Precast construction market growing rapidly at CAGR of 6.10%, reaching $177.09 billion by 2021. Precast construction market rapid growth is driven by factors such as rise in urban population increase in industrialisation, and large-scale investments in the industrial and infrastructure sectors. This Precast construction market analysis covers global precast construction market size, share, trends, growth, opportunity, and industry forecast to 2021. Precast construction market is analysed by Product, Type, End-use Sector and Region.
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Precast technology also allows construction of a larger number of structures with reduced time and cost, as compared to the conventional on-site construction methods. The precast method offers benefits of high quality, increased efficiency, and better finishing.
Lack of awareness regarding precast construction techniques and benefits, along with volatility in transportation and machinery costs might restrain the demand for this type of construction.
“The modular construction segment held a considerably larger market share in the precast construction market”
The modular construction segment is estimated to dominate the precast construction market and is projected to be the fastest-growing segment during the forecast period.
This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast modules to build complete structures across residential and non-residential construction sectors and increase in public and private investment in global infrastructural development, especially in the emerging economies of Asia-pacific and Latin America.
“Asia-Pacific region is expected to witness a steady growth during the forecast period”
The Asia-Pacific market is projected to be the fastest-growing market during the forecast period. The key factors driving the growth of the market are the large-scale government investments in the infrastructure sector in this region.
Additionally, the rise in population and increase in income is accelerating the per capita spending on construction. The markets of China and India are projected to be lucrative due to their ongoing and upcoming infrastructural construction projects, as well as rising consumer spending on construction sectors.
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Breakdown of Primaries
Primary interviews were conducted with a number of industry experts, in order to collect data related to different aspects of the precast construction market. Estimates reached after analyzing secondary sources were validated through these interviews.
Primary sources included professionals such as constructors, concrete suppliers, precast module manufacturers, distributors, consultants, and academic professionals.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1 –33%, Tier2 –50%, and Tier 3 –17%
- By Designation: Director Level –33% and Manager Level–67%
- By Region: North America –8%, Europe –17%,Asia-Pacific –50%, and RoW –25%.
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Note: The tier of the companies is defined on the basis of their total revenue, as of 2015.
Tier 1: Revenue >USD 10 billion; Tier 2: USD 1 billion > Revenue >USD 10 billion; Tier 3: Revenue < USD 1 billion
The various key players profiled in the report are as follows:
Acs Actividades de Construcción y Servicios, S.A (Spain), Komatsu Ltd. (Japan), Bouygues Construction (France), Larsen & Toubro Limited (India), Taisei Corporation (Japan), Balfour Beatty plc (U.K.), Kiewit Corporation (U.S.), Laing O’Rourke (U.K.), Julius Berger Nigeria Plc (Nigeria), Red Sea Housing Services (Saudi Arabia).
The segmentation considered for this report is based on product, type, end-use sector, and region that constitute the key markets. The scope of the report covers detailed information regarding the key factors influencing the growth of the precast construction market such as drivers, restraints, opportunities, and challenges.
A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, new product launches, agreements, expansions, and recent developments associated with the precast construction market.
Reasons to access the report
- The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the precast construction market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments across the different verticals and regions.
- The report will help stakeholders to understand the market and provides them information on key market drivers, restraints, opportunities, and challenges.
- This report will help stakeholders to better understand their competitors and gain more insights into their position in the business. The competitive landscape section includes new product developments, acquisitions, agreements, partnerships, and expansions.