May 22, 2020 12:38 PM ET
iCrowd Newswire – May 22, 2020
The Global Pre-Engineered Buildings Market is estimated to grow at a CAGR of 14.5% during the forecast period 2019-2026. As per the detailed market study, the global market valued $12.56 billion in the year 2018, and is expected to reach $37.80 billion by the end of the year 2026.
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The global pre-engineered buildings market is driven by various growth factors such as rise in demand for new construction activities, increase in focus for affordable warehouse structures and decline in prices of raw material and less-time required for these construction activities. However, possibility of corrosion and variations in raw material prices will impede the market growth in future. On contrary side, favourable government initiatives to enhance resource efficiency offer lucrative growth opportunities in the global pre-engineered buildings industry.
Segmentation Overview of the Global Pre-Engineered Buildings Market
The global pre-engineered buildings market is segmented on the basis of structure and application segment. These market segments are further categorized into various sub-segments to study the market in detail during the forecast period 2019-2026.
The single-story segment dominated the market with ~65% of the segment share
On the basis of structure segment, the single-story segment acquired ~65% of the total share in the year 2018 and is anticipated to maintain the segment dominance over the forecast period. The segment dominance is attributed to increasing focus towards green building concept, low-cost buildings and government initiatives and lack of access to affordable space. Whereas, the multi-story sub-segment of the structure segment is estimated to witness the growth at a CAGR of 15.1% during the forecast period. The growth of the multi-story sub-segment is attributed to ease in construction of multiple floors for service stations, restaurants, showrooms, distribution centres and offices.
The commercial segment held ~75% of the share in the total revenue in the application segment
The commercial segment held the share of ~75% in the application segment of the global pre-engineered buildings market. Whereas, the industrial segment is estimated to grow at a CAGR of 15.3% during the forecast period 2019-2026, due to supportive government initiatives for industrial segment and decline in construction cost by ~40%.
Geographical Overview of the Global Pre-Engineered Buildings Market
The global pre-engineered buildings market is segmented on the basis of various geographical regions, such as:
- North America (Canada and U.S.)
- Europe (Germany, France, UK, Italy, Spain, Netherlands and Rest of Europe)
- Asia Pacific (Japan, China, Australia and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the Asia-Pacific pre-engineered buildings market contributed ~40% in total share of the global marketplace in the year 2018 and is predicted to lead the market in terms of revenue share during the forecast period. The regional growth is attributed to strong economic growth, rapid urbanization, versatility of transportation and growth in population base. However, the LAMEA pre-engineered buildings market is anticipated to grow at a CAGR of 16% during the forecast period 2019-2026, due to growth in infrastructural development in the region and increase in demand for commercial and industrial infrastructure.
Market Competition Insights
Zamil Steel, Tiger Steel Engineering, PEB Steel Buildings, Lloyd Insulations, Kirby Building Systems, Jindal Buildsys, Era Infra, Interarch Building Products, Everest Industries and BlueScope Steel are some major players included in the research study of the global pre-engineered buildings market.
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Keywords: Pre-Engineered Buildings Market, Pre-Engineered Buildings Market Size