The global shotcrete market is expected to witness a progressive growth by 2028, owing to the surging rate of urbanization. The robotic sub-segment is expected to be most profitable. The Asia-pacific region is expected to dominate the market.
NEW YORK, Nov. 2, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Shotcrete Market by Process (Wet Mix and Dry Mix), Application (Underground Construction, New Structures, Repair Works, and Slope & Surface Protection), Technique (Robotic and Manual), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the Global Shotcrete Market is expected to generate a revenue of $13,215.3 million by 2028, surging exponentially at a CAGR of 8.9% during the forecast period 2021-2028.
The outbreak of COVID-19 has had an adverse impact on the growth of the global shotcrete market, owing to the presence of lockdowns in numerous countries across the world. All the construction activities and projects were temporarily shut down and postponed during lockdowns in order to curb the spread of the virus. Thus, the construction companies faced grave financial losses during the pandemic, and hence the COVID-19 pandemic has had a negative impact on the growth of the global shotcrete market.
Increasing constriction activities and surging rate of urbanization across the globe is expected to bolster the growth of the shotcrete market during the forecast period. In addition, concrete from shotcrete process has more durability, tensile strength, and fire retardation. These factors are expected to drive the growth of the market during the forecast period. Furthermore, increasing application of shotcrete for the construction of free form structures like tunnels, reservoirs, etc. is predicted to create massive opportunities for the growth of the market during the forecast period. However, requirement of skilled labor is projected to impede the growth of the global shotcrete market during the forecast period.
The report has divided the market into various segments based on process, application, technique and region.
By process, the wet mix sub-segment is expected to be most profitable, and generate a revenue of $10,581.5 million during the forecast period. Maximized compressive strength and dense compaction provided by the wet mix process is expected to drive the growth of the shotcrete market sub-segment during the forecast period.
By application, the underground construction sub-segment is expected to be most beneficial, and generate a revenue of $7,472.4 million during the forecast period. Increasing application of shotcrete process in case of underground constructions rather than the conventional technique, owing to the high conveniency and resiliency provided by shotcrete process is projected to drive the growth of the sub-segment during the forecast period.
By technique, the robotic sub-segment is expected to be most lucrative, and generate a revenue of $8,897.2 million during the forecast period. Its various features like the requirement of less manpower, substantial energy savings, high strength of the robotic arm, and high-quality mixture provided by the robots are expected to bolster the growth of the shotcrete market sub-segment during the forecast period.
By region, the Asia-Pacific Shotcrete Market is expected to have the fastest growth rate, growing exponentially at a CAGR of 9.5% during the forecast period. Rising rate of urbanization in this region is expected to stimulate the growth of the market. In addition, increase in construction activities and development in innovative infrastructural projects in this region is further expected to bolster the growth of the regional shotcrete market during the forecast period.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in May 2019, Sika AG, a Switzerland-based specialty chemical company dealing in construction activities, acquired King Packaged Materials Company, a Canada-based manufacturer of dry shotcrete and mortars for concrete repair, in order to maximize Sika's presence in the global shotcrete market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments
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