Press release
Offsite Construction Market Growth with Industry Study $235.4 Billion by 2030
Prime determinants of growthRapid 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. On the other hand, rise in infrastructure investment presents new opportunities in the upcoming years.
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.
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Benefits associated with offsite construction products are easy to install, easy to transport, space constraints, and provide an aesthetic look. Offsite construction used in marine transportation protects from natural calamities, such as tsunami, earthquakes, and others, which drives the growth of the offsite construction market.
The manufacturers of offsite construction are focusing on business expansion and new projects as strategies to increase their market share. For instance, in October 2018, SG Blocks entered into a strategic partnership with Harrison, Walker and Harper (HWH), an engineering, contracting, and industrial services firm. Under this alliance, HWH will become an SGB preferred partner to complete site work and installation of single-family modular homes.
Similarly, in September 2018, SGB and its subsidiary, SG Residentials, entered into a partnership with Capital Plus Financial (CPF), one of the largest Community Development Financial Institutions (CDFI) in the U.S. and a subsidiary of Crossroads Systems, Inc. With this partnership, SGB is aiming to provide affordable modular homes at low-to-moderate-income areas across the country and Puerto Rico.
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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.
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.
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Top Players:
The major players, such as ATCO, Anderco Pte. Ltd, Giant Containers Inc, Honomobo Corporation, Lendlease Corporation, SG Blocks Inc, Skanska AB, and Speed House Group of Companies, are engaged in offering offsite construction products to the market.
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modular construction market -
https://steemit.com/modular/@rashmip/exploring-the-outlook-of-the-modular-construction-market-from-2022-to-2032
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