Precast Construction Market to Reach $185.23 Bn, Globally, by 2022 at 6.3% CAGR, Says Allied Market Research

PORTLAND, Oregon, Feb. 13, 2019 /PRNewswire/ --Allied Market Research recently published a report, titled, "Precast Construction Market by Product (Columns & beams, walls, staircases, girders), Construction Type (Modular, Manufactured Homes), End-user sector (Residential and Non-residential) and Geography (North America, Europe, Asia-Pacific, and LAMEA) - Global Opportunity Analysis and Industry Forecast, 2014–2022". According to the report, the global precast construction market accounted for $137.40 billion in 2017 and is projected to reach $185.23 billion by 2022, registering a CAGR of 6.3% during the period 2016–2022.

Rise in urbanization and industrialization in the developing countries, high efficiency of precast construction, and surge in need for the development of low-cost residential units have boosted the growth of the precast construction market. However, lack of confidence in precast construction in the earthquake-prone regions and dearth of skilled labor in the developing countries hamper the market growth. On the contrary, increasing investment in infrastructure is expected to create lucrative opportunities for market players in the near future.

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Columns & beams segment holds the largest share

The columns & beams segment held the largest market share in 2017, contributing nearly half of the total market and is expected to continue its dominance throughout the study period. This is attributed to its flexibility in design, shape, and application in construction activities. However, the paving slabs segment is projected to register the fastest CAGR of 7.2% during the forecast period, as it enhances safety during construction and has the potential to produce higher quality pavements. The report includes other segments such as walls, staircases, and girders.

Non-residential: Most lucrative segment in the industry

The non-residential segment is expected to manifest the fastest CAGR of 6.6% during the study period, owing to high demand for low-cost housing due to increasing urban population in both developed and developing countries. Moreover, the segment held the largest share in 2017, contributing nearly three-fourths of the total market. The report also includes an analysis of the residential segment.

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Modular construction to manifest fastest growth

The modular construction segment is projected to register the fastest CAGR of 6.8% through 2022, and reaped about four-fifths of the total market, contributing the largest share in 2017. The report analyzes another segment of manufactured homes.

Asia-Pacific region to retain largest market share

Asia-Pacific region accounted for the largest share in 2017, contributing nearly half of the market, owing to increase in demand for residential construction. The report includes analysis of the other regions such as North America, Europe, and LAMEA.

Major market players

The leading market companies are analyzed in the report, including ACS Group, Bouygues Construction, Julius Berger Nigeria Plc, Komatsu Ltd., Laing O'Rourke, Larsen & Toubro Limited, Taisei Corporation, Balfour Beatty plc, Kiewit Corporation, and Red Sea Housing Services.

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SOURCE Allied Market Research