Technavio analysts forecast the global precast construction marketto grow to USD 165.99 billion by 2021, at a CAGR of more than 6% over the forecast period, according to their latest report.
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Technavio has published a new report on the global precast construction market from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global precast construction market for 2017-2021 provides a detailed industry analysis based on the end-user (non-residential and residential) and geography (APAC, Europe, and North America).
|Precast construction structures are produced by casting concrete in molds of desired shape and size that are required in constructing buildings, infrastructure, and others. The booming residential sector in the US, owing to the strong job growth and rebounding economy, is expected to give a big boost to the demand for precast structures.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global precast construction market:
- Growth in infrastructural development
- Rise in demand for affordable housing
- Road infrastructural development in the US
Growth in infrastructural development
"The precast construction industry is largely dominated by government-initiated infrastructural works. Countries such as China, India, and the US are the major markets witnessing significant growthsays Anju Akaykumar, a lead analyst at Technavio for construction research.
APAC is witnessing extremely high rates of infrastructural development and construction spending owing to the growth in population, urbanization, and industrial development. Smart Cities Mission, Make in India initiative, and Housing for All initiatives announced by the Government of India will remain a huge driver for the construction industry, and thereby the precast construction market.
Rise in demand for affordable housing
The rapid growth of population around is creating additional infrastructural requirements in many large cities of South America, Africa, India, and other emerging nations. People in these regions need safe, affordable, and comfortable residential spaces. Precast construction is proved to be the most cost-efficient, fast, and sustainable building technology for the large housing projects.
Also, the fast-paced urbanization has made affordable housing the top priority of governments across the world. For instance, the Kenyan and Indian governments are committed to providing affordable housing for all its citizens and spending considerably to ensure the same. Such initiatives are creating revenue generation channels in the precast construction market.
Road infrastructural development in the US
In December 2015, the US government passed the USD 305 billion five-year highway plan, which is expected to be a major driver for the precast construction industry. Since most of the manufacturers of precast supply transportation infrastructure, the passage of the bill is expected to have a favorable impact on the precasts as they will start the production process.
"It is very clear that increased infrastructural spending in the US will have a favorable impact on precast production. The construction of bridges, highways, and other road infrastructure demands a large amount of precast material, thereby driving the market growthsays Anju.
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