The technology is expected to revolutionize the entire construction industry by offering a vast pool of advantages. The increasing awareness among the consumers concerning the technology is anticipated to be the biggest driver of the market. Aside from this, the global market is expected to be spearheaded by North America in the coming years.
Pune, India, July 16, 2019 (GLOBE NEWSWIRE) — It was noted in a report released by Market Research Future (MRFR) that the global 3D concrete printing market will garner a notable CAGR of 14.05% during the period between 2017 and 2023.
The report further mentions that the market valuation will reach an expected figure of USD 69.9 million by the end of the forecast period in 2023.
Revolutionizing the Construction Industry
New and innovative technologies and trends are constantly shaping the construction industry for the better. Technologies like augmented reality, drones on building sites, robotic automation, and others are strikingly aiding builders with various key benefits.
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Another equally high-tech novelty that boasts the potential to revolutionize the construction arena is 3D printing of concrete. The technology includes the use of massive 3D printers to spray layers of construction waste and cement to produce vital components that can be amassed together into houses. 3D concrete printing is an effective construction measure that consumers less time and produces minimal wastage.
Increasing Public Awareness to Drive the Market
The 3D Concrete Printing Market is gaining quick mileage in the global landscape due to the increasing awareness among consumers and builders about its benefits. With the rising urban population, there is an imperative need for more and more housing facilities. This is expected to drive the demand for 3D concrete printing due to its fast-paced nature.
Additionally, increasing awareness about green buildings and the favorable support from the government is expected to drive massive growth to the global market. It is also anticipated that the 3D printing market will garner massive investments to further develop advanced printing machines. This is subsequently slated to drive the global market of 3D concrete printing.
It is worth noting that awareness concerning the technology is not limited to the general public and builders in the construction sector. Various research institutes are collaborating with commercial entities to bring forward smarter and effective 3D printing programs. These collaborations are projected to be highly beneficial for different construction activities.
The global 3D Concrete Printing Market includes a host of key players. This includes names such as Balfour Beatty, Skanska AB, HeidelbergCement AG, Dus Architects, LafargeHolcim Ltd, Winsun Global, Sika AG, Apis Cor, Foster + Partners, Cybe Construction, and others. The players are contributing to the overall growth of the 3D concrete market with their constant innovations and developments.
On April 23rd, 2019, BESIX, a pioneering construction company, announced through an official release that it is launching its 3D concrete printing studio in Dubai, UAE. The move will thereby provide the region with a highly innovative solution for construction requirements.
Ready Mix Concrete Expected to Lead the Market Charts
The global 3D concrete printing market is segmented on the basis of concrete type into precast concrete, ready mix concrete, high-density concrete, and shotcrete. The ready mix concrete segment is the highest contributor to the global market. The segment held 36.26% of the market share as per the 2016 study. This is due to benefits like reduced need for cement and faster construction activities that the segment offers.
Residential Construction Segment Likely to Continue its Dominance
The global 3D concrete printing market in terms of application segments into residential, agriculture, industrial, and others. Among these, the residential construction segment holds the dominant portion of the global market and is expected to continue its stay at the top of the standings in the coming years. This is due to the increasing urbanization across various developing nations and the booming demand for housing. The segment is anticipated to grow during the ongoing forecast period at a compound annual rate of 15.35%.
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Walls Segment to Spearhead the End-user Market Category
The global 3D concrete printing market in terms of end-users is segmented into floor, walls, roofs, and staircase. The walls segment held the highest share of the market back in 2016. The segment is expected to lead the global market with 33% of the share under its name.
North America to Stand out as the Leading Regional Market
The North American region is reported to dominate the global 3D concrete printing market landscape during the forecast period. The region accounted for 35.63% of the global market back in 2016 and the percentage is slated to increase in the coming years. The projected growth of the regional market is said to be at an annual rate of 14.2% due to the burgeoning demand for green buildings herein.
Ready-mix concrete Market Information, By Production (On-site and Off-site), By Application (Commercial, Residential, Infrastructure, Industrial utilities) and Region – Forecast To 2023
Precast Concrete Market: by Product Type (Floors & Roofs, Columns and Beams, Stairs and Landing, Walls), by Application (Structural Components, Architectural Components, Bridge Components), by End-use (Residential, Non-Residential, Agriculture), and Region – Forecast till 2023
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