“Precast construction market projected to grow at a CAGR of 6.10%”
The precast construction market size is projected to grow at a CAGR of 6.10% during the forecast period of 2016 – 2021 and reach USD 177.09 billion by 2021. The precast construction market is driven by factors such as rise in urban population increase in industrialization, and large-scale investments in the industrial and infrastructure sectors. 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.
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“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.
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%, Tier 2 – 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%
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)
Related Report:
Precast Prefabricated Construction Market by Product Type (Floors & Roofs Walls Columns & Beams Others) Construction Type (Modular Manufactured Others) End-Use Sector (Residential Non-Residential Infrastructure Others) Region - Trends & Forecast to 2020
The global precast/prefabricated construction market is estimated to register a CAGR of 6.50% for the next five years. The growth of this market is propelled by the increased demand for new constructions throughout the world, especially in Asia-Pacific due to increasing urbanization and industrialization. In addition, the cost-effectiveness and time saving features of precast/prefabricated construction technique are attracting the end-use sectors significantly for its consumption.
With emergence of new technologies, contractors and consumers are looking for advanced and sustainable constructions, which are natural resource-efficient. Asia-Pacific is expected to be the largest market for precast/prefabricated construction owing to the growing population, increasing disposable income, and changing lifestyle of the citizens.
Read More: https://watchersofmarkets.com/products/precast-prefabricated-construction-market-by-product-type-floors-roofs-walls-columns-beams-others-construction-type-modular-manufactured-others-end-use-sector-residential-non-residential-infrastructure-others-region-trends-forecas
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