The new Pre-engineered Buildings Market Research from Technavio indicates Negative and Inferior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Pre-engineered Buildings Market 2020-2024 (Graphic: Business Wire)
"One of the primary growth drivers for this market is the Advantages of PEBs Over Traditional Buildings," says a senior analyst for Materials at Technavio. Innovation and cost-effective operations have become pre-requisites across industries of all sectors. Similarly, the construction industry is focusing on these aspects, along with fast-paced construction, to cater to deadline-driven and detail-oriented projects of customers. PEBs can fulfill these requirements of modern infrastructure and offer various other advantages over traditional buildings. PEBs are sustainable as they are mostly made of recycled steel. They are extremely flexible and can be dismantled and easily relocated. Also, the construction cost of PEBs is around 25%-30% less than that of traditional buildings. These benefits of PEBs will contribute to the pre-engineered buildings market growth over the forecast period. As the markets recover Technavio expects the pre-engineered buildings market size to grow by USD 5.79 billion during the period 2020-2024.
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Pre-engineered Buildings Segment Highlights for 2020
- The pre-engineered buildings market is expected to post a year-over-year growth rate of -17.51%.
- Industrial sector dominated the market in 2019.
- The demand for PEBs is growing in the industrial sector, owing to their ease of installation and customization capabilities.
- The global industrial sector is expected to grow significantly owing to the increase in demand for warehouses, workshops, and ports, specifically from the automobile, aerospace, and chemical industries.
- Therefore, the growth of the industrial sector will drive the demand for PEBs across the world during the forecast period.
Regional Analysis
- 53% of the growth will originate from the APAC region.
- The rising demand for industrial buildings, warehouses, and other infrastructure will significantly drive pre-engineered buildings market growth in this region over the forecast period.
- China, India, and Japan are the key markets for pre-engineered buildings in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The pre-engineered buildings market size is expected to accelerate at a CAGR of almost 7% during the forecast period.
- The pre-engineered buildings market is segmented by end-user (industrial, commercial, infrastructure, and residential) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ATCO Ltd., Cornerstone Building Brands Inc., Everest Industries Ltd., Interarch Building Products Pvt. Ltd., Lindab AB, Nucor Corp., PEB Steel Buildings Co. Ltd., Pennar Industries Ltd., Tata BlueScope Steel Pvt. Ltd., and Zamil Industrial Investment Co.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Coverage
Regions Covered
Worldwide
Topics Covered
COVID-19, Pre-engineered Buildings, and PEBs
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