Precast Construction Market is projected to reach 177.09 Billion USD by 2021

The precast construction market is expected to witness high growth as a result of the rise in urbanization, large-scale investments in infrastructure & industrial sectors, and growth in construction activities in emerging economies. The construction industry witnessed a significant change with the introduction of precast technology as it allows building a larger number of structures with reduced time and cost, as compared to the conventional on-site construction methods.

The report Precast Construction Market by Product (Columns & Beams, Floors & Roofs, Girders, Walls, Staircases, Lintels, and Paving Slabs), Type (Modular and Manufactured), End-use Sector (Residential and Non-Residential), and Region – Global Forecast to 2021″, The precast construction market size is estimated to grow from USD 124.77 Billion in 2015 to USD 177.09 Billion by 2021, at a CAGR of 6.10%.

Browse 114 market data tables and 54 figures spread through 184 pages and in-depth TOC on “Precast Construction Market – Global Forecast to 2021”

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This market is projected to witness substantial growth in the next few years with the increase in demand for new constructions across the world, owing to the rapid urbanization and industrialization with large-scale investments in industrial and infrastructure sectors. Rise in construction activities in emerging economies and increase in inclination toward sustainable construction methods are increasing the reliance on modern construction techniques, thus creating growth opportunities for the precast construction market.

The eco-friendly appeal of precast construction components and techniques, and its acceptance have helped it to enter the global market. Many innovations in designs & technological advancements have been witnessed by the industry in the last decade.

Non-residential precast constructions to gain maximum traction during the forecast period

The non-residential buildings segment dominated the market in 2015 and is projected to be the fastest-growing end-user sector in the next five years. As a result of the rise in urbanization and industrialization, this market is mostly driven by the upward surge in the demand for new constructions across the world. Increase in public and private investment in the infrastructure sector in the emerging economies of Asia-Pacific, the Middle East, and Latin America are drivers of this growth.

“The Asia-Pacific region constitutes the largest share in the precast construction market.”

Asia-Pacific contributes a major market share in the global precast construction market. Increase in industrialization as well as population in the countries such as China, Indonesia, and India, which are experiencing high demand for residential and non-residential constructions, drives the market in these countries. The rapid urbanization in these countries demands faster and cost-efficient construction of buildings and facilities without compromising on quality. Additionally, increased government investments in infrastructural constructions provide potential for growth of the precast construction market in these countries.

The key players in the precast construction market include 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 (U.K.), Kiewit Corporation (U.S.), Laing O’Rourke (U.K.), Julius Berger Nigeria Plc (Nigeria), and Red Sea Housing Services (Saudi Arabia).

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