The Business Research Company's precast concrete market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, July 27, 2022 /PRNewswire/ -- Precast concrete manufacturing plants are increasingly using digital technologies such as the internet of things (IoT) to improve plant efficiency and productivity. IoT helps in remote monitoring and predictive maintenance of a precast concrete plant. IoT technology offers benefits such as increased asset uptime, efficient predictive maintenance, and faster processing and delivery time.
For instance, in 2020, Komatsu, a Japan-based construction equipment manufacturer, launched 4 IoT devices and 8 applications, which help construction managers to monitor and analyze the work. These applications and IoTs have capabilities to provide reports on fuel saving options, check completion of design execution according to the input design diagrams, and alert the user when consumable parts need replacement.
The global precast concrete market size is expected to grow from $95.86 billion in 2021 to $100.99 billion in 2022 at a compound annual growth rate (CAGR) of 5.35%. The precast concrete market share is expected to reach $125.46 billion in 2026 at a CAGR of 5.57%.
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Industrialization Is A Major Driver For The Precast Concrete Manufacturers Market
Increasing industrialization has contributed to the growth of the precast concrete market. Industry 4.0 is a US-based initiative that aims to transform how businesses produce, enhance, and distribute their goods. Building materials manufacturers are being pushed by Industry 4.0 to expand capacity, use less energy and raw materials, and emit less CO2, while also promoting the creation of ecologically friendly products. For instance, in April 2022, according to Ministry of Statistics and Program Implementation data, industrial production in India jumped 7.1% year-on-year, advancing from an upwardly revised 2.2% rise in the previous month and beating market expectations of a 5.1% rise.
According To Precast Concrete Industry Statistics, Holcim Group Was The Leading Competitor In 2021
Holcim Group was the largest competitor in the precast concrete market in 2021, with a 0.67% share of the market. Holcim's growth strategy focuses on developing its solutions and products business divisions through strategic acquisitions. For instance, in July 2019, Holcim entered into an agreement with ORESA for the acquisition of Somaco, a producer of precast concrete in Romania. Somaco offers precast solutions for subways, logistics platforms, tunnels, and bridges and also supplies products for the residential sector. Through this acquisition, the company aims to strengthen its position in the Romanian building materials market.
Health And Safety Issues Pose A Limitation To The Market's Growth
Health and safety issues have always been a major concern in any construction activity, including the making of precast concrete. Construction workers' duties include handling loads manually, managing dangerous products, being near falling objects, working at heights, in small spaces, underground, and near live electrical wires. The American construction industry comprises just 6% of US workers but witnesses around 20% of the fatalities-thereby accounting for the largest number of fatalities compared to any other industry.
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