Analysis of North America Off-site Construction Market: Size, Share, Trends by Material with Opportunity Analysis, 2022-2031.
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WILMINGTON, DELAWARE, February 22, 2024 /EINPresswire.com/ — Overview of the Market:
Commonly materials used in off-site construction include steel, wood, concrete, and others. Among these, the steel segment accounted for the highest market share in 2021, owing to its easy fabrication and ease in installation. In addition, the market is analyzed across different end-user industries of off-site construction including residential, data center, renewable energy, manufacturing, and commercial. The market is mainly driven by rise in advantageous features of off-site construction including reduction of waste, possibilities for circular economy, superior product quality and better health, and safety for workers. However, high initial cost involved in setting-up of off-site construction fabrication facilities and structural limitations of prefabricated modules constrain growth of the market.
The North America off-site construction market size was valued at $49.4 billion in 2021, and is projected to reach $80.8 billion by 2031, registering a CAGR of 4.9% from 2022 to 2031.
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In 2021, the U.S. dominated the North America off-site construction market, in terms of revenue. Moreover, the market in Mexico is expected to grow with the highest CAGR during the forecast period. This is attributable to rapid economic growth and urbanization in the country.
Rise in population and rapid urbanization propels growth of residential, commercial, and other infrastructures; thereby, propels growth of the North America off-site construction market.
Furthermore, on the basis of end-user industry, the renewable energy segment is anticipated to grow rapidly during the forecast period, owing to increased investments toward sustainable development.
Key players in the market offer a wide range of products and services to sustain the harsh competition in the market. In addition, business expansion also plays a major role growth of the market. For instance, in June 2021, SGB Development Corp. a wholly-owned subsidiary of the SG Blocks, Inc., partnered with CMC Development Group ZT Architecture + Land Development and Community Development Consortium to develop rental apartment community in a six-acre site on Norman Berry Drive in Atlanta, Georgia. This enables the company to market its capabilities.
However, various businesses in the North America off-site construction market had to stop their business during the pandemic. This break directly impacted sales of companies involved in the North America off-site construction market. In addition, lack of manpower and raw materials constricted supply of raw materials for manufacturing various off-site construction components; and negatively influenced growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
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Top Players:
Key companies profiled in the North America off-site construction market report include Blokable Inc., Blu Homes, Emagispace, Falcon Structures, FullStack Modular, Modus Structures Inc, Nomodic, Plant Prefab, Inc., Project Frog, and SG Blocks Inc.
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging North America off-site construction market trends and dynamics.
By material, the steel segment dominated the North America off-site construction market, in terms of revenue in 2021 and concrete is projected to grow at a significant CAGR during the forecast period.
By end-user industry, the renewable energy segment is anticipated to grow at a higher CAGR during the forecast period.
Mexico is projected to register highest growth rate in the coming years.
The key players within the North America off-site construction are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the North America off-site construction industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth North America off-site construction market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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Allied Market Research
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