Latest industry research report on Precast or Prefabricated Construction Market. Precast components are fabricated offsite, transported at the project site, and installed on a prepared foundation. Under this technology, most of the structural components are manufactured at a location away from the site and then transported at the site for assembling.
This technology is advantageous over the traditional construction practices as it requires less workforce which makes it much easier to manage as well as the risk factors are also reduced. The construction process becomes more organized and standardized and thus, accurate dimensions are obtained leading to better finishing. In addition, it is an eco-friendly technique that produces less wastage.
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The technology is safer and reduces construction time as well as cost of manufacturing. However, lack of information and awareness in buyers and developers has caused slow demand of prefabricated construction products.
In 2015, KEF Infra in collaboration with Embassy Group completed the manufacturing of a commercial building in just 13.5 months that accounts for 50% time saving. The project Embassy 7B is first of its kind in Asia as it is a fully-offsite construction project. Another partnership project started between KEF Holdings and Manipal University to build a research and development center covering an area of about 28,000 square feet at the premises of Manipal University.
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The report segments the world precast/prefabricated construction market on the basis of product type, construction type, end-use, and geography.
By Product type
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