diff --git a/sdk/python/kfp/cli/component.py b/sdk/python/kfp/cli/component.py
index 2936fb06c0f..0546e609285 100644
--- a/sdk/python/kfp/cli/component.py
+++ b/sdk/python/kfp/cli/component.py
@@ -361,6 +361,12 @@ def component():
     default=False,
     help='Set this to true to always generate a Dockerfile'
     ' as part of the build process')
+@click.option(
+    '--build-image/--no-build-image',
+    type=bool,
+    is_flag=True,
+    default=True,
+    help='Build the container image.')
 @click.option(
     '--push-image/--no-push-image',
     type=bool,
@@ -369,10 +375,10 @@ def component():
     help='Push the built image to its remote repository.')
 def build(components_directory: str, component_filepattern: str, engine: str,
           kfp_package_path: Optional[str], overwrite_dockerfile: bool,
-          push_image: bool):
+          build_image: bool, push_image: bool):
     """Builds containers for KFP v2 Python-based components."""
 
-    if engine != 'docker':
+    if build_image and engine != 'docker':
         warnings.warn(
             'The --engine option is deprecated and does not need to be passed. Only Docker engine is supported and will be used by default.',
             DeprecationWarning,
@@ -387,12 +393,14 @@ def build(components_directory: str, component_filepattern: str, engine: str,
             f'{components_directory} does not seem to be a valid directory.')
         raise sys.exit(1)
 
-    if not _DOCKER_IS_PRESENT:
+    if build_image and not _DOCKER_IS_PRESENT:
         logging.error(
             'The `docker` Python package was not found in the current'
             ' environment. Please run `pip install docker` to install it.'
             ' Optionally, you can also  install KFP with all of its'
-            ' optional dependencies by running `pip install kfp[all]`.')
+            ' optional dependencies by running `pip install kfp[all]`.'
+            ' Alternatively, you can skip the container image build using'
+            ' the --no-build-image flag.')
         raise sys.exit(1)
 
     kfp_package_path = pathlib.Path(
@@ -408,4 +416,5 @@ def build(components_directory: str, component_filepattern: str, engine: str,
     builder.generate_requirements_txt()
     builder.maybe_generate_dockerignore()
     builder.maybe_generate_dockerfile(overwrite_dockerfile=overwrite_dockerfile)
-    builder.build_image(push_image=push_image)
+    if build_image:
+        builder.build_image(push_image=push_image)
diff --git a/sdk/python/kfp/cli/component_test.py b/sdk/python/kfp/cli/component_test.py
index 1c763fd8e0a..6c17e39fd0c 100644
--- a/sdk/python/kfp/cli/component_test.py
+++ b/sdk/python/kfp/cli/component_test.py
@@ -386,6 +386,20 @@ def test_docker_client_is_called_to_build_and_push_by_default(self):
         self._docker_client.images.push.assert_called_once_with(
             'custom-image', stream=True, decode=True)
 
+    def test_docker_client_is_not_called_to_build_or_push(self):
+        component = _make_component(
+            func_name='train', target_image='custom-image')
+        _write_components('components.py', component)
+
+        result = self.runner.invoke(
+            self.cli,
+            ['build', str(self._working_dir), '--no-build-image'],
+        )
+        self.assertEqual(result.exit_code, 0)
+
+        self._docker_client.api.build.assert_not_called()
+        self._docker_client.images.push.assert_not_called()
+
     def test_docker_client_is_called_to_build_but_skips_pushing(self):
         component = _make_component(
             func_name='train', target_image='custom-image')