Pre engineered Buildings Market Trends, Industry & Size 2031

Report Description

The global pre-engineered buildings market size was around USD 18.20 billion in 2021 and is estimated to reach USD 45.04 billion by 2030, expanding at a compound annual growth rate (CAGR) of around 12% during the forecast period, 2022 to 2030. The market growth is attributed to rapid urbanization and industrialization in developing countries such as China, Brazil, and India.

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A pre-engineered building is referred to as a building structure that is engineered or manufactured in a factory and assembled on a construction site. Pre-engineered buildings are usually designed by either pre-engineered building suppliers or manufacturers using various materials such as steel, aluminum, and others. Pre-engineered buildings usually use steel structures. Different sections or components of pre-engineered structures are constructed off-site or in a factory, and then, transported and assembled at the construction site. Pre-engineered building components are easily customizable and are made to fit exact requirements. These types of buildings are generally used to build warehouses, metro stations, industrial buildings, bridges, factories, and others. Different components of pre-engineered buildings are primary frames, secondary structural elements, roofing and wall panels, sandwich panels, Pre-engineeredand accessories such as floors, bolts, insulations, and others. Adopting pre-engineering building technology helps with quality control and minimizing construction time. It aids in reducing construction cost and offer low maintenance. Pre-engineered buildings offer architectural flexibility and functional versatility. 

COVID-19 Impact

The global outbreak of COVID-19 had a negative effect on the pre-engineered buildings market. The lockdown, social distancing policies, travel restrictions, and other regulations were imposed to curb the contagious COVID-19 infections. Increasing focus on essential products and services disrupted several industries across the globe. Lack of labor, unavailability of raw materials, and other pandemic-related government regulations interrupted global construction activities. The decrease in demand for construction activities led to a disruption in the supply chain across the globe, which affected the global pre-engineered buildings market adversely. However, the relaxation of pandemic-related restrictions in recent years is anticipated to boost construction activities around the world, which is expected to fuel the global pre-engineered buildings market growth in the forecast period.

Market Dynamics

The global pre-engineered buildings market research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global pre-engineered buildings market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

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Major Trends:

Growing demand for warehouses is one of the current trends

Increasing penetration of the internet, growing adoption of smart devices, and rising inclination towards online shopping among consumers have resulted in surging availability of e-retailers across the globe. Rapid growth in the e-commerce industry increases the demand for warehouses, which drives the demand for pre-engineered building structures across the globe.

Key Drivers:

Favorable government initiatives boost the global pre-engineered buildings market

Increasing awareness regarding the environment has propelled governments across the globe to take initiatives toward the green building concept. Supportive government initiatives boost the adoption of pre-engineered buildings across the globe, as pre-engineered structures facilitate a reduction in greenhouse gas emissions.

Benefits of pre-engineered building structures drive the global market

Pre-engineered building components such as roofs, floors, frames, and others are easy to customize and are built off-site. These components are transported to the construction site when needed, which helps in reducing construction time drastically. A pre-engineered building technology is considered a cost-effective method of construction, which helps in the reduction of waste, greenhouse carbon emissions, and the cost of the overall construction. Increasing adoption of pre-engineered buildings in various industries spurs the global pre-engineered buildings market growth.

Existing Restraints:

Fluctuating raw material prices hamper the global market growth

Prices of raw materials such as steel change constantly, due to the limited supply of these raw materials as well as the market absorption capacity. These fluctuating prices are expected to hinder the growth of the global pre-engineered buildings market in the coming years.

Lack of skilled labor and advanced technologies hinder the global market growth

Pre-engineered building components need a skilled workforce to create high-quality building components. However, the scarcity of skilled labor, especially in developing or underdeveloped counties, restrains the pre-engineered buildings market growth. Lack of awareness regarding advanced technologies and lack of integration of those technologies hamper the market growth as well.

