North America Formwork System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering (Solutions and Service) and Material Used (Wood, Metal, and Others)
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The formwork system market in North America is expected to grow from US$ 1,221.54 million in 2021 to US$ 1,607.29 million by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028.
The US, Canada, and Mexico are major economies in North America. Rising infrastructure projects is the major factor driving the growth of the North America formwork system market. The surge in construction work across residential, commercial, and several industries, owing to the growing urbanization and industrialization, is expected to drive the growth of the formwork system market. The government is putting additional emphasis on strengthening the construction and infrastructural development, which is projected to create lucrative opportunities for the scaffolding and formwork industry. In addition to government support, companies are working on infrastructural projects. For example, renewable energy is a leading sector in power-generation industry. As per the International Energy Agency (IAE) predictions, in 2023, the renewables would create nearly 30% of the total electricity demand, compared to 24% for 2017. Also, hydropower remains a single source of renewable energy, which would be covering 16% (by 2023) of North America electricity demand, later followed by wind farms (6%), solar (4%), and bioenergy (3%). The growing power generation industry would continue to benefit the growth of companies such as Doka GmbH. The company provides formwork solutions for power-plant construction and is also a leading player in energy projects for the future generations.
Moreover, formwork solutions are used for conventional power plants, nuclear power plants, and other public work projects. Therefore, growing infrastructural projects coupled with favorable government support for strengthening construction sector across the world would positively contribute the adoption of formwork system during the forecast period.
The US is the worst-hit country in North America due to the outbreak of COVID-19, with thousands of infected individuals facing severe health conditions across the country. Increasing number of infected individuals has led the government to impose lockdown across the nation’s borders during Q2. Most of the manufacturing plants were either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American manufacturers. The US is one of the largest markets for formwork system. Also, in Canada, construction projects deemed nonessential were shut down, and the essential projects are subject to public health guidelines.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America formwork system market. The North America formwork system market is expected to grow at a good CAGR during the forecast period.
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North America Formwork System Market Segmentation
North America Formwork System Market – By Offering
- Solutions
- Service
North America Formwork System Market – By Material Used
- Wood
- Metal
- Others
North America Formwork System Market, by Country
- US
- Canada
- Mexico
North America Formwork System Market - Companies Mentioned
- Brand Industrial Services, Inc.
- Doka GmbH
- EFCO Corp
- Encofrados Alsina
- FORSA SA.
- MEVA Schalungs-Systeme GmbH
- MFE Formwork Technology Sdn Bhd
- PERI GmbH
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- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the formwork system market, as well as those hindering it
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