Sub-Saharan Africa Ferrocement Market to Grow at a CAGR of 8.98% Through 2028
Rising Infrastructure projects & Mass Housing
Developments in the nations are driving the Sub-Saharan
Africa Ferrocement Market.
According to TechSci
Research report, “Sub-Saharan Africa Ferrocement Market
- By Region, Competition, Forecast & Opportunities, 2028”. The market for sub-Saharan Africa
ferrocement is expected to be valued USD 405.79 million and register CAGR of 8.98% over the upcoming years i.e.,
2023 to 2028 because of factors including rapid population growth and urbanization,
growing infrastructure activities, increasing agricultural productivity, rising
marine industry, and increasing use of renewable power generation across the sub-Saharan
Africa countries.
Governments in Sub-Saharan Africa are
increasing their usage of renewable energy as rising urbanization, population
expansion, and economic development drive electricity demand while governments
across the region try to provide access to affordable energy. The decreasing
cost of solar energy
systems, which enables the area to move ahead to sustainable and low-carbon
alternatives, is another factor supporting the use of renewable resources in
Sub-Saharan Africa. According to the Africa Solar Industry Association (AFSIA)
in 2021, there are currently over 7,600 solar projects in the pipeline and over
1,000 solar projects that are already operational, which will cause the
Sub-Saharan Africa Ferrocement Market to expand at a faster rate during the
forecast period. More blackouts also create opportunities for rooftop solar
growth and, by extension, for the market participants in ferrocement as
industrial and residential demand grows and costs decline. Furthermore, the
availability of renewable resources in Sub-Saharan Africa makes it an appealing
region for international investment. Foreign firms spent more than USD 34.7
billion in the renewables sector up until the end of 2020, with USD 20 billion
going to the solar power
industry. Therefore, it is anticipated that demand for ferrocement would rise
in the next years all throughout the area as a result of efforts to make the
region dependent on renewable sources like solar, biogas, etc.
Based on application, the sub-Saharan
Africa ferrocement market is segmented into Agriculture, Water Supply &
Sanitation, Rural Energy, Housing, Marine, and Others. The Sub-Saharan
African cement market is dominated by the agriculture category, which will have
a 32.17% market share in 2022. Agriculture in Africa has a major social and
economic influence. In Sub-Saharan Africa, agriculture supports about 60% of
the population and generates around 23% of the region's GDP. Three
countries—Ethiopia, Tanzania, and Nigeria—account for 60% of Sub-Saharan
Africa's total production capacity, according to a study of the potential of
production in the region's 44 countries. Important developments affecting
agriculture in Sub-Saharan Africa include rapid urbanisation and growing
population. The building of canals, gates over dams, cross-drainage work,
aqua-duct, and penstocks, among other agricultural infrastructure projects, are
major applications of ferrocement. Following the African nations' Maputo
Declaration Meeting, the African Union was created. The Global Comprehensive
Africa Agriculture Development Programme (CAADP) is boosting food security in
the area through increasing agricultural revenue in African countries. To
guarantee that agricultural production increases by at least 6% annually,
budgetary allocations for agriculture need to be set at 10%.
In terms of geography analysis, the sub-Saharan Africa
ferrocement Market is segmented into eight major countries namely, South Africa,
Nigeria, Ethiopia, Kenya, Angola, Ghana, Tanzania, and Zimbabwe. With a market
share of 25.21% in 2022, South Africa is the market leader in the Sub-Saharan
region of the world. Due to the abundance of natural resources and favorable
agricultural environment in South Africa, the country's economy has
historically been built on primary industries. Some of the key contributors to
the GDP and the economic engine include the manufacturing, wholesale and retail
commerce, financial services, transportation, mining, agricultural, and tourism
sectors. The World Bank estimates that South Africa's GDP was USD 41,9946
million in 2021. The GDP contribution of South Africa to the world economy is
0.31%. According to a collection of development indicators by the World Bank,
which used information from reputable sources. In 2021, the rural population of
South Africa was estimated to be 32.15 per cent of the overall population of
the nation. The country has a much smaller rural population than other
Sub-Saharan African countries. The Additional Growth Path acknowledged
underlying difficulties with the economy and identified opportunities in
certain sectors and industries or employment drivers to reach its target of
five million new jobs by 2020. Infrastructure lays the groundwork for increased
growth, diversity, and job creation, therefore as authorities focus on
developing infrastructure, the South African Ferro Cement Market is anticipated
to expand.
Browse over 31 market data Figures
spread through 87 Pages and an in-depth TOC on the "Sub-Saharan Africa Ferrocement Market"
Key market players in the
Sub-Saharan Africa Ferrocement Market include:
- Milinkovic Company Limited
- Univar Solutions Inc. (Chempoint)
- AM-COR Inc.
- Constrotech Innovative Components
- Prefer Industries
- Rocla (Pty) Ltd
- COMAC (Construction Management & Consulting Services) Ltd
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“Sub-Saharan African governments are increasing their usage of renewable
energy as rising urbanisation, population growth, and economic development are
pushing up electricity consumption and governments across diverse nations are
attempting to enhance access to inexpensive energy. Solar panel manufacturing
has utilised ferrocement. The decreasing cost of solar energy systems, which
enables the area to move ahead to sustainable and low-carbon alternatives, is
another factor aiding the adoption of renewable resources in Sub-Saharan
Africa. Additionally, the factors like rising urbanization, improving water
infrastructure as well as growing use of renewable power generation fuel the
market growth of the Sub-Saharan Africa ferrocement market.” in the upcoming years Mr Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Sub-Saharan Africa
Ferrocement Market, By Application (Agriculture, Water
Supply & Sanitation, Rural Energy, Housing, Marine, Others), By
Manufacturing Process (Centrifuging, Guniting, Semi Mechanized, Hand
Plastering), By Region, Competition, Forecast & Opportunities, 2028”, has
evaluated the future growth potential of Sub-Saharan Africa Ferrocement Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Sub-Saharan
Africa Ferrocement Market.
Contact
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