Offsite construction is also known as prefabricated construction or modular construction. Steel, wood, concrete, and plastic are just a few of the materials used in offsite construction. Offsite construction makes use of tools like flexible cranes to increase production and shorten the time it takes to perform tasks. Base camp, storage, office, and commercial uses are all served by offsite buildings. It's simple to set up, transport, and maintain, as well as being cost-effective.
Major Drivers, Restraints, Challenges and Opportunities
The expansion of the offsite construction market is projected to be fueled by an increase in demand for prefabricated dwelling units as a result of lower construction costs and time, as well as government initiatives to promote green building concepts. Many companies, architects, and builders are utilizing old cargo containers in the construction of homes. The offsite construction industry is expected to benefit from a shift in focus toward inexpensive housing structures and an increase in demand for offsite buildings due to benefits such as faster construction, ease of relocation, and portability.
Furthermore, the urban population is focusing on offsite buildings in order to afford lower-cost living, as these containers are less expensive than regular container houses. The worldwide offsite construction market is growing due to an increase in the pace of construction activities and the high efficiency of offsite construction in developing countries. The outbreak of COVID-19, on the other hand, resulted in a number of limitations and temporary closures of building activities, disrupting supply chain management and resulting in a shortage of raw construction supplies.
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Market Segmentation
Based on material, the steel segment generates a higher market share, accounting for about half of the total market, and is likely to maintain this position during the projection period.
Based on application, the residential segment dominated the global offsite construction market, holding nearly three-fifths of the total market share, and is anticipated to continue its leadership status during the forecast period.
Regional Outlook
Latin America's rebounding economies, as well as Eastern Europe's, India's, and Southeast Asia's high-growth markets, are likely to create attractive market prospects. North America had the biggest revenue share, accounting for about two-fifths of the total market, and is expected to maintain its dominance in the coming years.
Competitive Landscape
The market is extremely fragmented due to the relative ease of starting a firm, with multiple regional and smaller suppliers with significant market coverage. Multiple merger and acquisition activities are predicted to occur in the near future, implying that the industry will consolidate.
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