Pre-engineered Building Market Size Worth USD 30.79 Billion By 2025
The global pre-engineered building market size is expected to reach USD 30.79 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 15.5% during the forecast period. Increasing technological advancements in the construction industry coupled with advantages of pre-engineered buildings (PEBs), such as reduced construction time, are estimated to boost product demand over the forecast period.
The adoption of off-site construction for commercial buildings is witnessing significant growth as structures are manufactured in a factory and thus remain unaffected by weather conditions. These structures are manufactured using advanced machinery that aids in reducing material cost, thereby making it cost-effective.
Industry participants undergo integration across value chain by offering turnkey engineering, procurement, and construction (EPC) solutions post manufacturing of pre-engineered buildings, which is expected to fuel the demand. However, fluctuating prices of steel are likely to be a significant concern for manufacturers over the forecast period.
The market for pre-engineered buildings is highly competitive on account of existence of a large number of global players. Companies operate through manufacturing facilities at multiple locations with distribution being carried out at several sales locations across operation areas. Furthermore, operations of a few companies in the market are integrated vertically to engage in production and erection of pre-engineered buildings in commercial, industrial, and residential applications.
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Further key findings from the report suggest:
- Commercial buildings accounted for over 43.0% of the overall revenue in 2017 owing to rising number of new business models, upcoming start-ups, and increasing demand for office spaces
- The consumption of the product in industrial buildings is poised to rise at a CAGR of 15.7% in terms of revenue from 2018 to 2025 on account of increasing demand for warehouses and other storage facilities
- The market in Rest of Asia Pacific is projected to register revenue growth of 16.9% owing to increasing awareness regarding the use of advanced technologies for construction of commercial and industrial buildings
- North America accounted for 27.3% of the global revenue in 2017 on account of reduced construction time and lightweight structure of pre-engineered buildings coupled with surging demand for industrial buildings
- Major players in the market are focusing on research & development activities to gain new expertise in steel structures, upgrading products according to revised regulations, and overall project management to obtain competitive edge in the market.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.