Precast Construction Market Will Generate New Growth Opportunities by 2026: ACS Group, Bouygues Construction, Julius Berger Nigeria, Komatsu, Laing O'Rourke, Larsen & Toubro Limited, Taisei Corporation
According to a report published by Allied Market Research, the global precast construction market accounted for $137.40 billion in 2017 and is expected to attain $185.23 billion by 2022, growing at a CAGR of 6.3% during the forecast period, 2016-2022.
By end user, the non-residential segment occupied three-fourths of the total market in 2017. This segment is also poised to register the highest CAGR of 6.6% through 2022, owing to high demand for low-cost housing due to increasing urban population in both developed and developing countries.
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By product type, the paving slabs segment is projected to grow at the highest CAGR of 7.2% during the forecast period, on account of enhancing safety during construction and its large potential to produce higher quality pavements. However, the columns & beams segment generated half of the overall revenue in 2017 and is expected to maintain this dominance through 2022.
The key players analyzed in the report include ACS Group, Bouygues Construction, Julius Berger Nigeria Plc, Komatsu Ltd., Laing O'Rourke, Larsen & Toubro Limited, Taisei Corporation, Balfour Beatty plc, Kiewit Corporation, and Red Sea Housing Services. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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By construction type, the modular construction segment generated about four-fifths of the overall revenue in 2017 and is expected to grow at the highest CAGR of 6.8% from 2016 to 2022. Asia-Pacific accounted for the largest share in 2017, contributing nearly half of the market, owing to an increase in demand for residential construction in the region.
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