Precast Construction Market: Introduction
Precast construction, also known as prefabricated construction, finds application in the construction of structures or buildings where most of the structural components are standard and made in plants located away from the construction site. They are then transported to the site for installation. Precast construction involves mass production of components and hence offers several advantages, such as optimum time management, increased efficiency, consistent quality and cost effectiveness. Besides these factors, precast construction gains an edge over conventional construction due to its relatively high durability, ease of installation and reduced product maintenance. Structures are successfully erected at a much faster pace with the use of precast construction; thereby increasing its market demand. The aesthetic superiority, coupled with lesser maintenance and increased durability offered by precast construction are driving global demand for the precast construction market.
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Precast Construction Market: Dynamics
Precast construction technology has been found to be environment-friendly; hence, the technology has gained widespread approval from all over the globe. Besides the techno-economic benefits, precast construction delivery has been inducing users to switch to this new technology from the conventional one.
In the North American region, especially the U.S., new market participants could make a foothold after a relatively comfortable entry in smaller, niche construction segments in the near future. However, hurdles could be expected during market entry in the most important industry verticals as existing market participants in the precast construction market have the benefit of an established customer base and in-depth market knowledge, apart from their existing brand image – at least at a local level.
Besides, some of them have vertically integrated enough to produce cement and concrete, thereby gaining considerable advantages in terms of production cost and infrastructural efficiency, which would be inaccessible to new entrants. Thus, it could be expected that in the near future, new precast construction companies would successfully enter only niche U.S. sub-markets.
Precast Construction Market: Segmentation
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Precast Construction Market: Key Players
Examples of some market participants in the global precast construction market are as follows:
- Acs actividades de construcción y servicios S.A (Spain)
- Komatsu Ltd. (Japan)
- Bouygues Construction (France)
- Larsen & Toubro Limited (India)
- Taisei Corporation (Japan)
- Balfour Beatty plc (UK)
- Kiewit Corporation (US)
- Laing O’Rourke (UK)
- Julius Berger Nigeria Plc (Nigeria)
- Red Sea Housing Services (Saudi Arabia)
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