| A10229 | Pages: 259 | Feb 2021 | 5121 Views | ||
| Author(s) : Amol Phoke, Priyanka Khandelwal , Onkar Sumant | Tables: 133 | Charts: 80 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !The global construction 4.0 market size was valued at $9,786.9 million in 2019 and is projected to reach $29,101.5 million by 2027, registering a CAGR of 18.2% from 2020 to 2027. Digitization in the construction industry is termed as construction 4.0, which uses technologies such as building information modeling (BIM), artificial intelligence (AI), and other technologies. Industrial 4.0 technologies are used in the construction industry to avoid human errors, avoid repetitive work, and improve productivity of construction projects Industry 4.0 adopts technologies for decision making, and remain connected with each other through sensors and internet connectivity for construction activities.
Rise in urban population leads to increase in residential and commercial construction activities globally, thereby fueling the growth of the construction 4.0 market. For instance, in August 2020, according to report on economy of Canada, total capital investment in construction building in Canada grew by 12% from May 2020-June 2020. Such increase in spending on construction building activities is anticipated to drive the construction 4.0 market growth. In addition, rise in construction of new roads and highway construction in developing countries, such as India, Brazil, and others, fuels the growth of the market. For instance, the government of India declared to construct a bridge on the Brahmaputra river in Assam in October 2018. The project will be completed by 2026.
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Trend demonstrates that IoT, big data, DevOps, and others are some of the technologies that are largely used in the construction industry. Major players, such as Autodesk Inc, Oracle Corporation, and others, are offering construction management software specifically for the construction industry. For instance, in September 2020, Autodesk Inc. launched a new model for Autodesk construction cloud. This construction software is operated by using technologies such as Navisworks and BIM 360 model. This software helps to save time, maintain accuracy, decrease schedule risk, and avoid repetitive work at construction sites. Such product launches are anticipated to drive the growth of the construction 4.0 market.
However, lack of skilled labor, high capital investment required, and lack of security are anticipated to hamper the growth of the construction 4.0 market. On the other hand, rise in awareness of IoT, BIM, and other technologies in construction is anticipated to provide lucrative opportunities for the growth of the construction 4.0 market trends.
The COVID-19 pandemic has forced many companies in the global construction 4.0 market to stop their business activities to comply with new government regulations for prevent the spread of coronavirus. This halt in business activities of construction 4.0 industries directly impacted the sales of the construction 4.0 market. For instance, the sales of Hilti Corporation declined by 13.1% from FY 2019 to FY 2020. Further, reduction in the count of novel coronavirus patients in the coming days is expected to be witnessed due to safety measures taken by governments and medicines to be launched at early 2021 or by the end of 2021. This is further projected to re-initialize the construction 4.0 market players by adopting partnership and agreement, which is expected to aid the market to recover by the start of 2022.
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The global construction 4.0 market is segmented on the basis of solution, technology, application, end user, and region. Based on solution, the construction 4.0 market is fragmented into hardware, software, and services. Based on technology, the global construction 4.0 market is categorized into IoT, artificial intelligence, industrial robots, and others. Based on application, the market is divided into asset monitoring, predictive maintenance, fleet management, wearables, and others. By end user, the market is classified into residential and non-residential. Region-wise, the market has been analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Based on region, Asia-Pacific is expected to grow at the highest rate during the forecast period.
Key companies profiled in the report include Advanced Opto-Mechanical Systems and Technologies Inc, ABB Ltd, Autodesk Inc, Mitsubishi Electric Corporation, CalAmp Corporation, Hexagon AB, Hilti Corporation, Topcon Corporation, Trimble, Inc., and Oracle Corporation.
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The major players operating in the global construction 4.0 market have adopted partnership, acquisition, and product launch as key developmental strategies to improve the product portfolio of construction technologies. For instance, in August 2020, Autodesk Inc acquired Pype Inc, based in Virginia, U.S. Pype Inc is a software company that is engaged in providing AI-based solutions for the construction industry.
The acquisition aimed to improve the product portfolio of construction 4.0 products and services.
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Key Benefits For Stakeholders
Key Market Segments
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Digitization in the construction industry is termed as construction 4.0. Construction 4.0 uses concepts such as IoT, 3D printing, virtual reality, and others. Such technologies are used in the construction industry to avoid human errors.
The construction industry is digitizing by adopting information and communication technology (ICT). This technology includes the use of design, construction, and operation to improve productivity. Major players are adopting acquisition as a key developmental strategy to improve the product portfolio of construction technologies. For instance, in December 2020, Hexagon AB acquired OxBlue Corporation, based in the U.S.
OxBlue Corporation deals in construction visualization technology. It provides high definition, live streaming service, and delivers real-time visual documentation of everyone on the job site. The acquisition aimed to integrate AI and machine learning technology in construction technology.
Moreover, around 83% contractors are using wearable technologies in the construction industry to reduce fatal injuries on jobsites and construction spaces. BIM, 3D modeling, and other technologies are largely used in the construction industry, owing to designing the construction of job sites and buildings. Major players are using product launch as a strategy to improve their product portfolio. For instance, in April 2019, Oracle Corporation launched a new BIM model Aconex coordination cloud. This BIM technology uses 3D, 4D, and 5D modeling for the construction industry. This system has features such as seamless clash, dashboard view, creating of viewpoints, and integrated measurement.
However, lack of skilled labor, less capital in developing countries, and absence of security are anticipated to hamper the growth of the market. Furthermore, rise in awareness about construction 4.0 technologies is projected to provide lucrative opportunities for the growth of the construction 4.0 market.
A. The global construction 4.0 market size was $9,786.9 million in 2019 and is projected to reach $29,101.5 million in 2027, growing at a CAGR of 18.2% from 2020 to 2027.
A. The forecast period considered for the construction 4.0 market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.
A. The base year considered in the global construction 4.0 market is 2019.
A. The report for global construction 4.0 market doesn’t provides Value Chain Analysis, but if there is a requirement for the same, it could be added as an additional customization.
A. On the basis of technology, the IoT segment is expected to be the most influencing segment growing in the global construction 4.0 market report.
A. Based on end-user segment in 2019, the non-residential segment generated the highest revenue, accounting for nearly three-fifths of the market share, and is projected to grow at a significant CAGR from 2020 to 2027.
A. The report contains an exclusive company profile section, where the leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
A. An increase in government spending on infrastructure activities and growing demand in emerging economies such as Vietnam, Indonesia, and India are the top market and trends influencing the construction 4.0 market in Asia-Pacific.
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