Pre-Engineered Buildings Market Size, Share and Trends 2024 to 2034

Pre-Engineered Buildings Market Size and Forecast 2024 to 2034

The global pre-engineered buildings market size is calculated at USD 21.47 billion in 2024 and is projected to surpass around USD 57.79 billion by 2034, expanding at a CAGR of 10.41% from 2024 to 2034. The increasing demand for sustainable and affordable solutions provides more strength and other applications in the buildings that contributes to the growth of the market.

Pre-Engineered Buildings Market Key Takeaways

• Asia Pacific dominated the pre-engineered buildings market with the largest market share of 35% in 2023.
• North America has held the second-largest market share of 29% in 2023.
• By structure, the single-story segment dominated the market in 2023.
• By structure, the multi-story segment is predicted to witness the fastest growth in the market over the forecast period.
• By application, the commercial segment led the pre-engineered buildings market in 2023.
• By application, the industrial segment is expected to grow at a significant growth rate over the studied period of 2023 to 2034.

Asia Pacific Pre-Engineered Buildings Market Size and Growth 2024 to 2034

The Asia Pacific pre-engineered buildings market size accounted for USD 21.47 billion in 2024 and is projected to surpass around USD 57.79 billion by 2034, with a double-digit CAGR of 10.41% from 2024 to 2034.

Asia Pacific dominated the pre-engineered buildings market in 2023. The growth of the market is attributed to regional countries such as China and India due to the rapid expansion in the population and the continuous development of the economies, and the rise in the per capita income is driving the demand for residential and commercial buildings by the population. The rising industrialization and urbanization in the regional countries are driving the demand for faster and more efficient building development for residential and commercial purposes. The rising investment in the development of the construction industry and the adoption of the technologies and processes for rapid building development are driving the growth of the pre-engineered buildings market in the region.

• India is seeing substantial growth in the construction industry, with an accounting of $639 billion, and is predicted to become the world’s third-largest construction market with a reach of $1.4 trillion by 2025. India is the 4th largest construction market, following the United States, China, and Japan.
• The United Nations expects the growth in India’s population to be 1.64 billion by 2047, in which 51% of the population will live in urban areas.
• The construction industry is one of the leading recipients of FDI in the country, with inflows of $33.91 Bn (Apr 2000 to Mar 2024).
• The urban areas are expected to generate 70% of India’s GDP by 2030. It is anticipated that about 600 million people will live in urban areas in India by 2030, creating the demand for 25 Mn additional mid-end and affordable residential units.
• The PM Awas Yojana is being increased by 66 % to over INR 79,000 Cr owing to the rising demand for residential buildings. The Ur Urban Infrastructure Development Fund is INR 10,000 Cr per year for establishing urban infrastructure in tier 2 & 3 cities.

North America is anticipated to grow at a significant growth rate during the forecast period. The growth of the market is owing to the presence of well-developed industrial and residential buildings, and the investment in the expansion of the buildings is driving the growth of the market. The rise in the real-estate infrastructure in the regional countries is driving the growth of the pre-engineered buildings market in North America.

• The spending on the construction sector in August 2024 is s estimated at a seasonally adjusted annual rate of $2,131.9 billion, with a 0.1% decrease from the revised July estimate of $2,133.9 billion. 
• The spending on private construction has an adjusted annual rate of $1,642.2 billion, with a reduction of 0.2% from the July estimate of $1,645.8 billion. 
• The spending on public construction has an adjusted annual rate of $ 489.8 billion, an increase of 0.3% from the revised July estimate of $488.2 billion.

Market Overview

The pre-engineered buildings are also known as the PEB, which is a fabricated steel building structure that is made and designed for manufacturing or assembly lines. It is designed as per the requirement and structure of the main buildings and manufactured in the assembly before the shift to the actual construction location. Pre-engineered buildings are highly adopted by industrial, commercial, institutional, and residential buildings due to their strength, cost-effectiveness, and adaptability to every structure. Pre-engineered buildings offer quick and convenient solutions in building construction techniques. 

Pre-Engineered Buildings Market Growth Factors

• Rising population: The rising population worldwide and the rise in per capita income drive the demand for rapid expansion in residential and commercial buildings, which drives the growth of the pre-engineered buildings market. 
• The rising advancements: The rising advancements in construction industry technologies for rapid development, efficiency in operations, and productivity are boosting the expansion of the use of pre-engineered buildings. 
• Expansion in the construction industry: The rapid expansion in the construction industry in economically developed and developing countries is due to the rising development of industrial and commercial buildings.
• Demand for low-cost operations: The increasing demand for low-cost building operations with enhanced operations with sustainability and less energy demand for the construction industry is driving the growth of the pre-engineered buildings market. 
• Rising market competition: The increasing market competition in the market with the rising research and development activities in the expansion and integration of technologies and advanced construction process is contributing to the expansion of the market. 

Pre-Engineered Buildings Market Trends

There are several technologies, and current trends are revolutionizing the construction industry with better efficiency, enhanced accuracy, and productivity, including:

• Green buildings
• Robotics
• 3d printing
• Connected construction sites
• Materials science innovations
• Sustainable construction
• Analytics in Construction
• Offsite construction
• Advanced building material
• Construction drones
• Prefabrication
• Others 

How Can AI Impact the Pre-Engineered Buildings Market?

