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.
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.
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Prominent Players of the Market:
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.
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