Virtual Reality in Construction Market

The global demand for use of virtual reality in the construction industry is experiencing a significant rise, and the market is expected to grow considerably in next few years. An apartment consists of various rooms, electrical fixtures, sanitary fittings, doors, windows, and finishing elements such as paints and flooring. A virtual reality solution, typically consists of a viewing system, tracking system, interactive element, artistic element, and sensory system to create a virtual environment. This technology can be used to create a virtual apartment and person can become a part of this virtual apartment to experience it. Thus, the use of virtual reality in construction gives the stake holders and potential customers a very descriptive image of the actual living environment and eliminates the need to physically visit the site, which is a key driver in the growth of the virtual reality in construction market. The hazards and accidents during construction can also be prevented by the use of virtual reality, thus making it a valuable asset for any construction company. The key players in the construction industry are determined towards integrating of virtual reality at a higher degree, which ensures rapid growth of virtual reality in construction sector throughout the forecast period.

Description

This technology is especially useful in the construction sector, which involves various consultancies such as architectural, structural, and MEP in planning of the structure. The incorporation of virtual reality can help in identifying overlaps or defects in the proposed structure by collaboration of different plans prepared by various consultancies. Virtual reality enables the designers to identify and rectify defects in the planning phase of the project. The increasing complexity in construction sector, ensures substantial growth in the use of virtual reality in construction throughout the forecast period.

COVID-19 Impact analysis

• COVID-19 had affected virtual reality in construction sector during the second quarter of 2020 as the demand witnessed a steep decline due to restrictions on construction activities. Major players in the construction industry decreased the production of residential and commercial buildings in the wake of reducing demand because of COVID-19.
• The major demand for virtual reality in construction was previously noticed from the U.S., China, the UK, Germany, France, India, and GCC countries, which are negatively affected by the spread of the COVID-19, thereby decreasing the demand.
• COVID-19 pandemic also negatively affected the use of virtual reality in construction sector due to the restrictions laid on construction activities. Virtual reality development industry is expected to focus on protecting its workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Developers and manufacturers in virtual reality sector can afford declining sales only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis.
• The increase in vaccination drives and leniency in the COVID-19 restrictions has revived the demand for residential and commercial buildings. Which is a positive sign for the recovery of virtual reality in construction. 

Top Impacting Factors

The exponentially increasing population and rising urbanization has rapidly increased the demand for residential and commercial buildings. The increasing safety regulations as well as customer demands have drastically complexified a building structure. The use of virtual reality helps the stake holders to understand the utility of the structure in a better way and make the design more efficient, which is a key driver in the growth of virtual reality in construction sector. The use of virtual reality by real estate consultancies has increased rapidly as it helps the potential buyer to visualize, experience and bond with a building space without the need to invest time by physically visiting the site. Virtual reality also helps collaborate various complicated drawings and specifications that enable the designers to increase the safety and utility of the structure, which further increases the demand for the use of virtual reality in construction. The complexity of construction sector as well as high initial cost of implementation are the restraints in the growth of virtual reality in construction industry. Virtual reality can also be used to train personnel to work in risky environments such as skyscrapers and tall bridges, which ensures substantial growth of virtual reality in construction market.

Market Trends

• The key players in the industry are collaborating with various technology providers to achieve more efficient integration of virtual reality in construction industry. For instance, Zillow, a world leader in real estate has collaborated with Ricoh, a Japanese 360-degree camera manufacturer to provide potential customers the ability to move around a virtual copy of the house.
• One Alliance by Anglian Water, a company that designs and constructs water treatment plants has adopted virtual reality in early stages of design which helps in identifying design inconsistencies and making the facility more efficient.
• Barton Malow Company, has extensively adopted the virtual reality technology to present the designs to their clients which gives a better understanding of the design and helps make the project more efficient.
• Mortenson Construction has developed a method to use a Navisworks model to coordinate MEP elements using Virtual Reality, which helps in simplifying complex portions of the project.

Key Benefits of the Report

• This study presents the analytical depiction of the virtual reality in construction along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the virtual reality in construction market share.
• The current market is quantitatively analyzed to highlight the virtual reality in construction market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed virtual reality in construction market analysis based on competitive intensity and how the competition will take shape in coming years.

 Virtual Reality in Construction Market Report Highlights