The precast concrete market is projected to grow at a CAGR of 5.96%
The precast concrete market is projected to grow at a CAGR of 5.96%
LONDON, April 23, 2018 /PRNewswire/ -- The precast concrete market is projected to grow at a CAGR of 5.96%.
The precast concrete market size is projected to grow at a CAGR of 5.96% during the forecast period, that is, 2017 to 2022, and reach USD 138.96 billion by 2022. The precast concrete market is driven by factors such as increasing urban population, increasing industrialization, and large-scale investments in the industrial and infrastructure sectors. Precast technology allows the construction of a larger number of structures with reduced time and costs, compared to conventional on-site construction methods. The precast method offers the benefits of high quality, increased efficiency, and better finishing. Lack of awareness regarding precast construction techniques and its benefits, along with volatility in transportation charges might restrain the demand for this type of construction.
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The elemental construction segment dominated the precast concrete market in 2016.
The elemental construction segment dominated the precast concrete market in 2016 and is projected to be the fastest-growing segment during the forecast period. This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast modules to build an entire structure across residential and non-residential construction sectors and increase in public and private investment in global infrastructural development, especially in the emerging economies of Asia Pacific and South America.
Asia Pacific is expected to witness a high growth rate during the forecast period.
The Asia Pacific market is projected to be the fastest-growing market during the forecast period.The major factor driving the growth of the market is the large-scale government investments in the infrastructure sector in this region.
Additionally, the increasing population and rising incomes are driving 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.
Breakdown of Primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the precast concrete market.Estimates reached after analyzing secondary sources were validated through these interviews.
Primary sources included professionals such as constructors, concrete suppliers, precast module manufacturers, distributors, consultants, and academic professionals. The distribution of primary interviews is as follows:
-- By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
-- By Designation: C-level - 35%, Director Level - 40%, others* - 25%
By Region: North America - 25%, Europe - 10%, Asia Pacific - 40%, Middle East & Africa - 15%, South America - 10%
*Others include sales managers, marketing managers, and product managers.
The tier of the companies is defined on the basis of their total revenues, as of 2016.
Tier 1: Revenue > USD 5 billion; Tier 2: USD 1 billion < Revenue < USD 5 billion; Tier 3: Revenue < USD 1 billion
The various key players profiled in the report are as follows:
1. Actividades de Construcción y Servicios (Spain)
2. Bouygues Construction (France)
3. Larsen & Toubro (India)
4. Taisei (Japan)
5. Balfour Beatty (UK)
6. Skanska (Sweden)
7. CRH (UK)
8. Cemex S.A.B.DE C.V. (Mexico)
9. Laing O'Rourke (UK)
10. Julius Berger Nigeria (Nigeria)
Research Coverage
The primary objective of this study is to define, forecast, and segment the precast concrete market on the basis of element, construction type, end-use sector, and region.The study also aims at strategically analyzing micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market.
It also provides detailed information about the key market dynamics that include drivers, restraints, opportunities, and industry-specific challenges. In addition, the study analyzes competitive developments such as contracts, mergers & acquisitions, expansions, new product developments, and research & development activities in the precast concrete market.
Reasons to buy the report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the precast concrete market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. The report helps stakeholders to understand the market and provides them with information on key market drivers, restraints, opportunities, and challenges.
3. This report will help stakeholders to better understand their competitors and gain more insights into their position in the business. The competitive landscape section includes contracts, new product developments, acquisitions, agreements, partnerships, and expansions.
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