Precast Construction Market Trends Estimates High Demand By 2022

The global precast construction market size was estimated to be $120,222 million in 2015 and is expected to reach $185,232 million by 2022 growing at a CAGR of 6.3%, according to a new report published by Allied Market Research. Non-residential segment is estimated to be the most dominant end user sector in the precast construction market from 2015 to 2022; while Asia-Pacific dominated the market with 46.6% of the global precast construction market share in 2015.

Key players in the market are conducting extensive research on the precast technology and its suitability. The precast construction technology is making strides into the construction industry in emerging markets by offering solutions that enhance efficiency by around 70% compared to the traditional construction methods.

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The global precast construction market is segmented based on product type, construction type, and end-user sector. Based on the type of products, the precast construction market is segmented into columns & beams, floors & roofs, walls, staircases, girders, paving slabs, and others. Columns & beams are the most dominant product type constituting for around 24.5% of the overall market in 2015. The columns & beams segment is projected to grow at the CAGR of 6.6% during the forecast period, owing to the factors, such as improved work-zone safety for workers, easier material handling, and minimized need for erection of framework.

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By geography, the precast construction market is analyzed across four regions, namely North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries. Asia-Pacific was the most dominant geographical market in 2015, is estimated to grow at a CAGR of 7.2% due to increase in construction expenditure in the emerging countries of China, India, and other South East Asia. Mega projects in petro-chemical, oil & gas, mining & energy, and construction industries are constantly exploring the opportunity within modularization as a way of shortening project timelines, lowering costs, and enhancing project quality.

Key Findings of Precast Construction Market

• Modular constructions market accounted for $99,236 million in 2015 and is
expected to grow at a CAGR of 6.8% during the forecast period.

• Precast girders market is expected to grow at a CAGR of 6.7%.
Non-residential is expected to grow at a CAGR of 6.6% during the forecast
period.

• Asia-Pacific is expected to be the fastest growing regional market with a
CAGR of 7.2%.

The key players in the market focus on collaborations, partnerships, and product developments to remain competitive in the market. Some of the key players in the precast construction market include ACS Group, Balfour Beatty plc, Bouygues Construction, Julius Berger Nigeria plc, Kiewit Corporation, Komatsu Ltd, Laing ORourke, Larsen & Toubro Limited, Red Sea Housing Services, and Taisei Corporation.

The other companies mentioned in the report include Putzmeister Holding, EBAWE, Elematic Inc. and Weckenmann Anlagentechnik GmbH & Co. KG and Spiroll Precast Services Ltd.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. The data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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