Pre-engineered buildings are steel buildings or structures fabricated away from the construction site, based on customer requirements. These buildings are first designed using specific software tools, and then individual elements are manufactured at the factory, which is further transported, assembled, and erected at the construction site, with bolted connections. MarketsandMarkets expects the pre-engineered buildings market 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.
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The single-story segment is expected to account for the largest market share during the forecast period. The demand for single-story pre-engineered buildings, such as warehouses, factories, workshops, storage spaces, railway platform sheds, service stations, airport hangars, shipyards, and supermarkets is driven by rapid industrial expansion and growth in infrastructure.
The warehouses & industrial segment is projected to grow at the highest CAGR during the forecast period. This is attributed to the development of factories, production plants, R&D centers, and warehouses, because of the growing manufacturing sector and industrial expansion in developed and developing regions. Further, the growth of the retail and e-commerce industry generates the demand for warehouses, supermarkets, and distribution centers, thereby supporting the pre-engineered buildings market growth.
In terms of geographical coverage, the pre-engineered buildings market has been segmented into five regions, namely, North America, Asia Pacific, Europe, the Middle East, and Africa, and South America. Asia Pacific accounted for the largest share in 2018 and is also projected to record the highest growth rate during the forecast period. Growth in the Asia Pacific 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 population, economic growth, government investments, and demand for low-cost green buildings.
Furthermore, foreign investors are setting up their factories and distribution centers in the developing countries of Asia Pacific, owing to cheap labor, trade liberalization, and favorable government policies, further boosting the pre-engineered buildings market growth. This acts as an opportunity for the pre-engineered buildings manufacturers and suppliers.
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