Precast Construction Market to Witness Exponential Growth by 2025

Precast Construction Market Introduction

Precast construction, also known as prefabricated construction, finds application in the construction of structures or buildings where most of the structural components are standard and made in plants located away from the construction site. They are then transported to the site for installation. Precast construction involves mass production of components and hence offers several advantages, such as optimum time management, increased efficiency, consistent quality and cost effectiveness. Besides these factors, precast construction gains an edge over conventional construction due to its relatively high durability, ease of installation and reduced product maintenance. Structures are successfully erected at a much faster pace with the use of precast construction; thereby increasing its market demand. The aesthetic superiority, coupled with lesser maintenance and increased durability offered by precast construction are driving global demand for the precast construction market.

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However, structures made using precast construction display lesser flexibility in their designing basics as compared to those made with conventional construction. Also, linkages or connections linking precast construction products (structural links) could pose design issues. Furthermore, in order to achieve economies of scale, structures ideally need to be of a regular shape, which has been a constraint in the applications of precast construction globally.

The plan of a building or structure is affected by the replication of forms, which is a characteristic of precast construction. It has also been frequently observed that panel linkages are costly and complex in nature. Also, the on-site installation of panels needs skilled labor. Besides, precast construction also mandates the use of cranes to lift construction parts, which incurs further installation costs. With regard to application of the precast construction panels on-site, there is a need of skilled labor and heavy-duty machinery, which has been making the application of precast construction uneconomical, and hence posing a concern for the precast construction market.

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Precast Construction Market Segmentation

On the basis of product type, the global precast construction market is segmented as follows:

Columns and beams
Floors and roofs
Girders
Walls
Staircases
Lintels
Paving slabs
Others (door & window components, manholes and water & sewer system products)
On the basis of type, the global precast construction market is segmented as follows:

Modular
Manufactured
On the basis of application, the global precast construction market is segmented as follows:

Residential
Non-residential
Precast Construction Market Dynamics

Precast construction technology has been found to be environment-friendly; hence, the technology has gained widespread approval from all over the globe. Besides the techno-economic benefits, precast construction delivery has been inducing users to switch to this new technology from the conventional one.

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In the North American region, especially the U.S., new market participants could make a foothold after a relatively comfortable entry in smaller, niche construction segments in the near future. However, hurdles could be expected during market entry in the most important industry verticals as existing market participants in the precast construction market have the benefit of an established customer base and in-depth market knowledge, apart from their existing brand image – at least at a local level. Besides, some of them have vertically integrated enough to produce cement and concrete, thereby gaining considerable advantages in terms of production cost and infrastructural efficiency, which would be inaccessible to new entrants. Thus, it could be expected that in the near future, new precast construction companies would successfully enter only niche U.S. sub-markets.

It has been observed that growth in the worldwide demand for modular construction has been encouraging growth of the precast construction market and this trend is expected to continue for the next few years, as building contractors and construction companies are opting for precast construction in the modular construction business.

Precast Construction Market Participants

Examples of some market participants in the global precast construction market are as follows:

Acs actividades de construcción y servicios S.A (Spain)
Komatsu Ltd. (Japan)
Bouygues Construction (France)
Larsen & Toubro Limited (India)
Taisei Corporation (Japan)
Balfour Beatty plc (UK)
Kiewit Corporation (US)
Laing O’Rourke (UK)
Julius Berger Nigeria Plc (Nigeria)
Red Sea Housing Services (Saudi Arabia)
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.

The report covers exhaustive analysis on:

Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Value Chain
Regional analysis includes:

North America
Latin America
Asia Pacific
Japan
Western Europe
Eastern Europe
Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.

Report highlights:

Detailed overview of parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint

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