The steel building market in the Middle East and Africa (MEA) is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio
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The steel building market in the Middle East and Africa (MEA) is expected to post a CAGR of over 6% during the period 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the market is the rapid investment in the services and tourism sector. Saudi Arabia, Turkey, the UAE, Qatar, Israel, Egypt, and South Africa are emerging as the major hubs for the service and tourism sectors. Saudi Arabia, the UAE, and Israel are featured among the most-visited tourist destinations globally due to pilgrimage and leisure activities. This factor is not only leading to large-scale investments in the infrastructure, hospitality, and healthcare sectors but also increasing the demand for structural steel for PEB and steel structures in the industrial, commercial, and residential sectors. Moreover, these countries are also being helped by multilateral financial institutions such as the World Bank and the IMF for the development of basic infrastructure, thereby driving the demand for steel buildings.
As per Technavio, the green buildings in PEBs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This steel building market in the Middle East and Africaresearch report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Steel building market in MEA: Green buildings in PEBs
The green building certificate is conferred on buildings that can reduce the consumption of energy and resources below a certain level defined by the Green Building Certification Institute (GBCI). Corporate offices and institutes are increasingly adopting green building practices. For instance, sandwiched panels used in the construction of walls and roof panels in PEB prevent the ingress of outside heat into the building and the egress of internal heat outside. This leads to a reduction in the energy bill of HVAC systems. Moreover, the UAE and Turkey feature among the top countries globally in terms of Leadership in Energy and Environmental (LEED)-certified buildings. With the increasing popularity of the green building concept in most commercial projects, an increasing number of vendors are expected to offer PEBs with green building requirements, thereby driving the overall growth of the market in the region.
"Along with the concept of green buildings in PEBs, the increasing use of ERP, CAD, and CAM is another major aspect contributing to the growth of the market. Vendors in the steel building market in MEA are increasingly using computer-aided design and computer-aided manufacturing techniques for the production of steel structures. Thus, designing and manufacturing can be done very quickly, thereby reducing the cost of a steel building. This is leading to the increasing adoption of computer and enterprise software by PEB and HRSS vendors, which will eventually boost the growth of the market," says a senior analyst at Technavio.
Steel building market in the Middle East and Africa: Segmentation analysis
This market research report segments the steel building market in MEA by end-user (industrial, commercial, and residential), by product (PEB and HRSS) and geographical regions (the Middle East and Africa).
The industrial segment led the market in 2018, followed by commercial and residential, respectively. However, during the forecast period, the commercial segment is expected to witness the fastest growth rate compared to the end-users.
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
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Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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