Portland, OR, Aug. 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global offsite construction market generated $130.4 billion in 2020, and is projected to reach $235.46 billion by 2030, witnessing a CAGR of 5.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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 to construction activity.
- The construction processes were delayed in order to maintain the social distancing norms according to Government regulation across the world.
- The pandemic has further disrupted supply chain management, which in turn, resulted in unavailability of raw construction materials.
The report offers detailed segmentation of the global offsite construction market based on material, construction type, application, and region.
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.
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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. However, the commercial segment is projected to register the highest CAGR of 6.5% from 2021 to 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. However, Asia-Pacific is projected to manifest the fastest CAGR of 6.7% during the forecast period.
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Leading Players:
Leading players of the global offsite construction market analyzed in the research include ATCO, Anderco Pte. Ltd, Honomobo Corporation, Giant Containers Inc, SG Blocks Inc, Skanska AB, Lendlease Corporation, and Speed House Group of Companies.
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