Increase in construction spending is expected to fuel the growth of the market during the forecast period.
PORTLAND, OR, UNITED STATES, May 24, 2023 /EINPresswire.com/ — Precast construction, also known as prefabricated construction or modular construction, is a method of building construction that involves the manufacturing of structural components off-site in a controlled environment. These components, called precast elements or units, are then transported to the construction site and assembled to form a complete building or structure.
In precast construction, the manufacturing process takes place in specialized factories or precast plants. Here, various building components such as walls, columns, beams, slabs, staircases, and even entire modules or rooms are produced using molds, forms, or templates. The components are typically made of reinforced concrete or sometimes steel, and they can be customized to meet specific design requirements.
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According to AMR, The global precast construction market size was valued at $139.1 billion in 2021 and is projected to reach $227.5 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030.
Precast construction is also known as prefabricated construction. Precast construction is used in construction of buildings with repetitive elements and designs, such as schools and apartments. These prefabricated components are then transported to the place of use and assembled. The precast construction technique is used to manufacture custom components such as column, slabs, walls, stairs, beams, and others.
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Key Segments Highlights:
The precast construction market is segmented into product type, construction type, end user, and region. On the basis of product type, the market is divided into columns & beams, floors & roofs, walls, staircases, girders, pacing slabs, and others. The columns & beams segment dominated the market in 2020. On the basis of construction type, the market is divided into modular and manufactured homes. The modular segment is expected to generate the highest revenue during the forecast period. On the basis of end user, the market is segmented into residential and non-residential. In 2020, the non-residential segment held the largest market revenue share.
The key players operating in the precast construction market include ACS Group, Balfour Beatty plc, Bouygues Construction, Julius Berger Nigeria plc, Kiewit Corporation, Komatsu Ltd., Laing O’ Rourke, Larsen & Turbo Limited, Red Sea Housing Services, and Taisei Corporation.
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Key Findings Of Study
• The report provides an extensive analysis of the current and emerging global precast construction market trends and dynamics.
• By product type, columns & beams segment dominated the market, in terms of revenue in 2020.
• By construction type, the modular segment registered highest growth in the global precast construction market share in 2020.
• By end user, the non-residential segment is projected to register the highest growth rate in the coming years.
• The report provides an extensive analysis of the trends and emerging opportunities of the market.
• In depth, the global precast construction market analysis is conducted by constructing estimations for the key segments between 2020 and 2030
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