The global pre-engineered building market size is projected to reach USD 30.79 billion by 2025 with a CAGR of 15.5%, according to a new report published by Million Insights. Rising technological developments in the construction industry and growing urbanization & industrialization in the developing economies such as China, Brazil and India are expected to drive the demand for the market. Furthermore, the growing demand in the e-commerce and logistics sector is generating the need for warehouses and other storage facilities, which is in turn expected to accelerate the market growth. PEB offers low initial cost, architectural flexibility, low maintenance and rapid construction capabilities which in turns projected to create huge growth opportunities for the market in the forthcoming years.
Pre-engineered buildings are the factory-built structures using raw materials like frames, roofs, and wall sheets which then connected using the engineering methods. The construction method is majorly used for the construction of industrial buildings, distribution centers and warehouses. The Asia Pacific market is expected to see substantial growth over the forecast period, owing to growing commercial construction and infrastructural development in the region. The major demand for PEB technology is coming from India and China, owing to the rising population, rising purchasing power, growing demand for low-cost green buildings and increasing government initiatives for the better infrastructures. These initiatives are expected to upsurge the market growth in the forthcoming years.
The off-site construction offers high standards as compared to on-site construction in terms of cost-effectiveness and strength. Furthermore, off-site construction offers various advantages such as controlled build environment, low labor cost, and shorter build time. Thus, burgeoning the demand for the off-site construction industry. The rising demand for the off-site construction industry among the commercial sector is projected to fuel the pre-engineered designed buildings. The key market players are continuously focusing on the R&D activities, developing new expertise in the steel designs & structures, upgrading the product designs as per the revised rules & regulations and improving the overall construction efficiency. Furthermore, manufacturers are also providing customized products to consumers, in order to improve customer experience and increase product sales. However, the inconsistent prices of steel and low market penetration in the developing countries are anticipated to impede the market growth. Furthermore, the low availability of skilled labor and innovative technologies in some of the regions are expected to restrain the pre-engineered building (PEB) market growth in the forthcoming years.
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Further key findings from the report suggest:
• The commercial buildings segment has captured more than 43.0% of market revenue share in 2017, owing to the growing number of start-ups, rising demand new office spaces and changing business models.
• The industrial buildings segment is projected to grow with a CAGR of 15.7% during the forecast period, 2018 to 2025, owing to the growing demand for warehouses, distribution centers and other storage facilities.
• The Rest of Asia Pacific countries are projected to grow with a CAGR of 16.9% over the forecast period, due to rising awareness regarding the use of innovative technologies for the construction of industrial and commercial buildings.
• The North American market has accounted for 27.3% in terms of revenue, in 2017, owing to the growing need for fast-paced construction and increasing demand for lightweight PEB along with increasing adoption of e-commerce.
• The key players in the market are focusing on the R&D activities, in order to develop advanced steel structures, enhancing the product capabilities and providing a customized product as per the standards.
Million Insights has segmented the global pre-engineered buildings market report on the basis of application and region:
Pre-engineered Building Application Outlook (Revenue, USD Million, 2014 - 2025)
• Commercial buildings
• Industrial buildings
Pre-engineered Building Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• The U.S.
• Rest of Europe
• The U.K.
• Rest of Asia Pacific
• South Korea
• New Zealand
• Central & South America
• Middle East
• Saudi Arabia