Global Precast Construction Market 2017-2021
About Precast Construction
Precast construction structures are produced by casting concrete in molds while constructing buildings, infrastructure, and others. These structures can be produced from molds of desired shape and size that are required at construction sites. The production of these structures is completely controlled and performed at the ground level, which provides safety throughout the project.
Technavio’s analysts forecast the global precast construction market to grow at a CAGR of 6.04% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global precast construction market for 2017-2021. To calculate the market size, the report considers demand for construction in key regions.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Precast Construction Market 2017-2021
Technavio recognizes the following companies as the key players in the global precast construction market: ACS Group, Bechtel, CSCEC, Larsen & Toubro (L&T), and VINCI.
Other Prominent Vendors in the market are: Balfour Beatty, Bouygues Construction, Daiwa House Group, Granite Construction, Kiewitas, Red Sea Housing, Skanska, and TAISEI.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing trend of smart cities. In many parts of the world, cities are in fast progress, and the number of people who prefers to live in cities is also rapidly increasing. The governments across the world are showing a considerable effort to improve the life of urban people by announcing the initiatives such as smart cities.”
According to the report, one driver in the market is rise in demand for affordable housing. Rapid growth of population around the world demands new infrastructure in many large cities of South America, Africa, and India and in many emerging nations. These nations have a housing shortage of 10 million apartments. People in these regions need safe, affordable, and comfortable places to live in. Precast construction is proved to be the most cost-efficient, fast, and sustainable building technology for the large housing projects.
Further, the report states that one challenge in the market is fluctuating raw material costs. The fluctuating prices of raw materials such as stainless steel and iron ore hinder the growth of the market. The increment in material cost will lead to a rise in the production costs. This impacts the productivity of vendors as well as the profit margins. High price leads to a reduction in sales, thus affecting the profit margins.
ACS Group, Bechtel, CSCEC, Larsen & Toubro (L&T), VINCI, Balfour Beatty, Bouygues Construction, Daiwa House Group, Granite Construction, Kiewitas, Red Sea Housing, Skanska, and TAISEI.