARC Group, titled “Pre-Engineered Building Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market experienced moderate growth during 2011-2018. Pre-engineered buildings are engineered at factories and are further assembled at site. They are made up of primary steel frames, secondary structural elements, roof, wall panels and bolts which are manufactured at the factory. These frames are then cut to the exact size and bolted together to be transported to the site for assembling. These buildings are cheap to construct, fast to erect and can be easily dismantled. They not only minimize the time required for construction but also need little to no maintenance. This makes them an ideal solution for industrial and warehouse purposes. These structures can also be reused by moving them to a different location. Consequently, these buildings are widely utilized in the construction of distribution centers, retail stores, motels, sports arenas and office complexes.
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Global Pre-Engineered Building Market Trends:
A significant increase in off-site construction activities is one of the major factors driving the growth of the pre-engineered building market. Since these buildings are constructed under controlled conditions, their production reduces labor costs and provides shorter build time. Moreover, the thriving e-commerce industry is continually boosting the demand for warehouses and storehouses. This, along with rapid industrialization in both the emerging and developed countries, is catalyzing the growth of the market. Furthermore, rising environmental concerns have led a majority of the population to make a shift toward eco-friendly and energy efficient technologies. The advent of pre-engineered green buildings is expected to further create a positive outlook for the market. On account of the aforementioned factors, the market is expected to expand at a CAGR of 5.0% during 2019-2024.
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Market Summary:
- On the basis of the product, the market has been divided into concrete structure, steel structure, civil structure and others. Amongst these, steel structure represents the most preferred segment.
- Based on the end user, the commercial sector holds the dominant market share, exhibiting a clear dominance in the market. Other major segments include industrial sector, infrastructure sector and residential sector.
- On the geographical front, North America holds the leading position in the market, accounting for a majority of the total market share. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. These include BlueScope Steel, Era Infra, Everest Industries, Interarch Building Products, Jindal Buildsys, Kirby Building Systems, Lloyd Insulations, PEB Steel Buildings, Tiger Steel Engineering, Zamil Steel and Nucor.
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