Global Pre-Engineered Buildings Market - 2023-2030

Market Overview

Global Pre-Engineered Buildings Market reached US$ 14.6 billion in 2022 and is expected to reach US$ 37.9 billion by 2030 growing with a CAGR of 12.6% during the forecast period 2023-2030.

Increasing awareness of environmental sustainability has influenced the pre-engineered buildings market. Manufacturers and builders are incorporating green building practices, such as energy-efficient designs, renewable energy integration and environmentally friendly construction materials, to meet sustainability goals and enhance the market's appeal.

Governments in regions like Asia-Pacific, North America and Middle East and Africa are investing heavily in promoting sustainability and green building practices thus improving the future growth prospects for the pre-engineered buildings market.

The global pre-engineered buildings market is highly competitive, with several established and regional players operating in the industry. The key players are holding up to 70.4% share in the market whereas startup companies are still at the initial stage of growth and expected to show incremental share in the forecast period due to rising growth of the pre-engineered buildings market.

Market Dynamics

Increasing Infrastructure Investments In Fast-Growing Economies

Increasing infrastructure investments in fast-growing economies can help to boost the pre-engineered buildings (PEB) market by creating demand for new construction projects. As economies grow, there is a greater need for new buildings and structures to accommodate the growing population and support economic activities. The structures include warehouses, factories, office buildings, retail spaces and other commercial, industrial and agricultural buildings.

PEBs are well-suited to meet this demand due to their cost-effectiveness and efficiency. They are prefabricated using standardized designs and parts, which reduces construction time and costs compared to traditional building methods. The use of PEBs can also help to address the shortage of skilled labor in fast-growing economies, as the fabrication and assembly of the building can be done in a factory, reducing the need for skilled labor on site.

The rising investment in new infrastructure has encouraged the key players to launch new products in the market. For instance, On 23 March 2022, PEB Steel Buildings Co., Ltd. (Pebsteel), a growing pre-engineering steel construction company, launches its refreshed brand identity to the market. The branding complements Pebsteel's long-term goal of providing clients with cutting-edge, economical solutions during a new development stage

Sustainability and Green Building Practices

Governments worldwide are implementing regulations and policies that promote sustainable construction practices. These regulations may include energy efficiency standards, green building codes and incentives for sustainable construction. The pre-engineered buildings market benefits from such regulatory support as it aligns with sustainable construction requirements, encouraging the adoption of pre-engineered buildings in construction projects.

Green building certifications, such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method), have gained prominence globally. These certifications recognize and promote sustainable construction practices, including the use of pre-engineered buildings. The availability of green certifications and associated incentives encourages developers, architects and builders to adopt pre-engineered buildings, boosting the market.

Price Competition From Traditional Practices

Price competition from alternative construction methods, such as traditional construction or modular construction, can affect the pre-engineered buildings market. If competing construction methods offer similar cost advantages or if there is intense price competition, it may impact the market's growth potential.

Furthermore, pre-engineered buildings offer long-term cost savings in terms of construction time and labor, the initial investment may appear higher compared to traditional construction. The upfront cost can discourage potential customers from considering pre-engineered buildings, especially if they are focused on short-term financial considerations rather than long-term benefits. The perceived higher initial investment can contribute to price competition favoring traditional practices.

COVID-19 Impact Analysis

The pandemic caused disruptions in global supply chains, including the availability of raw materials and components for pre-engineered buildings. Restrictions on transportation, factory closures and reduced production capacity led to delays in the supply of materials, affecting project timelines and increasing costs.

Furthermore, the pandemic triggered an economic downturn globally, impacting investment in construction projects. Uncertainty surrounding the future of the economy and financial constraints led to a decrease in construction spending and a cautious approach from potential customers. The uncertainty resulted in a decline in demand for pre-engineered buildings during the initial phases of the pandemic.

Segment Analysis

The global pre-engineered buildings market is segmented based on structure, application and region.

Rising Demand For Flexible Designs in Single-Storey Buildings

Single-Storey holds half of the share in the global pre-engineered buildings market. The combination of versatility, speed of construction, design flexibility, structural integrity and sustainability features makes single-story pre-engineered buildings a compelling choice for a wide range of applications. The demand for efficient, economical and flexible single-story structures continues to drive the growth of the global pre-engineered buildings market.

Furthermore, single-story pre-engineered buildings offer cost advantages over multi-story structures. They typically require less material, have simplified foundation requirements and involve shorter construction timelines.

The controlled manufacturing process and the use of standardized components in pre-engineered building systems help streamline production, reduce waste and lower overall construction costs. These cost benefits make single-story pre-engineered buildings an attractive choice for various industries and applications.

Geographical Analysis

Asia-Pacific's Cheap Labor, Trade Liberalization and Favorable Government Construction Policies

The construction industry in Asia-Pacifi is thriving, driven by investments in infrastructure projects, industrial development and commercial construction. The Asia Pacific infrastructure market is projected to grow 7 - 8%% a year over the coming decade, reaching US$5.36 trillion a year by 2025 representing around 60% of the world total.

Countries like China, India, Japan and Australia are experiencing robust construction activities, creating a strong demand for pre-engineered buildings. China, India, U.S. and Indonesia will account for around 58.3% of the estimated global growth in construction between 2020-2030. China alone will account for 26.1% of global growth. India is forecast to account for 14.1% while Indonesia is expected to account for 7.0% of global growth.

The government in the region are investing heavily in adopting sustainable building practice to encourage the growth of green building in the region. Furthermore, the need for efficient and time-sensitive construction solutions and rising awareness of green buildings support the growth of the pre-engineered buildings market in the region.

Competitive Landscape

The major global players include: Tata BlueScope Steel, Era Infra, Everest Industries, Interarch Building Products, Jindal Prefab, Kirby Building Systems, Lloyd Insulations, PEB Steel Buildings, Tiger Steel Engineering and Zamil Steel.

Why Purchase the Report?

• To visualize the global pre-engineered buildings market segmentation based on structure, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of pre-engineered buildings market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Pre-engineered Buildings Market Report Would Provide Approximately 53 Tables, 45 Figures and 211 Pages.

Target Audience 2023

• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies