The precast construction market has shown steady growth, advancing from $140.18 billion in 2023 to $147.07 billion in 2024, with a CAGR of 4.9%. Factors driving this growth include architectural versatility and infrastructure development. By 2028, the market is expected to reach $177.21 billion at a CAGR of 4.8%, influenced by advanced manufacturing techniques and a demand for sustainable construction.
Major Driver In The Precast Construction Market
The burgeoning urbanization and industrialization are set to propel the precast construction market forward. Rising middle-class incomes drive discretionary spending, altering consumption patterns and fueling construction demand. With the urban population share reaching 56.2%, there's a heightened demand for high-quality construction services that save time and resources. In April 2022, the infrastructure sector became the Government of India's focal point, with plans to invest $1.4 trillion between 2019 and 2023 for long-term development. Consequently, increased infrastructure and construction activities drive urbanization and industrialization, stimulating the precast construction market. Understanding market sizes for 2023, 2024, and 2028 aids in strategic planning and market analysis in the construction sector.
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Precast Construction Market Competitive Landscape
Saint-Gobain SA, Bouygues Construction, CRH plc, Holcim Group, LafargeHolcim Ltd., Larsen & Toubro Ltd., CEMEX S.A.B. de C.V, IRCON International, Taisei Corporation, Balfour Beatty plc, Betonmast, Forterra Pipe and Precast LLC, HCC Ltd., Hindustan Construction Company, Afcons Infrastructure, Shapoorji Pallonji & Company, NCC Limited, JMC Projects, Jaiprakash Associates, Tindall Corporation, GÜlermak A.S., HeidelbergCement, Simplex Infrastructures, Jensen Precast, STECS, ELO Beton, Banahen Precast Concrete, Gammon India, Boral Precast Holdings, Gulf Precast Concrete Co LLC, L&T Construction, Laing O’Rourke, Milbank Concrete Products, Oldcastle Infrastructure, Olson Precast Company, Patel Infrastructure, SigmaRoc, Skanska AB, Spancrete Elementbau Osthessen GmbH & Co ELO KG
Key Precast Construction Market Trend
Sustainable construction techniques are a key trend that is gaining popularity in precast construction market. The construction industry consumes a lot of natural resources. However, with the growing threat of climate change and finite natural resources, construction firms are under increasing pressure to reduce their environmental impact. The improvement of efficiency and assurance of sustainable development in construction depends on the broader application of progressive technologies, Government regulations, controlling cost, materials, and modern methods of sustainable construction techniques. For Instance, In November 2021, in a report published by Dodge Construction network, there is an estimated increase in the use of green products and systems across various construction categories. Furthermore, an elevated level of growth is expected in the next three years (2024) among those who plan to do more than 60% of their green projects.
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Precast Construction Market Segmentation
The precast construction market covered in this report is segmented –
1) By Structure System: Beam & Column System, Floor & Roof System, Bearing Wall System, Facade System
2) By Construction Type: Modular, Manufactured Homes
3) By End User: Residential, Non-residential
By Geography:The regions covered in the precast construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the precast construction market in 2023 and is also expected to be the fastest-growing region in the precast construction market share during the forecast period. The regions covered in the precast construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Precast Construction Global Market Report 2024 furnishes information about the global precast construction market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
