BANGALORE, India, March 9, 2020 /PRNewswire/ -- Global Precast Concrete Market to grow from USD 90,635.45 million in 2018 to USD 139,966.87 million by 2025, at a 6.40 percent Compound Annual Growth Rate (CAGR).
Precast concrete is a construction product that is created by casting concrete into a reusable mold or "shape," which is then cured in a controlled environment, transported to the building site, and lifted into place. The gradual shift of building contractors and customers towards cost-effective, eco-friendly, and modern construction techniques creates growth opportunities for the concrete prefabricated industry.
The market for precast concrete is segmented into element, type, and end-user. Based on the element, the market further segmented into Columns & Beams, Floors & Roofs, Girders, Paving Slabs, Pipes, Utility Vaults, and Walls & Barriers. Based on type, the market is segmented into Asymmetric Slimflor beam, Composite Downstand Beam, Composite Slim-Floor Beams, Delta Floor Beam, ITECH Floor Beam, Slim-floor Beam, and Ultra-Shallow Floor Beams. On the basis of end-user, the market is split into Non-Residential and Residential.
TRENDS INFLUENCING THE GLOBAL PRECAST MARKET SIZE :-
The growing disposable income of people in developing countries increases buying power, and the evolving tastes of building methods are increasing dependence on modern building techniques, which drives the prefabricated concrete market growth.
The precast concrete building provides considerably less construction time. Precast components are manufactured within a controlled environment in factories, allowing for easy changes and real-time monitoring. In comparison to cast-in-situ construction, precast uses fewer resources such as cement, steel, water, electricity, and human labor, thereby creating less waste in the factory and on the construction site. Thus the growing need for reduced construction time and cost drives the global precast concrete market.
Precast solutions give architects and structural engineers attractive alternative solutions to meet the demand for affordable housing with more challenging building requirements, especially in terms of total cost efficiency, construction speed, high work quality, lower weight of the upper structure, and more environmentally friendly projects.
The growing residential construction activities around the globe, combined with the increasing population, are driving the market growth. During the forecast period, rapid urbanization and industrialization will also drive demand for precast concrete.
One of the key factors that curb precast construction market growth includes the lack of skilled labor and infrastructure. For countries where the road network is inadequate, transportation of precast building components over very long distances is challenging. The precast method will create additional shipping costs, depending on the shipper, job position, and precast plant location.
REGIONAL TRENDS :-
Asia-Pacific region is expected to expand at the fastest CAGR, mainly due to increased urbanization and infrastructure development in India, China, Indonesia, and other emerging countries. Europe closely follows the Asia Pacific.
The global precast construction market size was estimated to be USD 12,133 Million in 2015, and is projected to grow at a CAGR of 6.3% to reach USD 185,232 Million by 2022.
Precast construction market includes buildings and other construction where the majority of structural components are produced and assembled in plants at a location away from the building and then transported for assembly to the site. Such components are manufactured using manufacturing methods based on mass production, in order to build a large number of buildings at low cost in a short time.
The global precast construction market is segmented based on product type, construction type, end-users, and geography. Based on product type, the market is segmented into columns & beams, floors & roofs, walls, staircases, girders, paving slabs, and others. By construction type, the precast construction market is segmented into modular construction and manufactured construction. During the forecast period, the modular construction segment is expected to grow at the fastest CAGR of 6.8 percent.
The Global Precast Concrete Construction Market is expected to grow from USD 17,236.13 Million in 2018 to USD 25,623.13 Million by 2025, at a CAGR of 5.82 %.
The market is strategically segmented into structure and application. Based on structure, the market is further classified as Beam and Column, System Floor and Roof System, Frame System, and Wall System. Based on application, the market is classified as Building (non-residential & residential) and Civil ( Hydraulic, Power Plants, Transportation).
The global precast concrete construction market research report provides usability profiles for the client and analyzes the summary, strategy, SWOT, and scorecard of leading firms.
This report focuses on the volume and value of Precast Concrete Products at global, regional, and enterprise levels. This report represents the overall size of the Precast Concrete Products market from a global perspective by analyzing historical data and future prospects. This study focuses regionally on several main regions: North America, Europe, China, and Japan.
The report segments the market into type and application. Based on type, the market is segmented into Cuboid and Cylinder. And based on the application, the market is segmented into Industrial Building, Civil Construction, and Indoor Decoration.
The market is segments based on type and application. Based on type, the market is segmented into Modular Construction and Manufactured Homes. And based on the segment, the market is segmented into Residential and Non-residential.
The research report incorporated analyzes of various factors which increase the growth of the market. This represents patterns, constraints, and factors that either positively or negatively turn the market. This section also provides an overview of various segments and technologies that might potentially influence the future market.
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