U.S. offsite construction market size was valued at $39,553.3 million in 2021, and is projected to reach $90,325.5 million by 2031, registering a CAGR of 8.5%
PORTLAND, OREGON, UNITED STATES, September 26, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “U.S. Offsite Construction Market by Basis of Type, Material, and End User Industry: Global Opportunity Analysis and Industry Forecast, 2022–2031,” the U.S. offsite construction market size was valued at $39.5 billion in 2021, and is projected to reach $90.3 billion by 2031, registering a CAGR of 8.5% from 2022 to 2031. Common materials used in Offsite construction include steel, wood, concrete, and others.
𝙂𝙚𝙩 𝙞𝙣𝙨𝙞𝙙𝙚 𝙎𝙘𝙤𝙤𝙥 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙚𝙥𝙤𝙧𝙩, 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙛𝙤𝙧 𝙨𝙖𝙢𝙥𝙡𝙚: https://www.alliedmarketresearch.com/request-toc-and-sample/32153
The report provides an extensive analysis of the current and emerging U.S. offsite construction market trends and dynamics.
By type, the volumetric segment was the largest revenue generator in 2021.
By material, the steel segment generated the highest revenue in 2021.
By end user industry, the residential segment dominated the market in 2021.
The U.S. offsite construction market forecast analysis from 2022 to 2031 is included in the report.
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 Offsite construction including residential, data center, renewable energy, manufacturing, and commercial.
The market is mainly driven by rise in advantageous features of Offsite 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 Offsite construction fabrication facilities and structural limitations of prefabricated modules constrain growth of the market.
𝙈𝙖𝙠𝙚 𝙖 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙄𝙣𝙦𝙪𝙞𝙧𝙮: https://www.alliedmarketresearch.com/purchase-enquiry/32153
Rise in population and rapid urbanization propels growth of residential, commercial, and other infrastructures; thereby, propels the U.S. offsite construction market growth. 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.
𝗧𝗵𝗲 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀
Key players in the U.S. Offsite construction industry 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.
𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙩𝙝𝙞𝙨 𝙋𝙧𝙚𝙢𝙞𝙪𝙢 𝙍𝙚𝙥𝙤𝙧𝙩: https://www.alliedmarketresearch.com/checkout-final/b042f09417028d11d93b7608e47be1dd
However, various businesses in the U.S. Offsite construction market had to stop their business during the pandemic. This break directly impacted sales of companies involved in the U.S. Offsite construction market share. In addition, lack of manpower and raw materials constricted supply of raw materials for manufacturing various Offsite 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.