DUBLIN--(BUSINESS WIRE )--The "Precast Construction Market by Product Type, Construction Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global precast construction was valued at $139,100.0 million in 2020 and is projected to reach $227,567.1 million by 2030, growing at a CAGR of 4.9% from 2020 to 2030.
Precast construction includes buildings and infrastructure where most structural components such as columns & beams are standardized and used in manufacturing facilities in a controlled location away from the from the actual constructional sites. The precast technique is used to manufacture custom components such as columns, slabs, walls, stairs, beams and others.
Increase in construction spending, rise in urbanization and industrialization in developing countries, surge in need for low-cost housing units, higher efficiencies and productivity achieved through precast methods, and increase in construction speed through precast technology drive the growth of the market.
For instance, the U.S. Government spending on public and private infrastructure activities increased by 20% from 2012 to 2020. In addition, there is rapid industrialization and urbanization in emerging markets such as China, India, South Korea, and Brazil, which also fuels the growth of the precast construction market.
Moreover, increase in activities such as remodeling, refurbishment, and renovation of old buildings increase investments in the building and construction industry and further fuel the growth of precast construction market.
However, low customer confidence in precast construction in earthquake prone regions is anticipated to hamper the growth of the global precast construction market. Moreover, increase in construction of new buildings is anticipated to provide lucrative opportunities for the growth of the global precast construction market.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900