Precast construction market is expected to reach $185,232 million by 2022 growing at a CAGR of 6.3%.

PORTLAND, OREGON , UNITED STATES, January 5, 2021 /EINPresswire.com/ -- The global precast construction market is segmented based on product type, construction type, and end-user sector. Based on the type of products, the precast construction market is segmented into columns & beams, floors & roofs, walls, staircases, girders, paving slabs, and others. Columns & beams are the most dominant product type constituting for around 24.5% of the overall market in 2015. The columns & beams segment is projected to grow at the CAGR of 6.6% during the forecast period, owing to the factors, such as improved work-zone safety for workers, easier material handling, and minimized need for erection of framework.

Based on construction type, the precast construction industry is segmented into modular construction and manufactured homes. Modular construction segment dominates the market in 2015 and is expected to maintain its dominance during the forecast period growing at a CAGR of 6.8%. The modular construction market is expected to increase mainly because of over-riding client requirements for speed of construction, improved quality, and for early return of investment. The precast modular construction market was estimated to be $99,236 million in 2015.

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The precast construction market based on end-user sector is categorized into residential and non-residential segment. Non-residential segment includes infrastructure projects such as tunnels, bridges, flyovers, railway sleepers, metro projects, and others. The non-residential segment also includes stadiums, museums, supermarkets, hospitals, and others. The non-residential segment dominates the market in 2015 accounting for $83,978 million in 2015. The expertise of precast construction companies in project management, design, manufacturing, and on-site erection of precast elements enables them to offer tailored, cost-effective solutions for non-residential constructions.

By geography, the precast construction market is analyzed across four regions, namely North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries. Asia-Pacific was the most dominant geographical market in 2015, is estimated to grow at a CAGR of 7.2% due to increase in construction expenditure in the emerging countries of China, India, and other South East Asia. Mega projects in petro-chemical, oil & gas, mining & energy, and construction industries are constantly exploring the opportunity within modularization as a way of shortening project timelines, lowering costs, and enhancing project quality.

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Key Findings of Precast Construction Market

Modular constructions market accounted for $99,236 million in 2015 and is expected to grow at a CAGR of 6.8% during the forecast period.

Precast girders market is expected to grow at a CAGR of 6.7%.

Non-residential is expected to grow at a CAGR of 6.6% during the forecast period.

Asia-Pacific is expected to be the fastest growing regional market with a CAGR of 7.2%.

The key players in the market focus on collaborations, partnerships, and product developments to remain competitive in the market. Some of the key players in the precast construction market include ACS Group, Balfour Beatty plc, Bouygues Construction, Julius Berger Nigeria plc, Kiewit Corporation, Komatsu Ltd, Laing ORourke, Larsen & Toubro Limited, Red Sea Housing Services, and Taisei Corporation.

The other companies mentioned in the report include Putzmeister Holding, EBAWE, Elematic Inc. and Weckenmann Anlagentechnik GmbH & Co. KG and Spiroll Precast Services Ltd.

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