“The global precast/prefabricated construction market is estimated to register a CAGR of 6.50% for the next five years. The growth of this market is propelled by the increased demand for new constructions throughout the world, especially in Asia-Pacific due to increasing urbanization and industrialization. In addition, the cost-effectiveness and time saving features of precast/prefabricated construction technique are attracting the end-use sectors significantly for its consumption.
With emergence of new technologies, contractors and consumers are looking for advanced and sustainable constructions, which are natural resource-efficient. Asia-Pacific is expected to be the largest market for precast/prefabricated construction owing to the growing population, increasing disposable income, and changing lifestyle of the citizens.
Residential sector as an end-use segment is expected to dominate the global precast/prefabricated construction market among all end-use sectors. Precast/prefabricated wall segment is projected to hold the largest market share among all product types during the forecast period. Similarly, the modular construction segment will dominate the precast/prefabricated construction market among all construction types from 2015 to 2020.
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