The precast construction market is driven by many factors such as a rise in urban population, the increase in industrialization and large-scale investments in the industrial and infrastructure sectors. The aforementioned are just some of the reasons the precast construction market is projected to grow at a CAGR (compound annual growth rate) of 6.10 percent during the forecast period of 2016 to 2021 reaching $177.09 billion by 2021.
Precast technology allows the construction of a larger number of structures with reduced time and cost, as compared to conventional on-site construction methods. The precast method offers benefits such as higher quality, increased efficiency and better finishing.
The modular construction segment is estimated to dominate the precast construction market and is projected to be the fastest-growing segment during the forecast period. This growth can be attributed to factors such as interest from contractors and builders in using individual precast modules to build complete structures across residential and non-residential construction sectors and an increase in public and private investment in global infrastructural development, especially in the emerging economies of Asia-Pacific and Latin America.
The Asia-Pacific market is projected to be the fastest-growing market during the forecast period. The key factors driving the growth are large-scale government investment in the infrastructure sector in this region. The rise in population and increase in income accelerates the per capita spending on construction. The markets of China and India are projected to be lucrative due to their ongoing and upcoming infrastructural construction projects, as well as rising consumer spending on construction sectors.
The precast construction method provides multiple benefits that extend beyond the project itself.
