Pune, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The global Off-site Construction Market is expected to grow at a 5.8 % CAGR to reach USD 369.72 Bn. by 2029, according to a report by Maximize Market Research. The market is driven by the Smart and Emerging technologies shaping the future of the industry.
Off-site Construction market Scope and Research Methodology
The research report use both primary and secondary data sources for the market size estimation. The research process involves the investigation of various factors affecting the industry, such as government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges.
Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for the report. Product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealers, and traders, as well as raw material suppliers and producers, are among the primary supply-side sources. Industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executives, end users (product buyers), and related key executives from various key companies and organizations operating in the global off-site construction market are among the primary demand sources.
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Off-site Construction Market Overview:
Growing construction activities, rapid urbanization, and industrialization increasing government initiatives to promote green buildings throughout the world, and rising demand for prefabricated products in commercial construction activities are key drivers driving market growth. Off-site construction is a process that involves the precise and rapid planning, design, manufacturing, and movement of manufactured building components. The offsite building employs a wide range of sizes, materials, and systems, as well as revolutionary manufacturing and production processes, digital software, and existing assembling techniques.
Off-site Construction Market Dynamics
Rapid urbanization and industrialization increased construction speed, and the high efficiency of offsite building in developing countries are driving the growth of the global offsite construction market. However, the industry is hampered to some extent by the instability of offsite buildings in earthquake-prone areas, as well as a shortage of professional personnel and infrastructure in developing countries. Conversely, increased infrastructure investment creates new opportunities in the forecast years.
The use of clever, cutting-edge technology in off-site construction methods is becoming more and more popular, as well as in demand. The top ten emerging technologies, according to the research, are as follows: Drones and remote monitoring are listed as number one, followed by smart sensors, artificial intelligence, cognitive learning, and computer/machine vision, as well as extended reality (also known as virtualization), wireless technology, nG networks, big data, data analytics, and data ecosystem, robotics, and the internet of things. By assisting experts in identifying strategic technologies that would influence the future of the construction industry and offsite construction, the study adds to the body of knowledge. The report includes these trends and their potential market effects in the forecast period.
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Off-site Construction Market Regional Insights
North America is expected to dominate the off-site construction market throughout the forecast period. China and the United States are likely to lead the offsite construction market throughout the forecast period. The manufacturing and construction markets in this region are expected to grow throughout the forecast period due to rising population, rising per capita income, and rising living standards. Demand for comfort features has grown, which is propelling the growth of the off-site building industry. Construction is the act of constructing, whereas manufacturing is the consequence of the verb to manufacture.
The development of marketing analytics technologies and the rise of established market players are two more factors driving the growth of the off-site construction industry. Furthermore, companies, organizations, third-party administrations, and so on are focusing their efforts on generating manufacturing and constructing customer-focused products, which will help the offsite construction market in this region to grow. Increased government investment, new and sophisticated technology, machinery, and improved marketing methods, along with increased demand for buildings, agricultural or industrial structures, and even bridges, will almost certainly lead to major growth in the offsite construction market.
| Market Size in 2021 | USD 235.5 Bn. |
| Market Size in 2029 | USD 369.72 Bn. |
| CAGR | 5.8 % (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 213 |
| No. of Tables | 110 |
| No. of Charts and Figures | 112 |
| Segments Covered | Product, Type, and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Off-site Construction market Key Competitors:
- ATCO
- Anderco Pte. Ltd
- Giant Containers Inc
- Honomobo Corporation
- Lendlease Corporation
- SG Blocks Inc
- Skanska AB
- Blokable Inc.
- Blu Homes
- Emagispace
- Falcon Structures
- FullStack Modular
- Modus Structures Inc
- Nomodic
- Plant Prefab, Inc.
- Project Frog
- SG Blocks Inc.
Key questions answered in the Off-site Construction market are:
- What are the technological innovations in the Off-site Construction market?
- What are the factors driving the growth of the Off-site Construction market?
- Which technology insight dominated the Off-site Construction market in 2021?
- How has COVID-19 affected the growth of the Off-site Construction market?
- What is the growth rate of the Off-site Construction market during the forecast period?
- What are the trends of the North America region in the Off-site Construction market?
- Who are the market leaders in the dental devices North America region?
- Which deployment mode led the Off-site Construction market in 2021?
- Who are the top 5 key players in the Off-site Construction market?
- What are the factors restraining the growth of the Off-site Construction market?
- Which region held the largest market share in the Off-site Construction market?
- What is Off-site Construction?
- What is Off-site Construction used for?
- What does an Off-site Construction cost?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Type, Application, and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Cold Storage Construction Market: The Cold Storage Construction Market size was valued at USD 11 Bn. in 2021 and the total Cold Storage Construction Market revenue is expected to grow by 14 % from 2022 to 2029, reaching nearly USD 31.4 Bn. The key driver fueling the growth of the market for cold storage construction is the increase in global traffic in perishable goods.
Construction Sustainable Materials Market: The Construction Sustainable Materials Market has valued at US$ 324.5 Bn. in 2021. The Global Construction Sustainable Materials Market size is estimated to grow at a CAGR of 9.2% over the forecast period. The growing demand for construction sustainable materials can be attributed to their increasing use in applications such as insulation, roofing, framing, exterior siding, and interior finishing, as well as their use in the end-user industries of industrial construction.
About Maximize Market Research:
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