The integration of artificial intelligence and machine learning in the construction industry is transforming the design and erection of pre-engineering buildings. Technologies like AI, Internet of Things, sensors, machine learning, and others in the construction industry streamline the efficiency and sustainability of the entire industry. AI and machine learning are leveraged to optimize the design and phase of the pre-engineered building projects. AI will help in choosing the required structural configuration with minimized material usage and higher structural integrity. Thus, pre-engineered buildings are revolutionizing manufacturing accuracy, enhancing design efficiency and construction safety. 

• In July 2024, AJAX Engineering, a leading player in concreting equipment manufacturing, launched Concrete GPT, an AI-driven platform specially developed for India's construction and concreting industry.

Market Scope

Market Dynamics

Driver

Awareness regarding the benefits associated with pre-engineered buildings 

The integration of artificial intelligence and machine learning in the construction industry is transforming the design and erection of pre-engineering buildings. Technologies like AI, IoT, sensors, machine learning, and others in the construction industry streamline the efficiency and sustainability of the entire industry. AI and machine learning are leveraged to optimize the design and phase of the pre-engineered building projects. AI will help in choosing the required structural configuration with minimized material usage and higher structural integrity. Thus, pre-engineered buildings are revolutionizing manufacturing accuracy, enhancing design efficiency and construction safety.  

Restraint

Need for the time-to-time maintenance

The pre-engineered buildings need timely maintenance due to their higher susceptibility nature to corrosion, and these types of buildings are more prone to fire and damage due to their conductivity, limiting the expansion of the pre-engineered buildings market.

Opportunity

Advancements in building technologies

The integration of technologies into the construction sector, including computer-aided design (CAD), Building Information Modeling (BIM), and parametric modeling, helps revolutionize the designing and construction operations. These technologies help engineers and architects design the structure of buildings with more efficiency and precision. Additionally, combining smart building technologies in the pre-engineered building, such as automation systems, IoT sensors, and energy management solutions that streamline performance, reduce operating costs, and enhance occupant comfort.

Structure Insights

The single-story segment dominated the pre-engineered buildings market in 2023. Pre-engineered buildings are in high demand due to their efficient characteristics, and they are a convenient alternative to single-story buildings. Pre-engineered buildings are a commercial application and a modern alternative to the traditional construction style. The pre-engineered buildings offer modernity, versatility, and cost-effectiveness. Pre-engineered buildings are used in different formats, and about 70% of the single-story buildings are residential buildings. Pre-engineered buildings provide different benefits, such as cost efficiency in operations, quick construction process, durability, environmental friendliness, and low maintenance cost, and they efficiently provide aesthetic appeal to single-story buildings.

The multi-story segment is predicted to witness the fastest growth in the pre-engineered buildings market over the forecast period. The rising construction industry, especially commercial buildings like office spaces, hospitals, malls, industries, and others, are mostly multi-story buildings. The pre-engineered multi-story buildings are constructed with the use of fabricated structures of the frame that are made in the factories and assembled in the line. The pre-engineered multi-story buildings are more cost-efficient and environmentally safer alternatives to the traditional type of building construction.

Application Insights

The commercial segment led the pre-engineered buildings market in 2023. The rising acceptance of pre-engineered buildings in commercial buildings such as hospitals, malls, office spaces, retail buildings, shops, and other commercial buildings boosts the demand for pre-engineered buildings for commercial construction applications. Pre-engineered buildings are a cost-efficient and sustainable solution in the construction industry. The rising investment in industrialization and the manufacturing industries for catering the demand for the consumer demand. The pre-engineered buildings offer higher versatility, energy efficiency, durability, environmental benefits, consistency and quality, easy maintenance, and rapid occupancy in commercial buildings.

The industrial segment is expected to grow at a significant growth rate in the pre-engineered buildings market over the studied period of 2023 to 2034. The rising population across the world and the rising demand for industrial development such as automotive, chemical, textile, electronics, petroleum, IT, and telecommunication is driving the demand for industrial buildings for smooth operations. The pre-engineered building provides several advantages as compared to the traditional type of construction. It helps reduce the construction time for building construction due to its fabricated components, which are made or designed offsite or in manufacturing facilities. The pre-engineered building operation requires less time to construct. The pre-engineered building is designed to work under several types of construction equipment, including conveyor systems, cranes, and others.

Pre-Engineered Buildings Market Companies

• Jindal Buildsys
• Lloyd Insulations
• Interarch Building Products Pvt. Ltd.
• Tiger Steel Engineering (I) Pvt. Ltd. (TSEIL)
• Everest Industries Ltd.
• BlueScope Steel Ltd
• PEB Steel Buildings
• Kirby Building Systems

Recent Developments

• In August 2024, Interarch Building Products, a Noida-based provider of the turnkey pre-engineered steel construction solution, is expecting a launch of its initial public offering (IPO), which is close to the development, told Moneycontrol.
• In August 2024, Grippon Infrastructures, a leading player in the infrastructure sector founded in 2014, announced its expansion into Surat, India, with a strategic collaboration with Mayank Jain, further strengthening its foothold in the industry.

Segments Covered in the Report

By Structure

• Multi-Story
• Single-Story

By Application

• Commercial
• Industrial

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa