Precast Construction Market Report 2024-2033 | Share, Trends, Demand, overview

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.

Market Overview -
The precast construction refers to a technology that consists of various precast elements and some customized elements which are standardized and designed for stability market. It consists of the large panel, frame, slab-column system with the shear wall, sequence, beams, and others.

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Urbanization And Industrialization Fueling Precast Construction Growth
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.

Competitive Landscape -
Major companies operating in the precast construction market report are Saint-Gobain SA, Bouygues Construction, CRH plc, Holcim Group, LafargeHolcim Ltd., Larsen & Toubro Ltd., CEMEX S.A.B. de C.V, IRCON International, Taisei Corporation, Balfour Beatty plc, Betonmast, Forterra Pipe and Precast LLC, HCC Ltd., Hindustan Construction Company, Afcons Infrastructure, Shapoorji Pallonji & Company, NCC Limited, JMC Projects, Jaiprakash Associates, Tindall Corporation, GÜlermak A.S., HeidelbergCement, Simplex Infrastructures, Jensen Precast, STECS, ELO Beton, Banahen Precast Concrete, Gammon India, Boral Precast Holdings, Gulf Precast Concrete Co LLC, L&T Construction, Laing O'Rourke, Milbank Concrete Products, Oldcastle Infrastructure, Olson Precast Company, Patel Infrastructure, SigmaRoc, Skanska AB, Spancrete Elementbau Osthessen GmbH & Co ELO KG

Industry Giants Embracing Sustainability In Precast Construction Techniques
Sustainable construction techniques are a key trend that is gaining popularity in precast construction market. The construction industry consumes a lot of natural resources. However, with the growing threat of climate change and finite natural resources, construction firms are under increasing pressure to reduce their environmental impact. The improvement of efficiency and assurance of sustainable development in construction depends on the broader application of progressive technologies, Government regulations, controlling cost, materials, and modern methods of sustainable construction techniques. For Instance, In November 2021, in a report published by Dodge Construction network, there is an estimated increase in the use of green products and systems across various construction categories. Furthermore, an elevated level of growth is expected in the next three years (2024) among those who plan to do more than 60% of their green projects.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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