Pre-Engineered Buildings Market Overview
Pre-engineered buildings market is estimated to witness a 10.20% CAGR during the forecast period.
Pre-Engineered Buildings is an advanced and innovative method used in construction. Pre-engineered buildings are factory-built buildings of steel that are shipped to site and bolted together. This style of construction is ideally suited to industrial buildings and warehouses; it is cheap, very fast to erect, and can also be dismantled and moved to another site. The Global Pre-Engineered Buildings Market is growing with the rapid pace; mainly due to the increasing demand for warehouses globally.
According to a recent study report published by the Market Research Future, The global market of Pre-Engineered Buildings is booming and expected to gain prominence over the forecast period. The global Pre-Engineered Buildings market is forecasted to demonstrate an exponential growth by 2030.
Currently, the Pre-Engineered Buildings market is spurting mainly due to the supportive government regulations and policies. Governments across all regions are seen promoting and developing their construction & infrastructure sector. The emerging nations are particularly bringing various reforms and regulations to boost their infrastructure growth and real-estate market.
Additionally, there are lower labor costs involved, construction can be done quicker and there is less to no waste produced. This makes it a cost effective alternative with comparatively lesser wastage and has proved to be an environment friendly construction solution. This also have the positive influence on the growth of the market.
However, in many countries, for construction, people generally use traditional buildings methods rather than using the new technology, mainly due to the lack of awareness regarding trending technologies. This can hinder the market growth.
Pre-Engineered Buildings Market Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Pre-Engineered Buildings appears to be highly competitive. International players who are increasingly expanding their footprint in the developing economy, are making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Pre-Engineered Buildings market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
Pre-Engineered Buildings Market Industry News
In August 2017, Zamil Steel Pre-Engineered Buildings Company was recently awarded a contract valued at USD 6.7 million (SAR 25 million) by the Kuwait Company for Process Plant Construction and Contracting K.S.C. for Agility. The scope of the contract includes the supply of more than 4,600 metric tons of pre-engineered steel buildings and more than 100,000 square meters of sandwich panels, which will be used to construct the four air-conditioned warehouses in Mina Abdullah, Kuwait.
In February 2017, Zamil Steel Construction Company, a subsidiary of Zamil Industrial Investment Co. was awarded with a project contract by the Saudi AlbiTek Company for the construction of its new baby wipes factory in the western region of Saudi Arabia. The project spans an area of 39,000 square meters, which includes the factory, administration and utilities buildings.
In March 2016, Richa Industries Limited, a leading Construction & Engineering company received an order from Bharat Electronics Limited (BEL) for the construction of Pre Engineered Building (PEB) for the assembly of Masts & Composite Structures with labs & office area at BEL-NAMU in Navi Mumbai. The Project included design and construction of three buildings including composite shed, finishing shed & rain test shed with the total area of approximately 4300 sq.mt.
Pre-Engineered Buildings Market Segmentation
On the basis of Material, market is segmented into Steel, Aluminum and others. Steel dominates the material segment of the market. This material majorly used in the construction of the pre-engineered buildings is steel which in turn is highly reusable without losing its engineering properties.
On the basis of End Use, market is segmented into Commercial, Industrial, and Infrastructure. Commercial sector includes the offices, showrooms and others, industrial sector includes the factories, warehouses and others, and Infrastructure includes the bridges, airport hangers, railway platforms and others.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Pre-Engineered Buildings Market Regional Analysis
The Asia-Pacific region is dominates the Pre-Engineered Buildings market and is expected to grow at a fastest CAGR during the forecast period. Increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the growth of the market in Asia-Pacific region.
North America is also the major region for the market. Raising the demand of eco-friendly and sustainable construction and government support led this region in Pre-Engineered Buildings market.
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