Rapid rise in urbanization & industrialization, increase in pace of construction, high efficiency of offsite construction in developing countries drive the growth of the global offsite construction market
PORTLAND, Ore., Jan. 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Offsite Construction Market by Material (Steel, Wood, Concrete, and Others) and Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global Offsite Construction industry generated $130.4 billion in 2020, and is anticipated to generate $235.4 billion by 2030, witnessing a CAGR of 5.9% from 2021 to 2030.
Prime determinants of growth
Rapid rise in urbanization & industrialization, increase in pace of construction, high efficiency of offsite construction in developing countries drive the growth of the global offsite construction market. However, lack of reliability of offsite construction in earthquake-prone regions and lack of skilled labor and infrastructure in developing countries restrain the market to some extent. On the other hand, rise in infrastructure investment presents new opportunities in the upcoming years.
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Covid-19 Scenario
- The outbreak of COVID-19 led to several restrictions and temporary closure of construction activity.
- The construction processes were delayed in order to maintain the social distancing norms according to respective government regulations across the world.
- The pandemic had further disrupted supply chain management, which in turn, resulted in unavailability of raw construction materials, especially during the initial phase.
The steel segment to maintain its leadership status throughout the forecast period
Based on material, the steel segment held the highest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 6.4% from 2021 to 2030. Steel offsite construction offers enhanced stability to tall buildings with rapid on-site installation, i.e., approximately 8 units per day.
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The residential segment to maintain its lead position during the forecast period
Based on application, the residential segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period, owing to rise in urbanization. However, the commercial segment is projected to register the highest CAGR of 6.5% from 2021 to 2030. Increase in adoption of offsite construction method for construction of commercial buildings has boosted the growth of this segment.
North America to maintain its dominance by 2030
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2030. This is attributed to an increase in construction-related activities, and growth in housing for single, and multi-unit dwellings. However, Asia-Pacific is projected to manifest the fastest CAGR of 6.7% during the forecast period, owing to increase in demand for residential construction, rise in population, rapid urbanization, and strong economic growth.
Leading Market Players: -
- ATCO
- Anderco Pte. Ltd
- Giant Containers Inc
- Honomobo Corporation
- Lendlease Corporation
- SG Blocks Inc
- Skanska AB
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