Pre-engineered Buildings Market Insights
A pre-engineered building (PEB) has a single design and is fabricated using materials and methods that satisfy different structural and aesthetic design requirements. These are made up of components that are manufactured and assembled at a particular site.
Pre-engineered buildings are steel structures and are more convincing than conventional structural steel buildings. Bolted connections make up a PEB used in structural steel framing, metal roofing, and wall panels. PEB is used in many structural applications and dramatically saves on structural framework. PEBs are more cost-effective and provide numerous construction benefits over conventional buildings.
Pre-engineered structures have an enclosed structural system with cladding on the walls and roof. Pre-engineered buildings are gaining popularity due to the rising demand for sustainable and green designs. Traditional building techniques waste a lot of time and resources. Additionally, the overall cost of building construction is high. In developing nations, there is a rising need for this industry. High adoption rates are shown mainly in countries with a greater infrastructure development demand. The tremendous growth rate of this market is a result of investments from China, India, and Japan.
Another aspect influencing the market's demand is the increasing demand for warehouses. The quickest technique of building is with pre-engineered structures. The need for commercial establishments, such as clinics, pharmacies, schools, gyms, and recreation facilities, is constantly increasing because of urbanization's rapid growth. Additionally, it is projected that rising demand from the automotive, aviation, defense and warehouse industries will open new growth prospects for the market for pre-engineered structures worldwide.
Construction service providers like Jindal Buildsys, Lloyd Insulations, Interarch Building Products Pvt. Ltd., and Tiger Steel Engineering (I) Pvt. Ltd. are among the top competitors in the market (TSEIL). Execution management issues, financing terms, pre-qualification standards, customer service, safety, reliability, pricing, ability to control costs, product quality and features, innovation and product development time, cost of raw materials, and pre-qualification criteria are essential factors that have an impact on the competitive environment.
Advantages of PEB
- Time and cost-effective
- Requires less maintenance
- Quicker build time due to standard component size
- Easy expansion of structures
Pre-engineered structures were first introduced in the USA, but until 1990, they were only used in the Middle East and North America. The pre-engineered building has, however, recently gained popularity in other continents like Asia and Africa.
There have been various developments in the market for pre-engineered buildings. 2018 saw Interarch, a pre-engineered building supplier, win an award from the EPC World Awards for being an "excellent firm under the pre-engineered building category." Berger Paints India Ltd, Assam, earned the Runner-Up Award for Best PEB (Pre-engineered Building) Company in 2018 from Interarch. Nucor Corporation intends to expand its steel production capabilities in March 2019 by building a steel plant mill in the United States at Brandenburg.
The pre-engineered buildings market is expected to register a CAGR of 10.20% during the forecast period of 2022-2030.
