The global Pre-Engineered Buildings Market is expected to reach USD 29.65 billion by 2026. The market is experiencing growth due to the increase in construction activities worldwide, along with the rising population and changing lifestyles. The demand for pre-engineered buildings is also driven by rapid urbanization. The construction industry is booming, and it is expected to continue its development process, particularly in developing countries.
Pre-engineered buildings are a cost-saving method of construction. The use of standard seam roofs instead of membrane-style roofs and sheeting can significantly reduce expenses. As materials and designs are pre-engineered, the erection of buildings is faster and more efficient than a conventional structure.
Steel accounts for the largest market share of ~31% in 2018 and is forecasted to grow further with a CAGR of 11.9% during the forecast period. Pre-engineered steel buildings are generally engineered to specific dimensions, taking into account all relevant building regulatory, environmental factors, and potential load issues. Single-storey structures account for a larger market share of ~59% in 2018, and multi-storey structures are anticipated to witness a higher growth rate of 12.5% during the forecast period, mainly due to the demand from the commercial sector.
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The Notable Innovation of Pre-Engineered Buildings Market:
One of the significant innovations is the use of advanced software for designing and modeling pre-engineered buildings. This software allows architects and engineers to create complex designs and simulations to ensure that the building can withstand various environmental factors and loads.
Another innovation in the pre-engineered buildings market is the use of sustainable materials and construction techniques. With a growing focus on environmental sustainability, the industry is adopting eco-friendly materials, such as recycled steel and renewable energy sources, to minimize the environmental impact of construction.
The integration of advanced technologies such as Internet of Things (IoT) and Building Information Modeling (BIM) is another innovation in the pre-engineered buildings market. These technologies help in improving the efficiency of construction, maintenance, and operation of the buildings. IoT enables the collection of real-time data from various sensors and devices, which can help in optimizing the energy consumption and reducing maintenance costs.
Some of the key players 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
- Tiger Steel Engineering
Key factors driving the growth of the pre-engineered buildings market:
- Increasing construction activities across the globe
- Rising population and changing lifestyles
- Rapid urbanization
- Cost-saving method of construction
- Quicker and more efficient erection of buildings
- Steel as the most popular material in pre-engineered buildings
- Single-storey structures being used for factories, workshops, industrial warehouses, and retail and leisure
- Multi-storey structures seeing increased demand from the commercial sector
- Asia Pacific region as the largest market share and witnessing the highest growth rate
- High construction and infrastructure spending in emerging economies such as China and India
- Adoption of various strategies such as mergers, acquisitions, and partnerships by key players in the market to hold ongoing trials and come up with new developments.
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