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NEW YORK , Feb. 7, 2022 /PRNewswire/ -- The global precast concrete market size is expected to reach USD 189.25 billion in 2028 and register a revenue CAGR of 5.7% over the forecast period, according to the latest report by Reports and Data. Rapid expansion of the construction and infrastructure industry will drive precast concrete market revenue growth.
Precast concrete is a high-performance material that can be easily integrated with other systems. It inherently provides efficiency, versatility, and resiliency needed to meet the multi-hazard requirements and long-term demands of building structures. Structures made of this type of concrete offer superior resistance to insects, mold, fires, and natural disasters. These also provide resistance to damages from wind, rain, earthquakes, termites, and decay. Maintenance and insurance costs can be reduced because of usage of precast concrete in buildings. Hence, commercial and residential buildings are nowadays made of this concrete. In addition, precast concrete is considered the most technology-friendly building material for commercial application as prefabricated structures do not interfere with local Wi-Fi, radio signals, or internet networks. Thus, installation of wired connections for information technology becomes easier.
Rising disposable incomes and surging global population will fuel market growth. Moreover, advancements and innovations, owing to increasing investments in R&D activities, especially in the construction sector is another factor expected to propel demand for precast concretes. Apart from that, increasing remodeling and renovation activities, as well as construction of various cafés, hotels, and resorts would also contribute to market revenue growth. However, temporary halt of construction activities amid the COVID-19 pandemic due to strict lockdown norms has hampered market revenue growth.
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For the purpose of this report, Reports and Data has segmented precast concrete market based on product type, construction type, application, end-use, and region:
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