The global pre-engineered buildings market size is projected to grow from USD 14.5 billion in 2019 to USD 25.0 billion by 2024, at a CAGR of 11.5% during the forecast period. The increasing demand for green buildings and need for reduction in construction time and cost, along with the demand for lightweight building structure, are projected to drive the growth of the pre-engineered buildings market.
The single-story segment is projected to dominate the global pre-engineered buildings market through 2024
The single-story segment is projected to account for the largest market share during the forecast period. The demand for single-story pre-engineered buildings is driven by their wide range of applications in the industrial sector (factories, workshops, warehouses, cold storages, steel mills, and assembly plants), the commercial sector (showrooms, supermarkets, offices, shopping centers, exhibition halls, restaurants, logistic centers, and multi-purpose buildings), public buildings (schools, hospitals, conference halls, laboratories, museums, and stadiums), and others (farms, utility centers, pump stations, aircraft hangers, and airport terminals).
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The warehouses & industrial segment is projected to grow at the highest CAGR in the pre-engineered buildings market during the forecast period
The warehouses & industrial segment is projected to grow at the highest CAGR during the forecast period. This is attributed to the development of factories, production plants, R&D centers, and warehouses, because of the growing manufacturing sector and industrial expansion in developed and developing regions. Further, the growth of the retail and e-commerce industry generates the demand for warehouses, supermarkets, and distribution centers, thereby supporting the pre-engineered buildings market growth.
Asia Pacific is projected to hold the largest share in the pre-engineered buildings market during the forecast period
Asia Pacific accounted for the largest share in 2018 and is also projected to record the highest growth rate during the forecast period. The key factors driving the growth of the Asia Pacific pre-engineered buildings market are the growth in the residential and non-residential construction industry, huge investments in the infrastructural sector, and rapid industrialization in the developing countries of Asia Pacific. Furthermore, various benefits of these buildings, including time & cost efficiency and reduced environmental impact, as compared to cast-in-situ construction, are fueling the demand for these buildings in the developing countries of Asia Pacific.
The key players operating in the pre-engineered buildings market include 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 have adopted various growth strategies to expand their global presence and 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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