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Last edited 06 Mar 2021
Precast Construction Market
The precast construction market is projected to witness substantial growth in the next few years with the increase in demand for new construction across the world, due to rapid urbanisation and industrialisation with large-scale investments in the industrial and infrastructure sectors. A rise in construction activities in emerging economies and an increase sustainable construction methods are driving a reliance on modern construction techniques, creating growth opportunities for the precast construction market.
The 'eco-friendly' appeal of precast construction components and techniques, and its acceptance have helped it to enter the global market. Many innovations in designs and technological advancements have been witnessed by the industry in the last decade.
The non-residential buildings segment dominated the market in 2015 and is projected to be the fastest-growing end-user sector in the next five years. As a result of the rise in urbanisation and industrialisation, this market is mostly driven by a surge in demand for new construction across the world. An increase in public and private investment in the infrastructure sector in the emerging economies of Asia-Pacific, the Middle East, and Latin America are driving this growth.
The Asia-Pacific has a major market share in the global precast construction market. An increase in industrialisation as well as population growth in countries such as China, Indonesia, and India, which are experiencing high demand for residential and non-residential construction, is driving the market in these countries. Rapid urbanisation in these countries demands faster and more cost-efficient construction of buildings and facilities without compromising on quality. Additionally, increased government investment in infrastructure provides potential for growth in these countries.
The key players in the market include; Acs actividades de construcción y servicios, S.A (Spain), Komatsu Ltd. (Japan), Bouygues Construction (France), Larsen & Toubro Limited (India), Taisei Corporation (Japan), Balfour Beatty plc (U.K.), Kiewit Corporation (U.S.), Laing O’Rourke (U.K.), Julius Berger Nigeria Plc (Nigeria), and Red Sea Housing Services (Saudi Arabia).
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