The global Precast Construction Market size was estimated to be $120,222 million in 2015 and is expected to reach $185,232 million by 2022 growing at a CAGR of 6.3%, according to a new report published by Allied Market Research. Non-residential segment is estimated to be the most dominant end user sector in the precast construction market from 2015 to 2022; while Asia-Pacific dominated the market with 46.6% of the global precast construction market share in 2015.
Precast construction includes buildings where the majority of the structural components are standardized and manufactured in plants in a location away from the building, and then transported to the site for assembly. These components are manufactured by industrial methods based on mass production to build a large number of buildings in a short time at low cost. Precast construction requires continuous monitoring during the design phase and production planning to improve and speed up the construction.
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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.
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.
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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.