Precast Construction Market to reach USD 185.45 Billion by 2027 at 6.23% CAGR – Report by Market Research Future (MRFR)
New York, June 17, 2021 (GLOBE NEWSWIRE) — Precast Construction Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Precast Construction Market – Information by Product, Construction Type, Application, Region — Forecast till 2027” the market is expected to achieve USD 185.45 Billion by 2027, at a 6.23% CAGR.
Precast Construction Market Trends
As per the new MRFR report, there are numerous factors that are propelling the global precast construction market share. Some of these entail the increasing investments in the construction industry, improvement in financial conditions in emerging economies in the MEA and the APAC region, reduced product maintenance, ease of installation, reduction in construction time, high durability, and improved quality attained by the precast method, rapid urbanization and industrialization in emerging economies of Brazil, South Korea, India, and China, and activities like renovation, refurbishment, and rebuilding of old buildings.
On the contrary, low confidence of customers towards precast construction on earthquake-prone regions, lack of proper infrastructure facility, and lack of skilled labor may limit the global precast construction market value over the forecast period.
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Dominant Key Players on Precast Construction Market covered are:
- Balfour Beatty (UK)
- Bouygues Construction (France)
- Julius Berger Nigeria Plc. (Nigeria)
- Kiewit Corporation (US)
- Komatsu Ltd (Japan)
- LAING O’ROURKE (UK)
- Larsen & Toubro Limited (India)
- Taisei Corporation (Japan)
- Red Sea Housing Services (Saudi Arabia)
- Elematic (India)
- Cemex S.A.B. de C.V. (Mexico)
- CRH plc (Ireland)
- Coltman Precast Concrete Limited (UK), and
- Forterra Building Products Limited (UK)., among others.
Browse In-depth Market Research Report (100 pages) on Precast Construction Market
https://www.marketresearchfuture.com/reports/pre-cast-construction-market-1496
COVID-19 Analysis
The ongoing COVID-19 outbreak has affected the construction industry drastically for delayed construction projects and halt in construction activities. Further the slowdown in the global economy due to government imposed lockdowns has forced companies in rethinking their investment strategies that is also affecting the market growth. The halt in the production of construction products for the rapid spread of the deadly virus along with the postponement or cancellation of the renovation, rebuilding, and refurbishment of old buildings is also impacting the global precast construction market growth.
Market Segmentation
The MRFR report highlights an inclusive analysis of the global precast construction industry based on application, construction type, and product.
By product, the global precast construction market is segmented into paving slabs, lintels, girders, staircase, walls, floors and roof, columns and beams, and others. Of these, the columns and beams product segment will lead the market over the forecast period.
By construction type, the global precast construction market is segmented into manufactured homes and modular construction. Of these, the modular construction type segment will dominate the market over the forecast period for the early return on investment, improved quality, and growing need for reduced construction time.
By application, the global precast construction market is segmented into infrastructure, industrial, commercial, and residential. Of these, the infrastructure application segment will spearhead the market over the forecast period for the booming construction sector in emerging economies.
Regional Analysis
APAC to Remain Domineer in Precast Construction Market
Geographically, the global precast construction market is bifurcated into Europe, North America, South America, the Asia Pacific, & the Middle East and Africa (MEA). Among these, the APAC region will remain domineer in the market over the forecast period. Growth of the construction industry, growing population, rising per capita disposal income, growing need for hospitals, schools, shopping malls, hotels, corporate spaces, and others, increase in urbanization, and infrastructure development in Indonesia, China, & India are adding to the global precast construction market growth in the region. The additional factors adding market growth include growing industrialization, improving lifestyle, higher investment in housing plans, shorter construction timelines, cost-effective methods, and favorable government regulatory policies. Besides, rising investments in the building and construction industry, government-supported welfare housing schemes, burgeoning need for precast construction, increase in activities like renovation, refurbishing, and rebuilding old buildings, and the presence of a well-established industrial base are also adding market growth.
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North America to Hold Second-Largest Share in Precast Construction Market
In North America, the global precast construction market is predicted to hold the second-largest share over the forecast period and at a high CAGR. Precast components being favored over other building materials for longer lifespans, durability, and improved quality coupled with increasing popularity of prefabricated components are adding to the global precast construction market revenue in the region.
In Europe, the global precast construction market is predicted to have admirable growth over the forecast period.
In MEA and South America, the global precast construction market is predicted to have sound growth over the forecast period.
The global precast construction market is fragmented along with being competitive owing to the presence of an array of international as well as domestic key players. These players have encompassed multiple strategies to remain at the forefront and also suffice to the burgeoning needs of the consumers, including partnerships, collaborations, geographic expansions, contracts, joint ventures, and new product launches, and more. Additionally, these players are also incurring heavy investments in R&D activities for strengthening their portfolios and also creating a foothold in the market.
Industry Updates
May 2021- The O’Reilly Group has recently opened its new factory in County Cavan, Ireland, to make precast walls.
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Segmentation of Market covered in the research:
Information by Product (Columns & Beams, Floors & Roofs, Walls, Staircase, Girders, Lintels, Paving Slabs, and Others), Construction Type (Modular Construction, and Manufactured Homes), Application (Residential, Commercial, Industrial, and Infrastructure), Region (North America, Europe, Asia-Pacific, and Rest of the World)
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