Impact of Covid-19 Outbreak on Pre-Engineered Buildings Market

16/lug/2020 14:37:09 Automotive Market Research Reports Contatta l'autore

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The global pre-engineered buildings market, as per the research conducted by Market Research Future (MRFR), is eligible for achievement of USD 177 billion valuation with 8.12% CAGR during the forecast period (2018-2023). Pre-engineered buildings are made of steel. Manufacturing and assembling processes take place in two different sites; manufacturing far from the actual site, whereas, assembling happens on location.

The pre-engineered buildings sector is gaining momentum owing to the technological advancement that is reducing the construction time quite remarkably. Customization opportunities and options to alter later are expected to provide much traction to the pre-engineered buildings market growth. The rise in disposable income, minimal construction waste, eco-friendly procedures, and cost-reduction of the process can take the market ahead during the forecast period. In addition, the pre-engineered buildings market is benefiting from the contributions made by governments. Government initiatives are involving the sector in mass-housing projects which is creating scope for the pre-engineered buildings market expansion.

Segmentation:

The pre-engineered building market, as discussed by MRFR in the report of the same market, is based on material, end-use, and product.

Based on the material, the pre-engineered building market includes steel aluminum, concrete, and others. The steel segment is anticipated to take charge of the global market in the coming years. The CAGR is also expected to be higher and can post 9.34% rise over the review period. Features such as resistance to fire, moisture, termites, durability, low maintenance cost are favoring its market growth.

Based on the end-use, the pre-engineered building market comprises commercial, industrial, and residential. The industrial segment to helm the market and reach USD 83 billion by the end of 2023. Growing demand for manufacturing units, loading & unloading shelters, warehouses, and others etc. are providing apt reasons. The commercial segment to garner CAGR of 8.68% over the forecast period

Based on the product, the global pre-engineered building market comprises walls, roofs & floors, columns & beams, and others. The roofs & floors segment is anticipated to take a leap and reach USD 77.04 billion by the end of 2023. This leap would be the fastest among peers.

Regional Analysis:

Region-specific take of the pre-engineered building market reveals regions like Europe, North America, Asia Pacific (APAC), and the Rest-of-the-World (RoW). The regional analysis reveals a demographic detailing that has in it several prospects hidden. The unraveling of it would ensure better growth prospects.

The APAC market is expected to drive the global pre-engineered building market ahead. The market can achieve a CAGR of 9.43% during the forecast period. China and India are providing much thrust to the regional market and it can be attributed to the urbanization and industrialization taking place in these countries. The construction sector is influencing much growth which is getting bolstered by the burgeoning middle class and their rising disposable income. Initiatives to boost the public infrastructure and construction sector and make it affordable are things that can impact growth.

Europe has adopted the system substantially due to its potential to curb carbon emission. In addition, in colder regions like the Northern Europe, these building have emerged as better alternatives.

Competitive Landscape:

Contributions made by influential companies are creating expansion scope for the global pre-engineered building market. These companies are banking on the introduction of their strategic inputs to ensure better prospects for themselves and a holistic progress for the market. These companies, as listed by MRFR, are Interarch Building Products PVT. Ltd., Tiger Steel Industries LLC, PEB Steel Building Co. Ltd., Multicolor Steels (India) Pvt. Ltd., Jindal Buildsys Limited, Zamil Steel Holding Co. Ltd., Everst Industries Limited, Pennar Industries Limited., SmithStructures, Tata BlueScope Steel, Lloyd Insulations (India) Limited. and Kirby Building Systems.

In May 2019, ModularDesign+ announced their entry in the pre-engineered buildings market. The company believes that its main motto of being a design-led company is going to set them apart from their rivals. The company aims at providing optimization of space without compromising design quality. 

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