Pre-cast construction Global Market – Overview
The Global Pre-cast construction Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Pre-cast construction will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2021, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2021).
The global pre-cast construction market is driven by the growth in construction and infrastructure industry along with increased green building practices. The pre-cast construction market is highly dependent on its applications such as residential, commercial and infrastructure development. With the rising industrialization, the need for time saving construction methods are required, which has widened the scope of pre-fabricated/pre-cast construction. Furthermore, the global awareness about the eco-friendly construction has also opened doors for the pre-cast construction in a big way.
The real estate, fastest growing industry, is one of the key driver for the Indian economy. It is accountable for propelling India’s overall development. It includes sub sectors such as residential space, retail space, hospitality space, commercial space, and Special Economic Zone (SEZ). According to India Brand Equity Foundation (IBEF), the real estate sector is expected at USD 93.8 billion in 2014 and is projected to reach USD 180 billion by 2020. The Private Equity (PE) investment in 2010 was USD 0.8 billion and was USD 3.96 billion in 2015. The PE investments in real estate have grown at a CAGR of 37.7% from 2010 to 2015. Number of PE deals in 2015 was 90 while there were 30 Urbanization plays a crucial role in construction industry. The urbanized population has increased exponentially from 1994. Rapid urbanization has intense effect on the increased demand for housing, jobs, transportation and infrastructure.
According to the World Bank, the Indian urban population has reached 32.75 million in 2015. India’s urban population is 32.75% of total population in 2015 and is expected to reach 40.0% by 2030. The government is taking significant steps by assigning funds to improve urban infrastructure. The government is formulating policies and programes to enhance urbanization such as Jawaharlal Nehru National Urban Renewal Mission (JNNURM). The focus of this mission is to develop urban infrastructure and services such as housing, water supply and sanitation, urban transport, road network, and development of inner/old city areas amongst others. This will boost demand for the Pre-cast Construction buildings in India.
Special Economic Zones (SEZ) is established to promote industrialization and economic growth through sustainable development. As per Ministry of Commerce, SEZs can enjoy tax breaks, simplified procedures, less regulations and restrictions, exemption from customs and duties, to promote exports of goods and services, encourage foreign investment, create employment opportunities, and to develop Infrastructure facilities. Due to these government policies, the number of SEZs in India is growing significantly. This will boost demand for the Pre-cast Construction buildings in India.
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Balfour Beatty, Komatsu Ltd., Kiewit Corporation, ACS Actividades de Construcción y Servicios S.A., Skanska AB Larsen & Toubro Limited, Red Sea Housing Services, System House R & C Co., Ltd., Taisei Corporation, Balfour Beatty Plc, Bouygues Construction, Laing O’Rourke and Julius Berger Nigeria Plc. and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Pre-cast construction Market.
Major Developments in the industry
The government is taking more initiative to develop “100 smart cities”. It is also launching a new urban development mission and “Make in India” campaign. The objective of this mission will be to develop 500 cities, which include cities with a population of more than 100,000 and some cities of religious and tourist importance. These cities will be supported and encouraged through Public Private Partnerships (PPPs) investment for infrastructure and services developments in the next 10 years.
This concept of Pre-cast Construction building has lot of scope for the development of these types of government initiatives. Pre-Cast Construction is a unique construction concept in the construction industry which is ideal for the needs of modern engineering industry. Pre-cast construction can be used for the shortage of housing, institutions, airports, railway stations, industrial buildings, and cold storages amongst others. The advantage of pre-cast construction is good quality, fast construction, cost effective & better design, and greater safety as compare to conventional construction.
July, 2016- With about 60,000 homes required per year to house the current number of houseless families in India’s rapidly growing population, it makes sense that people are turning to precast and prefabrication as a way to meet the demand of the country. As part of the building materials group CRH, Halfen Moment Group is ideally positioned to facilitate the transition towards a more efficient precast output; thanks to its local engineering presence and access to state-of-the-art connection technologies from its sister companies and partners in USA and Europe.
March, 2015, Red Sea Housing Services Company, the Saudi Arabian manufacturer of prefabricated worker camps and affordable housing projects, has signed a joint with Brazilian developer Direcional Engenharia which will see the pair target projects across the GCC. Red Sea Housing has signed two deals – one of which covers the provision of technical services, while the other is a joint venture, with Direcional Engenharia. It is a Brazilian developer which is a specialist in affordable housing.
Pre-cast construction Market – Segmentation
The Pre-cast Construction Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Material : Comprises Steel, Concrete, Wood, Plastic, and Others.
Segmentation By Construction : Comprises Manufactured and Modular
Segmentation By Application : Comprises Commercial, Residential, Infrastructure, and Others
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Pre-cast construction Market: Regional Analysis
APAC dominates the Global Pre-cast Construction market with its fast growing market worldwide. It will expand at a rapid CAGR over the forecast period. The region is expected to show rapid infrastructural growth. With lot of investments in the regions of China and India, the construction sector is growing. The inflow of foreign investment in India further augments the market for pre-cast construction.
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