(MENAFN- EIN Presswire) Pre-Engineered Buildings Market: An Understanding of Recent Trends and Business Patterns
WILMINGTON, DELAWARE, UNITED STATES, April 5, 2024 /EINPresswire / -- Pre-engineered buildings offer numerous advantages for various construction projects. They are cost-effective, fast to construct, durable, versatile, and sustainable. These buildings are valuable solutions for meeting the demands of modern construction, providing efficient and adaptable building systems for a wide range of applications including warehouses, factories, commercial buildings, schools, hospitals, sports complexes, and others.
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Allied Market Research recently published a report that projected the global pre-engineered buildings market to reach a value of $46.6 billion by 2032 from a previously evaluated size of $17.6 billion in 2022, with a CAGR of 10.4%. Additionally, it explores different aspects of the market from the market from the viewpoint of segmentation analysis, market dynamics, recent and upcoming trends in the industry, and the competitive scenario in it.
Segmentation analysis
Segmentation analysis includes the subsegments and mentions which segment has performed best in the base year. It also predicts the segments that are expected to generate the highest revenue throughout the forecast period.
The pre-engineered buildings market is categorized into application, structure, and region. On the basis of application, the market is bifurcated into industrial and commercial. The commercial segment was the highest revenue generator in 2022 while the industrial segment is projected to take over throughout the forecast period. According to structure, it is bifurcated into multi-story and single-story. The multi-story segment is projected to grow with a greater CAGR than the single-story segment which generated the maximum revenue in the base year.
The report also studies the market based on region, covering Europe (France, Italy, the UK, Germany, and the rest of Europe) LAMEA (the Middle East and Africa, and Latin America), North America (Mexico, the U.S., and Canada), and Asia-Pacific (India, China, Japan, South Korea, and the rest of Asia-Pacific).
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Market Dynamics
The report provides an in-depth analysis of the growth drivers, market restraints, and growth opportunities in the sector to assist businesses in understanding an informed pragmatic overview of the industry's whereabouts. It highlights the competitive scenario of the industry both at global and domestic levels by applying precise analytical tools like Porter's five forces.
Commercial and industrial construction influences the growth of the pre-engineered buildings market to a great extent. Increasing urbanization and growth in population spurs the requirement for these buildings. Moreover, the high demand for structural rehabilitation of old buildings and warehouses drives the need for low-cost and competent pre-engineered buildings.
Furthermore, raw materials such as roll-formed profiled steel sheet, glass curtainwall, masonry block, tensioned fabric, and precast concrete needed to build these structures are easily available at low cost which provides a cheaper substitution for construction materials. The overall profitability of brick-and-mortar buildings boosts the expansion of the pre-engineered buildings industry.
However, technological advancements, specifically computer-aided design and building information models are projected to create lucrative growth opportunities for the market.
Competitive Scenario
The report involves itself in a study of the existing trends and business patterns in the sector and the accomplishments of the major players. In addition, it covers conversations with the leading companies in the sector. The companies profiled are as follows:
Era Infra
Interarch Building Products
BlueScope Steel
Jindal Buildsys Limited
Everest Industries
Lloyd Insulations
Tiger Steel Engineering
Kirby Building Systems
PEB Steel Buildings
Zamil Steel
These players have adopted growth strategies like business expansion, mergers, collaborations, product launches, and acquisitions as a way to stay afloat in the competitive landscape.
cent developments in the industry landscape
EPAK Prefab completed constructing industrial amenities traversing 3.2 million square feet and is of an approximate value of $24 million, consisting of pre-engineered materials and buildings. It also established a new facility in March 2023, in Hyderabad (India), which includes a team of skilled specialists to fulfill pre-engineered building requirements, featuring state-of-art amenities.
APL Apollo introduced its cutting-edge technology of steel building solutions to revolutionize the industry in August 2022. The company highlighted its dedication toward innovation by inviting experts in the industry to share experiences and insights with Tubular Technology.
On 2nd April 2024, an article in Business Standard published that Ratnabhumi Steeltech has developed as the major manufacturing company of pre-engineered buildings, taking pride in its superior quality and unmatched execution.
David Correa
Allied Market Research
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