PORTLAND, Oregon, March 9, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Pre-Engineered Buildings Marketby Structure (Single-story and Multi-story) and Application (Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global pre-engineered buildings industry generated $12.56 billion in 2018, and is estimated to reach $37.80 billion by 2026, witnessing a CAGR of 14.5% from 2019 to 2026.
Drivers, restrains, and opportunities
Lowered cost & time needed for construction, surge in focus for affordable warehouse structures, and increase in demand for new construction activities drive the global pre-engineered buildings market. However, fluctuations in raw material prices and possibility of corrosion hinder the market growth. On the other hand, favorable government initiatives such as green building concept to improve resource efficiency create new opportunities in coming years.
The single-story segment to maintain its dominance during the forecast period
Based on structure, the single-story segment accounted for more than two-thirds of the total share of the global pre-engineered buildings market in 2018, and is estimated to maintain its dominance during the forecast period. Factors including lack of access to affordable space & low-cost buildings and government initiatives such as green building concept boost the segment growth. However, the multi-story segment is estimated to witness the highest CAGR of 15.1% from 2019 to 2026, owing to ease in construction of multiple floors for offices, distribution centers, showrooms, restaurants, and service stations.
The commercial segment to maintain its leadership status during the forecast period
Based on application, the commercial segment held the largest market share of the global pre-engineered buildings market, contributing to nearly three-fourths of the total revenue in 2018, and is expected to maintain its leadership status during the forecast period. This is attributed to its cost-effectiveness, high durability, good strength, recyclability, and time saving benefits as compared to RCC building. However, the industrial segment is expected to portray the fastest CAGR of 15.3% from 2019 to 2026, owing to reduced construction cost by 40% and supportive government initiatives.
Asia-Pacific to maintain its lead by, North America to grow considerably
Based on region, Asia-Pacific held the largest market share based on revenue, contributing to more than two-fifths of the global pre-engineered buildings market in 2018, and is expected to maintain its lead position in terms of revenue during the forecast period. This is attributed to surge in population, versatility of transportation, rapid urbanization, and strong economic growth. However, LAMEA is estimated to grow at the highest CAGR of 16.0% from 2019 to 2026, owing to rise in demand for industrial and commercial infrastructure along with infrastructural developments in the region. North America is estimated to witness a CAGR of 14.2% during the forecast period.
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