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Pre-Engineered Buildings Market Expected to Reach $46.6 Billion by 2032

 
2022
Pre-Engineered Buildings Market

Report Code : A02838

quote The pre-engineered buildings market has witnessed significant growth over the past decade, owing to rise in investment in the construction industry especially in the Asia-Pacific region. A number of players are expanding their business around the globe, owing to increased customer base, enhanced effective operations, developed product portfolios, and expanded geographical reach. This is anticipated to fuel the demand for the pre-engineered buildings. Furthermore, by application, the industrial segment is expected to grow in the near future due to rapid increase in industrial infrastructure sector. quote

Sonia Mutreja - Manager
Construction and Manufacturing at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Pre-Engineered Buildings Market," The pre-engineered buildings market size was valued at $17.6 billion in 2022, and is estimated to reach $46.6 billion by 2032, growing at a CAGR of 10.4% from 2023 to 2032.

Pre-engineered buildings are steel frames manufactured in a factory for easy assembly at the construction site. These buildings feature a complete structural setup, including walls, roofs, beams, columns, rigid frames, and steel plates. They find diverse applications in various sectors such as hospitals, airplane hangars, warehouses, office complexes, shopping centers, distribution centers, and retail stores. Compared to traditional structures, pre-engineered buildings offer efficiency and cost-effectiveness.

Rising investment in infrastructure building initiatives drives the pre-engineered buildings market growth. The need for affordable and scalable building solutions is growing as a result of significant funding allocated by both public and private sectors for the development and upgrading of infrastructure, such as highways, airports, railroads, and industrial parks. In such projects, pre-engineered buildings have many benefits, such as shortened construction schedules, less wasteful use of materials, and cheaper project costs overall.

Furthermore, PEB systems' modular design makes it simple to expand and customize them to meet changing requirements, which makes them perfect for infrastructure projects with shifting requirements. By seizing this chance, PEB manufacturers may position themselves as the go-to suppliers of creative and effective building solutions by forming strategic alliances with contractors, developers, and governmental organizations engaged in infrastructure projects. Furthermore, technological developments and construction techniques enable PEB manufacturers to offer sustainable and resilient building solutions that align with the goals of modern infrastructure development, further enhancing their competitiveness in the market. In addition, key market players are using business expansion as a growth strategy. For instance, in March 2023, EPAC Prefab inaugurated a new facility in HITEC City, Hyderabad, India, featuring state-of-the-art amenities and staffed with a team of skilled professionals prepared to fulfill Pre-Engineered Building needs. This expansion reflects EPAC Prefab's commitment to providing top-notch services and support to clients in the region. Such factors are expected to drive the pre-engineered buildings industry growth.

Pre-engineered building materials, including masonry blocks, roll-formed profiled steel sheets, tensioned fabric, glass curtain walls, precast concrete, and others, offer a cost-effective alternative for constructing buildings. Among these materials, precast concrete is widely favored due to its ready availability in the market at a reasonable cost. Additionally, steel sheets and tensioned fabric are more economical compared to traditional construction materials.  Such factors augment the growth of the pre-engineered buildings market.

Moreover, the construction of pre-engineered buildings requires minimal structural work, resulting in significantly reduced building time. For example, the structural framework of pre-engineered buildings can typically be completed within 2-3 weeks, whereas traditional brick and mortar construction may take 4-6 months. For instance, in May 2023, EPAK Prefab, a provider of pre-engineered building and construction solutions, has successfully completed the construction of industrial facilities spanning 3.2 million square feet, valued at approximately $24 million, for prominent automobile companies in India. The project encompasses pre-engineered buildings and materials, demonstrating EPAC Prefab's expertise in delivering comprehensive solutions for industrial construction needs in the automotive sector. These factors are anticipated to drive the growth of pre-engineered buildings market during the forecast period.

Numerous developers of pre-engineered buildings opt for metal sheets to construct prefabricated and tailored structures. However, these metal sheets utilized in such buildings are susceptible to rapid corrosion, particularly due to scratches or dents incurred during initial operations. Consequently, this susceptibility to corrosion can adversely affect the lifespan of infrastructure, posing a challenge to pre-engineered buildings market growth.

Government initiatives promote green building concepts, aiming for buildings to generate as much renewable energy as they consume annually. This necessitates high energy and water efficiency, creating opportunities for container home manufacturers. Recognizing buildings' impact on resource usage and emissions, there's a shift towards eco-friendly materials like those used in pre-engineered construction. With minimal environmental impact compared to traditional methods, pre-engineered structures, made with recycled content steel, reduce greenhouse gas emissions and eliminate water usage in construction. Such trends are expected to offer lucrative opportunities for the growth of the pre-engineered buildings market forecast.

Key Findings of the Study

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the pre-engineered buildings market overview analysis from 2022 to 2032 to identify the prevailing pre-engineered buildings market opportunity.
  • By structure, the single-story segment was the highest revenue contributor to the market and the multi-story segment is expected to be the fastest-growing segment exhibiting the highest CAGR during the forecast period.
  • By application, the commercial segment was the highest revenue contributor to the pre-engineered buildings market share and industrial segment is expected to be the fastest-growing segment exhibiting the highest CAGR during the forecast period.
  • By region, Asia-Pacific was the highest revenue contributor to the market and is expected to grow at a CAGR during the forecast period. However, LAMEA region is expected to exhibit highest CAGR during the forecast period.
  • The report includes the analysis of the regional as well as global  pre-engineered buildings market trends, key players, market segments, application areas, and market growth strategies.

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quote Pre-Engineered Buildings Market by Structure (Single-story, Multi-story), by Application (Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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