Precast Construction Market Step Towards Modular Construction | Trends and Opportunity

The global precast construction market size was valued at $139.1 billion in 2021 and is projected to reach $227.5 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030.

Precast construction is also known as prefabricated construction. Precast construction is used in construction of buildings with repetitive elements and designs, such as schools and apartments. These prefabricated components are then transported to the place of use and assembled. The precast construction technique is used to manufacture custom components such as column, slabs, walls, stairs, beams, and others.

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Growth in construction and infrastructure projects mainly drives of the global precast construction market growth. Rise in urbanization as a result of increase in population globally, is another factor that propels the market growth. In addition, the rise in need for low-cost housing units, higher efficiencies and productivity achieved through precast methods, and increase in construction speed through precast technology are expected to drive of the market during the forecast period. Also, the increase in focus of government to invest in the infrastructure segment followed by various technological innovations by the key manufacturers serve as growth opportunity for the market.

In addition, government investment in renovation and home remodeling activities increase the demand for precast construction products, which fuels the growth of the global precast construction industry. For instance, according to data published by government of Canada, the Canadian construction industry's value in 2018 was $291.2 billion, which includes home improvement, renovations, and remodeling of commercial & residential buildings. Surge in urbanization in developing countries such as India, Brazil, Africa, and others boost the market growth. For instance, urbanization in Africa is expected to grow at a rate of 5.5% from 2020 to 2025.

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The precast construction market is segmented into product type, construction type, end user, and region. On the basis of product type, the market is divided into columns & beams, floors & roofs, walls, staircases, girders, pacing slabs, and others. The columns & beams segment dominated the market in 2020. On the basis of construction type, the market is divided into modular and manufactured homes. The modular segment is expected to generate the highest revenue during the forecast period. On the basis of end user, the market is segmented into residential and non-residential. In 2020, the non-residential segment held the largest market revenue share.

Top Players:
The key players operating in the precast construction market include ACS Group, Balfour Beatty plc, Bouygues Construction, Julius Berger Nigeria plc, Kiewit Corporation, Komatsu Ltd., Laing O' Rourke, Larsen & Turbo Limited, Red Sea Housing Services, and Taisei Corporation.

Several manufacturers in the global precast construction market stopped their business activities in 2020 due to lockdowns implemented in developed and developing countries, owing to ban on construction activities due to the COVID-19 pandemic. This halt in production activities impacted the revenue of the precast construction manufacturing companies. For instance, net sales of Larsen & Turbo dropped by 6.5% from April 2020 to March 2021.

In addition, lack of man power and raw materials affected the supply chain of the market. However, the market is projected to cover from the 1st quarter of 2023, due to the reduced restrictions and reopening of the global precast construction industry. Moreover, in 2021, with the availability of vaccine against COVID-19, the market is expected to gradually witness growth.

Key Findings Of Study
• The report provides an extensive analysis of the current and emerging global precast construction market trends and dynamics.
• By product type, columns & beams segment dominated the market, in terms of revenue in 2020.
• By construction type, the modular segment registered highest growth in the global precast construction market share in 2020.
• By end user, the non-residential segment is projected to register the highest growth rate in the coming years.
• The report provides an extensive analysis of the trends and emerging opportunities of the market.
• In depth, the global precast construction market analysis is conducted by constructing estimations for the key segments between 2020 and 2030

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