Precast construction industry set to pass $185bn value mark by 2023

By Tom Wadlow
Global demand for precast construction is set to grow at a rate of 6.5% a year, reaching $185.35bn in value by 2023. Precast construction includes the...

Global demand for precast construction is set to grow at a rate of 6.5% a year, reaching $185.35bn in value by 2023.

Precast construction includes the likes of manufactured homes and modular constructions, buildings which are made off-site and moved to their final location.

The report by HNY Research cites the major reason for this growth as urbanisation and the resultant wave of large-scale investments.

See also:

A large segment of this industry is the precast concrete market, which another report has said will surpass $138bn in value by 2022, growing at a similar rate to the wider precast construction sector (5.96%).

The construction industry witnessed a significant change with the introduction of precast technology as it allows building more structures with reduced time and cost as compared to the conventional on-site construction method.

Being constructed under a closed and controlled facility, the precast modules are less affected by adverse environmental conditions such as excessive moisture, heat, and pollution.

Asia Pacific is the largest consumer of precast concrete products, with big markets including China, India, Japan, Indonesia and Australia.

In an interview with Construction Global magazine, Senior Market Advisor for Techcrete John Hunt explained another reason for the rise in demand.

“Developers with new capital are coming into the market developing homes and they’ve had to look beyond the existing supply chains at more productive, cost certain methods of delivering homes,” he said.

“There are newcomers in the space embracing more productive ways of delivering who are less reliant on the ebbs and flows of labour.”

Share

Featured Articles

Dubai Extends Metro as Millions Switch to Public Transport

Dubai to spend US$4.9 billion on extension to successful Metro system to connect more residential communities to growing public transport system

New construction contracts released for HS2 UK rail project

Great Britain’s high speed railway construction project is set to bring another £1bn of benefits to British businesses

How to lead a successful EDI migration process

Software developer Comarch, which has over 20 years of experience in data management, shares tips on the potentially challenging EDI migration process

Changing EDI provider & how to find the right one

Technology & AI

Tinamu drone automation revolutionises inventory management

Digital Construction

COBOD's BOD2 3D printer used to build a school in Ukraine

Construction Projects