A recently released report by research firm MarketsandMarkets says the pre-cast construction market is expected to grow annually at a rate of 6% to $177 billion by 2021 from $125 billion in 2015.
“This market is projected to witness substantial growth in the next few years with the increase in demand for new constructions across the world, owing to the rapid urbanization and industrialization with large-scale investments in industrial and infrastructure sectors,” the report said.
Further it also noted: “Rise in construction activities in emerging economies and (an) increase in inclination toward sustainable construction methods are increasing the reliance on modern construction techniques, thus creating growth opportunities for the pre-cast construction market.”
MarketsandMarkets stressed that the appeal of pre-cast construction stems mainly from its environment friendly characteristics. Great strides have been achieved in the past decade in pre-cast technology, making it sustainable and viable, the market research firm added.
“The non-residential buildings segment dominated the market in 2015 and is projected to be the fastest-growing end-user sector in the next five years. Increase in public and private investment in the infrastructure sector in the emerging economies of Asia-Pacific, the Middle East, and Latin America are drivers of this growth,” the report explained.