The pre-engineered buildings market is projected to grow from USD 14.5 billion in 2019 to USD 25.0 billion by 2024, at a CAGR of 11.5 %
NEW YORK, May 16, 2019 /PRNewswire/ -- Growing awareness about the green buildings is projected to drive the growth of the pre-engineered buildings market
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The pre-engineered buildings market 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 pre-engineered buildings market has been growing due to the increasing demand for green buildings and need for reduced construction time and cost along with demand for lightweight building structures. Vulnerability to corrosion, lower thermal conductivity, and limited fire resistance of pre-engineered buildings may pose a restraint to pre-engineered buildings market.
The single-story segment is projected to have a larger market share in the pre-engineered buildings market during the forecast period
The single-story segment is projected to account for the larger market share during the forecast period.The dominance of single-story buildings is attributed to their wide range of applications, the lesser requirement of accessories, green building solution, and cost-time benefits.
The multi-story segment accounted for a lesser share in the pre-engineered buildings market, owing to lesser acceptance and awareness of these buildings in the commercial and residential application in the under-developed and developing countries. Consumers in these countries still prefer concrete as a construction material for multi-story buildings.
The warehouses & industrial segment is projected to be the largest contributor to the pre-engineered buildings market during the forecast period
The warehouses & industrial segment is projected to grow the highest CAGR during the forecast period.The use of pre-engineered buildings for warehousing offers several benefits over conventional concrete warehouses, such as cost benefits, quicker return on investments, faster installation, easy maintenance, better quality, and earthquake resistance among others.
Further, the dominance of this segment is also supported by the increasing demand for storage spaces for the agricultural sector and cold storage for the food & beverage and pharmaceutical sectors.
The Asia Pacific is projected to record the highest growth rate during the forecast period
The Asia Pacific accounted for the largest share in 2018 and is also projected to record the highest growth rate during the forecast period.The growth in the APAC region can be attributed to the increasing demand for pre-engineered buildings from the growing non-residential construction (including commercial and industrial) and infrastructural development in the region.
The major demand for pre-engineered buildings in the region is contributed by India and China, owing to the growing construction industry, increasing population and economic growth.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the pre-engineered buildings market.
•?By Company Type: Tier 1: 40%, Tier 2: 25%, and Tier 3: 35%
•?By Designation: C-level Executives: 35%, Directors: 30%, and Others*: 35%
•?By Region: North America: 45%, Europe: 25%, Asia Pacific: 20%, South America: 5%, and Middle East & Africa: 5%.
*Others include sales managers, marketing managers, and product managers.
The pre-engineered buildings market comprises major manufacturers such 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).
Research Coverage
The market study covers the pre-engineered buildings market across segments.It aims at estimating the market size and the growth potential of this market, across different segments on the basis of structure, application, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall pre-engineered buildings market and its subsegments.This report will help the stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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