The Precast Construction Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Precast Construction Global Market Report 2024, The precast construction market size has grown steadily in recent years. It will grow from $140.18 billion in 2023 to $147.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to architectural versatility, urbanization trends, infrastructure development, housing and commercial construction, regulatory changes and standards.
The precast construction market size is expected to see steady growth in the next few years. It will grow to $177.21 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to advanced manufacturing techniques, demand for sustainable construction, rise in urbanization projects, infrastructure investment, energy-efficient building trend. Major trends in the forecast period include collaborative project delivery models, advanced material science applications, efficiency and labor optimization, resilience and disaster mitigation, prefabrication and modularization.
The growth in urbanization and industrialization is expected to propel the precast construction market. The rise in income of the middle class leads to discretionary spending and a change in consumption patterns, generating demand for construction and thus opportunities for the precast construction industry. The share of the urban population has increased to 56.2%, which leads to an increase in demand for construction services that offer high-quality construction while saving time and resources. According to the India Brand Equity Foundation (IBEF), in April 2022, the infrastructure sector had become the Government of India’s primary focus. India intends to spend $1.4 trillion on infrastructure between 2019 and 2023 to ensure the country’s long-term development. Therefore, the increase in infrastructure and construction is leading to a growth in urbanization and industrialization, which drives the precast construction market.
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The precast construction market covered in this report is segmented –
1) By Structure System: Beam & Column System, Floor & Roof System, Bearing Wall System, Facade System
2) By Construction Type: Modular, Manufactured Homes
3) By End User: Residential, Non-residential
Major companies operating in the precast construction market is focused on developing innovative solutions such as precast concrete websites, to provide reliable to customers. A precast concrete website typically refers to an online platform or web presence dedicated to providing information, resources, and services related to precast concrete products, technologies, and solutions. For instance, in September 2022, Precast/Prestressed Concrete Institute, a US-based precast and prestressed concrete organization announced the launch of ‘Precast Protects Life’ website. The website offers a wealth of information and resources highlighting the resilient attributes of precast concrete. Visitors, encompassing architects, building owners, contractors, and others, can readily access videos, case studies, articles, and webinars elucidating the premier resilience, durability, and flexibility of precast concrete as a building material.
The precast construction market report table of contents includes:
1. Executive Summary
- Precast Construction Market Characteristics
- Precast Construction Market Trends And Strategies
- Precast Construction Market – Macro Economic Scenario
- Global Precast Construction Market Size and Growth
. - Global Precast Construction Market Competitive Benchmarking
- Global Precast Construction Market Competitive Dashboard
- Key Mergers And Acquisitions In The Precast Construction Market
- Precast Construction Market Future Outlook and Potential Analysis
- Appendix
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