Portland, April 18, 2019 (GLOBE NEWSWIRE) -- According to a report published by Allied Market Research, the global precast construction market accounted for $137.40 billion in 2017 and is expected to attain $185.23 billion by 2022, growing at a CAGR of 6.3% during the forecast period, 2016-2022.

The growth of the global precast construction market is driven by rapid urbanization and industrialization in emerging economies, increased efficiency of precast construction, and rise in demand for the development of low-cost residential units. However, low confidence in precast construction in earthquake-prone regions and lack of skilled labor in developing countries restrict market growth. Nonetheless, increasing investment in infrastructure is expected to provide lucrative opportunities for emerging market players in the near future.

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By product type, the paving slabs segment is projected to grow at the highest CAGR of 7.2% during the forecast period, on account of enhancing safety during construction and its large potential to produce higher quality pavements. However, the columns & beams segment generated half of the overall revenue in 2017 and is expected to maintain this dominance through 2022.

By end user, the non-residential segment occupied three-fourths of the total market in 2017. This segment is also poised to register the highest CAGR of 6.6% through 2022, owing to high demand for low-cost housing due to increasing urban population in both developed and developing countries.

By construction type, the modular construction segment generated about four-fifths of the overall revenue in 2017 and is expected to grow at the highest CAGR of 6.8% from 2016 to 2022. Asia-Pacific accounted for the largest share in 2017, contributing nearly half of the market, owing to an increase in demand for residential construction in the region.

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The key players analyzed in the report include ACS Group, Bouygues Construction, Julius Berger Nigeria Plc, Komatsu Ltd., Laing O’Rourke, Larsen & Toubro Limited, Taisei Corporation, Balfour Beatty plc, Kiewit Corporation, and Red Sea Housing Services. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.

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