Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Precast Construction - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Precast Construction was estimated at US$108.2 Billion in 2023 and is projected to reach US$151.7 Billion by 2030, growing at a CAGR of 5.0% from 2023 to 2030.
Technological advancements have significantly enhanced the efficiency, versatility, and sustainability of precast construction. Innovations in 3D modeling and building information modeling (BIM) have revolutionized the design and planning process, allowing for precise and detailed visualization of precast components and their integration into the overall structure. These technologies enable better coordination between architects, engineers, and contractors, reducing errors and improving project outcomes. Advances in concrete technology have led to the development of high-performance concrete mixes that offer greater strength, durability, and resistance to environmental factors.
Additionally, the use of automation and robotics in precast manufacturing has increased production efficiency, reduced labor costs, and improved the precision of component fabrication. The development of sustainable precast materials, such as recycled aggregates and low-carbon cement, has also addressed environmental concerns, making precast construction a more eco-friendly option. These technological improvements have expanded the applications and benefits of precast construction, making it a preferred choice for modern infrastructure development.
What Are the Key Applications and Benefits of Precast Construction?
Precast construction is used in a wide range of applications across different sectors, offering numerous benefits that enhance project quality, speed, and sustainability. In residential construction, precast components are used to build apartment buildings, townhouses, and single-family homes, providing durable and energy-efficient structures. In commercial construction, precast is used for office buildings, shopping centers, and parking garages, where speed and cost-effectiveness are critical. Industrial applications include the construction of factories, warehouses, and power plants, where precast components offer the strength and durability required for heavy-duty operations.
Infrastructure projects, such as bridges, tunnels, and highways, also benefit from the use of precast construction, as it allows for faster project completion and minimizes disruption to traffic and the environment. The primary benefits of precast construction include improved construction speed, enhanced quality and durability, reduced waste and environmental impact, and increased safety on construction sites. These advantages make precast construction an attractive option for developers, contractors, and governments seeking to build resilient and sustainable infrastructure.
What Factors Are Driving the Growth in the Precast Construction Market?
The growth in the precast construction market is driven by several factors. The increasing demand for faster, more efficient, and higher-quality construction methods is a significant driver, as developers and contractors seek to meet tight project timelines and budget constraints. Technological advancements that enhance the design, manufacturing, and sustainability of precast components are also propelling market growth. The rising need for durable and resilient infrastructure, particularly in regions prone to natural disasters, is driving the adoption of precast construction.
Additionally, the expansion of urbanization and industrialization in emerging markets is contributing to the increased demand for precast construction solutions. The growing focus on sustainability and the use of eco-friendly materials in construction are further boosting the adoption of precast construction. These factors, coupled with the continuous innovation in precast technology and materials, are driving the sustained growth of the precast construction market.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Non-Residential End-Use Sector segment, which is expected to reach US$102.6 Billion by 2030 with a CAGR of a 5.5%. The Residential End-Use Sector segment is also set to grow at 4.0% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $28.7 Billion in 2023, and China, forecasted to grow at an impressive 7.7% CAGR to reach $33.9 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Precast Construction Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as ACS, Actividades de Construccion y Servicios, S.A., Balfour Beatty PLC, Bechtel Corporation, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 296 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $108.2 Billion |
| Forecasted Market Value (USD) by 2030 | $151.7 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Precast Construction - Global Key Competitors Percentage Market Share in 2024 (E)
- Global Economic Update
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
FOCUS ON SELECT PLAYERS
- ACS, Actividades de Construccion y Servicios, S.A.
- Balfour Beatty PLC
- Bechtel Corporation
- Bouygues Construction
- Daiwa House Industry Co., Ltd.
- Granite Construction, Inc.
- Larsen & Toubro Ltd.
- Red Sea Housing Services
- Skanska AB
MARKET TRENDS & DRIVERS
- Rising Demand for Faster and Cost-effective Construction Methods Drives Market Growth
- Technological Advancements in Precast Concrete Manufacturing Enhance Product Offerings
- Government Initiatives for Infrastructure Development Propel Market Expansion
- Increasing Urbanization Expands Addressable Market Opportunity
- Focus on Sustainable Construction Practices Throws the Spotlight on Precast Solutions
- Growing Popularity of Modular Construction Strengthens Business Case for Precast
- Surge in Residential and Commercial Construction Activities Sustains Market Growth
- Rising Investments in Smart City Projects Propel Market Dynamics
- Focus on Reducing Construction Waste and Environmental Impact Enhances Market Prospects
- Increasing Demand for Aesthetic and Customizable Building Components Spurs Innovation
- Growing Use of Precast in Infrastructure Projects Accelerates Market Growth
- Expansion of Construction Activities in Emerging Economies Boosts Market Opportunities
- Integration of Digital Technologies in Design and Manufacturing Propels Market Growth
For more information about this report visit https://www.researchandmarkets.com/r/s62r2t
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