Space Frame Market Size

Space Frame Market Size

Space Frame Market size exceeded USD 554 million in 2019 and will grow at a CAGR of 10.6% from 2020 to 2026. The demand for new structural forms along with the growing innovation in building techniques has resulted in the increasing adoption of space frames in various commercial & industrial infrastructures.

The growing construction industry is projected to strongly complement the market growth. According to Oxford Economics, the global construction industry is expected to reach a value of over USD 15.5 trillion by 2030 with major contributions from India, the U.S., and China. Growing investments for the development of commercial structures mainly in the emerging economies will boost the market revenue.

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The penetration of new & improved industrial structures coupled with increasing demand for lightweight materials is anticipated to further amplify the space frame industry growth. Space frames are gaining wide popularity across the globe and have been widely seen in exhibition pavilions, sports arenas, transportation terminals, assembly halls, warehouses, airplane hangars, and workshops. These frames are not only used on roof tops but also find applications in exterior walls, floors, and canopies. Furthermore, these structures also aid in hosting various concerts, sports tournaments, and mass assemblies with the advantage of extension and contraction as per gathering strength, which are the major advantages of space frames on concrete roofing systems.
 

Space frame construction involves various engineering difficulties, a major downside to the market growth. These structures require advanced engineering techniques that act as a major discrepancy in their adoption rate. Developed nations including the U.S and Germany have been widely adopting the product in recent times, whereas their slow adoption rate is seen mainly in the developing regions.
 

With the ongoing pandemic, the global construction sector has seen a major set-back, in turn, acting as a major restraint to the space frame market. With the enforcement of lockdowns across various nations, various music concerts, festivals, etc., have been put on hold; hence, a major revenue disruption can be seen in 2020. However, the market is predicted to take its regular course by the end of 2022.