The 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% from 2022 to 2031.
Offsite construction is technique in which a building or an infrastructure is planned and designed in a modular format. Those modules are fabricated offsite in a factory. Once fabricated, those modules are transported to the site and are installed together to finalize the structure.
Traditional construction techniques typically involve construction of major components on the site. Thus, it is prone to problems such as slow rate of construction, labor intensive tasks, large amount of waste generation, inability of maintaining best quality. In addition, demolition of buildings constructed with traditional technique is highly costly, and have greater negative impacts on the environment. Thus, to address such issues, offsite construction technique are used. Offsite construction needs less time times to construct a structure. In addition, since modules and components are fabricated in a factory, a strict quality control can be achieved. Circular economy can also be achieved via offsite construction. Moreover, it requires less labor resources and offers better health and safety for workers. Such factors are expected to drive U.S. offsite construction market growth during the forecast period.
However, structural limitations associated with the Offsite constructed structures along with high initial costs for setting up production facilities for Offsite construction process are anticipated to hamper the growth of the market
Moreover, during the outbreak of the COVID-19 pandemic, construction, manufacturing, aviation, and construction industries were majorly affected. Manufacturing activities were halted or restricted. This led to decline in manufacturing of various equipment used for Offsite construction as well as their demand in the market, thereby restraining the growth of the market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of U.S. Offsite construction companies at their full-scale capacities, that helped the U.S. Offsite construction market to recover by end of 2021.
On the contrary, advancements in Offsite construction technologies helps in providing better accuracy, saves time and helps in reducing cost of construction. Thus, such benefits are expected to offer lucrative opportunities for the market.
The U.S. Offsite construction market is segmented on the basis of type, material and end-user industry. By type, the market is categories into panelized, volumetric and hybrid. By material, the market is categorized into steel, wood, concrete, and others. On the basis of end user industry, it is categorized into residential, commercial and industrial.
On the basis of type, in 2021 the volumetric segment dominated the U.S. Offsite construction market share, in terms of revenue, and the hybrid segment is expected to witness growth at the highest CAGR during the forecast period. As per material, in 2021, the steel segment led the U.S. Offsite construction market, and the others segment is expected to exhibit highest CAGR in the near future. By end user industry, the residential segment led the market in 2021, in terms of revenue and the industrial segment is anticipated to register highest CAGR during the forecast period.
COMPETITION ANALYSIS
The major players profiled in the global U.S. Offsite construction industry include Affinity Building Systems, LLC, Blokable Inc., Blu Homes, Emagispace, Falcon Structures, FullStack Modular, Huntington Homes, Project Frog, SG Blocks Inc. and Zekelman Industries (Z Modular).
Major companies in the market have adopted business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the U.S. Offsite construction market analysis.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current trends and future estimations.
- Extensive analysis of U.S. Offsite construction market trends is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing U.S. Offsite construction market opportunities.
- The global U.S. Offsite construction market forecast analysis from 2022 to 2031 is included in the report.
- The key market players within the global U.S. Offsite construction market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global market.
U.S. Offsite Construction Market Report Highlights
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Analyst Review
The U.S. offsite construction market has witnessed significant growth in past few years, owing to rise in population and urbanization, which drives demand for residential and non-residential structures. The market is also growing, owing to increase in investments in infrastructural development by the governments.
Offsite construction is used in modular construction, modular offices, restrooms, bathrooms, locker rooms, workplace housing, mobile cafes, flat rack components, bathrooms, bedrooms, and entire building. It is also used in oil & gas field and power plant industries. It has features such as shorter building time, lower risk, higher quality, and required low cost
Off-site construction facilities offer a highly needed solution to problems associated with onsite construction, such as slow, and is more labor-intensive tasks, associated with the traditional techniques of construction. Surge in demand for construction of prefabricated construction, owing to affordable housing structures drives growth of the offsite construction market. There has been a rise in demand for offsite construction products, owing to reduction in cost and time required for construction, ease of installation, and lack of space in large cities. This, in turn, drives growth of the offsite construction market. Increase in focus toward affordable residential, commercial, and industrial spaces has positively affected the market growth. Moreover, small housing units can be developed using shipping containers. Furthermore, advancements in 3D printing technology for producing construction modules is anticipated to provide lucrative opportunities for the market growth.
The 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% from 2022 to 2031.
The forecast period considered for the U.S. Offsite Construction market is 2022 to 2031, wherein, 2021 is the base year, 2022 is the estimated year, and 2031 is the forecast year.
The latest version of U.S. Offsite Construction market report can be obtained on demand from the website.
The base year considered in the U.S. Offsite Construction market report is 2021.
The top companies holding the market share in the U.S. Offsite Construction market report include Affinity Building Systems, LLC, Blokable Inc., Blu Homes, Emagispace, Falcon Structures, FullStack Modular, Huntington Homes, Project Frog, SG Blocks Inc. and Zekelman Industries (Z Modular).
The top ten market players are selected based on two key attributes - competitive strength and market positioning
By type, in 2021 the volumetric segment dominated the U.S. Offsite Construction market, in terms of revenue and is expected to maintain this trend during the forecast period.
By end user industry, the residential segment is the highest share holder of U.S. Offsite Construction market.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
The market value of the U.S. Offsite Construction market is $43,271.3 million in 2022.
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