Press release
North America Off-site Construction Market Advancements, Opportunities, and Future Outlook 2031
North America Off-site Construction 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.
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.
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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.
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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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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