Precast Construction Market size is anticipated to grow at a healthy CAGR during the forecast period. Concrete & steel are usually used for precast construction and are manufactured in a plant located away from the construction site.
Growing population primarily in the emerging economies has led to rapid pace of industrialization and urbanization which is likely to boost the precast construction market size over the projected timespan. It is held responsible for constructing walls, girders, floors & roof, staircases, beams & columns, etc. The ease associated with product use and its onsite advantages are probable to make a significant contribution towards precast construction market size over the projected time spell. Rising investment on the public infrastructure by government primarily in Asia Pacific, Latin America and the Middle East, thus facilitating several growth avenues for the precast construction market size during the forecast period.
Rising inclination towards sustainable construction methods along with increasing dependency on modern construction techniques is likely to make significant contribution towards precast construction market size during the forecast period.
Lack of customer confidence primarily in the earthquake prone region and lack of standard infrastructure are likely to hamper the overall precast construction market size over the projected timespan. Furthermore, product heaviness results in increase in the overall transportation cost which is expected to hinder the precast construction market size in the coming years. However, increasing advancement in precast technology is likely to breakthrough construction market which will provide ample growth avenues for the industry growth by 2024.
Based on the product, precast construction market size is segmented into floors & roofs, columns & beams, walls, staircase and girders. Columns & beams product segment is likely to attain prominent gains during the forecast period as it provides flexible solutions to the structural workings of a project. These products are widely used across construction industry from parking structures to frame of commercial buildings.
Based on the type, precast construction market size is segregated into modular construction and manufactured houses. Modular constructions segment is likely to attain a major chunk of the overall precast construction market size during the forecast period due to prevailing customer demand for rapid construction pace, superior quality and early return on investment.
In addition, modular construction segment is involved in building homes that are assembled on a permanent foundation. On the other hand, manufactured houses segment is engaged in assembling at the plant.
Based on application, the precast construction market size is segmented into residential and non-residential. Non-residential segment is projected to attain significant industry share by 2024. Non-residential construction projects include flyovers, tunnels, railway sleepers, supermarkets, bridges, hospitals, metro projects, stadium, etc. In this segment, more than 60% of the construction of structures is completed off-site and is later transported to final site. Residential segment is likely to attain promising gains owing to its application in decorative pieces which in turn will have positive impact on the global precast construction market size by 2024.
Regionally, Asia Pacific accounted for a major chunk of the overall precast construction market size in 2016. Rapidly growing population which resulted in industrialization and urbanization primarily in India, China, Japan and Indonesia has been a major factor for thrusting construction industry in the region. In addition, improving lifestyle in the region has led to higher investment in housing plans which will subsequently help attain promising gains to precast construction market size during the forecast spell. Moreover, shorter construction timelines in the region and cost-effective methods are likely to contribute significantly towards the business size over the projected time spell. Favorable government regulatory policies will also play a vital role in driving the overall industry share by 2024.
Some of the major market share contributors are L & T limited, Balfour beatly, Acs Actividades De Construccion Y Servicios, Red sea housing services, Homatsu Ltd., Julius Berger Nigerial, Taisei corporation, Bouygues construction, Kiewit corporation, Laing O’ Rourke, Elematic Inc., Spiroll precast services Ltd., Weckenmann Anlagentechnik GmbH and Putzmeister Holding.