The precast concrete market size is projected to grow at a CAGR of 5.96% during the forecast period, that is, 2017 to 2022, and reach USD 138.96 billion by 2022.
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The precast concrete market is driven by factors such as increasing urban population, increasing industrialization, and large-scale investments in the industrial and infrastructure sectors.
Key Target audience
- Raw material suppliers
- Original equipment manufacturers
- Real estate agents
- Architects & engineers
- Building contractors
- Logistics partners
- Machinery suppliers
- Regulatory bodies
- End users
- Market research and consulting firms
The research methodology used to estimate and forecast the precast concrete market begins with capturing data on key vendor revenues through secondary research and associations such as National Precast Concrete Association, British Precast Concrete Federation, Pacific Northwest Precast Concrete Association, and Japan Prefabricated Construction Suppliers and Manufacturers Association.
The vendor offerings are also taken into consideration to determine the market segmentation.
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The construction industry witnessed a significant change with the introduction of precast technology as it allows building more structures with reduced time and cost as compared to the conventional on-site construction method. Being constructed under a closed and controlled facility, the precast modules are less affected by adverse environmental conditions such as excessive moisture, heat, and pollution.
Break-up of primary participants was as mentioned below:
- By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
- By Designation: C-level – 35%, Director Level – 40%, others* – 25%
- By Region: North America – 25%, Europe – 10%, Asia Pacific – 40%, Middle East & Africa – 15%, South America – 10%
Currently, Asia Pacific is the largest consumer of precast concrete products, with China, India, Japan, Indonesia, and Australia being the major markets. The Asia Pacific precast concrete market is projected to register the highest CAGR during the forecast period.
The growth of the building & construction industry and improvements in financial conditions in the region have led to the increase in demand for precast concrete elements.
The growth of the precast concrete market in these countries is driven by factors such as an increase in construction activities of residential and non-residential buildings, the rise in population, and economic development of the region.
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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 report will help the market leaders/new entrants in this market in the following ways:
- This report segments the precast concrete 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 helps stakeholders to understand the market and provides them with 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 contracts, new product developments, acquisitions, agreements, partnerships, and expansions.
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