Global Pre-engineered Buildings Market: Overview
Pre-engineered buildings are an enclosed structural system with wall and roof cladding. These are trending and are likely to grow during the forecast period. Rising demand for sustainable and green buildings are expected to boost the global pre-engineered buildings market in the forthcoming years.
Moreover, minimal cost and time are likely to increase the demand for pre-engineered building. An upcoming Transparency Market Research (TMR) report sheds light on size, trend, share, and growth factors of the global pre-engineered buildings during the forecast period.
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Global Pre-engineered Buildings Market: Notable Developments
Some of the key developments that has taken place in the global pre- engineered buildings market are as follows:
- The concept of pre-engineered buildings was initiated in the USA, it was confined to Middle East and North America until the year 1990. However, in recent times the concept pre-engineered building has reached other regions such as Asia and Africa.
- In 2018, Interarch, a pre-engineered building providers, have won award for being an ‘outstanding company under pre-engineered building category from EPC World Awards.
- In 2018, Interarch also received Runner up award for Best PEB (Pre-engineered building) company of the year for Berger Paints India Ltd, Assam.
- During March 2019, Nucor Corporation plans to widen its steel manufacturing capacity by constructing a steel plant mill in the U.S, at Brandenburg.
Apart from these key developments in the pre- engineered buildings, there are several companies operating in the global pre-engineered buildings market. These players include Nucor Corporation (US), BlueScope Steel (Australia), PEBS Pennar (India), Everest Industries (India). ATCO (Canada), and PEB Steel Buildings (Vietnam). Of these, Nucor Corporation holds dominant portfolio in the global market by focusing on technological innovation. It is also expected to capture developing countries such as India and China due to increasing disposable income in these regions.
Global Pre-engineered Buildings Market: Drivers and Restraints
Factors that boost and hamper the market are as given below:
Cost Efficiency & Reduced Time to Boost Market
Increasing demand for industrial expansion is expected to drive the global pre-engineered buildings market. Moreover, reduced time and cost efficiency is considered to be one among the major factors that will allow the global pre-engineered buildings market to strengthen during the forecast period.
Furthermore, shortage of labors in conventional construction has led to increasing demand for the pre-engineered buildings. Hence the global pre-engineered market is expected to expand in the years to come.
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Demand for Non Residential Buildings to Promote Growth
Rising demand for single storey buildings from non-residential sectors is expected to boost the demand for pre-engineered buildings. Due to fast growing urbanization, the demand for commercial buildings such as clinic, pharmacies, schools, gyms, and recreational premises are ever growing. This, in turn, propels the global pre-engineered buildings market during the forecast period.
Additionally, increase demand from automobile, aviation, defense, and warehouse sectors are also anticipated to provide growth avenues in the global pre-engineered buildings market.
Global Pre-engineered Buildings Market: Geographical Analysis
On the basis of geography, the global pre-engineered market is anticipated to be dominated by the Asia Pacific region, especially in developing countries like India and China. The factors driving growth in this region are rapid industrialization, increasing demand for non-residential infrastructure, and governments support and investment in green and sustainable buildings. Hence, the global pre-engineered buildings market is predicted to observe growth potential in this region during the forecast period.
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