Global Precast Construction Market - Key Drivers and Forecast from Technavio
June 19 2017 - 03:23PM
Business Wire
Technavio analysts forecast the global precast
construction market to 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 growth,” says 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 growth,” says Anju.
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
+1 630 333 9501UK: +44 208 123 1770www.technavio.com