Emerging Opportunities:

Continuous research and development technologies offer growth opportunities to the market players

Increasing adoption of pre-engineered buildings across various industries for different applications such as residential buildings, warehouses, commercial buildings, and others leads to high demand for advanced and innovative pre-engineered building solutions. Continuous research and development activities in the pre-engineered buildings industry offer lucrative opportunities to the market players.

Scope of the Report

The global pre-engineered buildings market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Roofs & floors segment holds a significant market share

On the basis of type, the global pre-engineered buildings market into columns & beams, walls, roofs & floors, and others. The roofs & floors segment is expected to drive the global pre-engineered buildings market during the forecast period, as roofs and floors are considered key parts of pre-engineered buildings. Rising construction activities of commercial, residential, and industrial buildings across the globe increase the demand for pre-engineered roofs and floors. The pre-engineered roofs and floors help in reducing the construction time. Pre-engineered roofs and floors offer less maintenance and provide advanced designs. The high demand for prefabricated and customized roofs and floors that are constructed off-site spurs segment growth.

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Single-story segment expands rapidly

Based on structure, the global pre-engineered buildings market is bifurcated into single-story and multi-story. The single-story segment is expected to hold a key market share during the forecast period, owing to increasing investments in industrial and commercial construction across the globe. The increasing population propels the demand for strong healthcare, educational, social, and recreational infrastructures, which spurs the demand for pre-engineered buildings. Single-story structures offer several benefits such as low price, easy maintenance, energy efficiency, architectural efficiency, and others that boost the demand for pre-engineered single-story buildings across the globe.

The multi-story segment is expected to register rapid growth in the coming years, owing to the increasing population and rapid urbanization across the globe. High demand for multi-story and equipped with smart devices and technology fuels the demand and adoption of pre-engineered buildings, especially in developed and developing countries.

Steel segment registers a significant market revenue share

In terms of material, the global pre-engineered buildings market is segregated into concrete, aluminum, steel, and others. The steel segment accounted for a large market share of around 50% in recent years and is expected to dominate the global pre-engineered buildings market during the forecast period. The adoption of steel in pre-engineered building components offers several benefits such as high-quality control, wastage reduction, and speeding up the construction process. Prefabricated steel plates are durable, resistant to severe weather conditions, and easy to maintain. Increasing usage of steel pre-engineered building components for roof extensions and other building renovations fuels the segment growth.

Industrial segment holds a key market share

On the basis of application, the global pre-engineered buildings market is divided into commercial, residential, and industrial. The industrial segment is projected to hold a large market revenue share during the forecast period, due to rapid growth in manufacturing, e-commerce, and logistics industries across the globe. The rapid expansion of these industries results in a growing demand for production plants, warehouses, factories, research & development centers, distribution centers, and others. This increases the demand and adoption of pre-engineered buildings in the industrial segment.

The commercial segment is estimated to register a significant CAGR in the coming years, owing to increasing government investments in infrastructure and commercial structures across the globe. Rising demand for airport terminal buildings, aircraft hangers, metro stations, highways, railway platforms, and others boost the commercial segment growth.

Asia Pacific to dominate the market

In terms of region, the global pre-engineered buildings market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The pre-engineered buildings market in Asia Pacific registers a high CAGR during the forecast period, owing to growing infrastructural development and increasing industrial construction in the region. Favorable government policies, availability of cheap labor, and trade liberalization are major factors, which boost the growth of the market in the region. The demand for pre-engineered buildings is increasing in counties such as China and India, due to rapid urbanization, growing population, increasing government investments, and rising disposable income. The steel industry in India has expanded at a high CAGR in recent years. These factors facilitate the expansion of the pre-engineered buildings market in Asia Pacific.

The pre-engineered buildings market in North America is estimated to expand at a rapid pace in the coming years, owing to increasing construction activities across the region. The presence of developed economies such as Canada and the US in the region boosts the demand and adoption of advanced and innovative technologies in the construction industry. The growing adoption of pre-engineered buildings across different applications for various industries such as agriculture, automotive, and others fuels the demand for pre-engineered buildings in North America. Continuous government investments in smart buildings across the region helps the expansion of the pre-engineered buildings market in North America.

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