Precast Concrete Market

Solar Energy is fastest growing segment fueling the growth of Precast Concrete market

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The global Precast Concrete Market is estimated to be valued at US$ 100.68 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview: Precast concrete contains discrete precast concrete elements, including panels, beams, columns, walls, floors, roofs and stairs, that are manufactured elsewhere before being assembled to form structures on site. Precast concrete offers advantages such as rapid installation, reduced waste, minimal disruptions, and cost-effectiveness. The need for prefabricated modular construction materials to reduce time and cost drives demand for precast concrete products.

Market key trends: One of the key trends in the precast concrete market is the increasing demand from the solar energy sector. Precast concrete finds extensive usage in solar farms as it provides a durable platform for mounting solar panels. It withstands all weather conditions and lasts throughout the project lifecycle. Precast concrete structures reduce installation time and cost of solar farms significantly. This is expected to boost the adoption of precast concrete in the fast growing renewable energy industry over the forecast period.
Segment Analysis

The global Precast Concrete Market Size is segmented by product, end use and region. Based on product, the market is divided into floors & roofs, walls & barriers and columns & beams. Among these, the floors & roofs segment accounted for the largest market share in 2023 on account of increasing demand from the construction industry. Floors & roofs provide various advantages like durability, design flexibility, sustainability and faster construction.

Key Takeaways
The global precast concrete market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing infrastructure development activities.

The Asia Pacific region is expected to dominate the market over the forecast period. This is attributed to rapid urbanization and growing construction industry in countries like China and India. Infrastructure developments for metro & highways and increasing construction of malls, airports and other commercial buildings are fueling demand in the region.

Key players operating in the precast concrete market are Oldcastle Inc., Cemex Inc., Lafarge North America, HeidelbergCement, Holcim Inc., Vulcan Materials Co., Colas S.A., Martin Marietta Materials, MDU Resources, and Buzzi Unicem. These companies are focusing on new product developments and expansion into emerging markets to gain market share.

The global precast concrete market size was valued at US$ 100.68 billion in 2023. Precast concrete provides various benefits like environmental friendliness, design flexibility, structural integrity and quicker assembly which is driving market growth. The market is expected to reach US$ 152.81 billion by 2030, growing at a CAGR of 5.4% during the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it