Dublin, Dec. 19, 2024 (GLOBE NEWSWIRE) — The “Construction 4.0 Market Report by Solution, Technology, Application, End User, and Region 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The global construction 4.0 market size reached US$ 16.2 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 56.6 Billion by 2032, exhibiting a growth rate (CAGR) of 14.9% during 2023-2032.
Key players are integrating building information modeling (BIM) to create detailed digital representations of projects. This enhances collaboration, minimizes errors, streamlines project management, and more efficient planning and execution. Besides this, companies are deploying IoT devices and sensors on construction sites and equipment to monitor conditions in real-time.
This enables proactive maintenance, enhances safety protocols, and provides valuable data for informed decision-making. In line with this, major manufacturers are implementing digital twin technology that involves creating virtual replicas of physical assets that enable simulation and analysis of various scenarios. Also, this assists in design validation, performance optimization, and predictive maintenance.
At present, the increasing demand for enhanced planning, executing, and managing solutions in the construction industry is contributing to the growth of the market. Apart from this, the rising number of construction and infrastructure development activities around the world is strengthening the growth of the market. In line with this, various benefits offered by construction 4.0, such as streamlining project management, reducing costs, minimizing delays, and higher quality outcomes, are bolstering the growth of the market.
Besides this, the growing regulatory mandates for safety standards are offering a positive market outlook. Furthermore, the increasing adoption of automation and robotics to perform numerous repetitive tasks is impelling the growth of the market. Additionally, the rising need to address skilled labor shortages is supporting the growth of the market.
North America held the biggest market share due to the presence of advanced infrastructure. Apart from this, the rising integration of digital solutions into construction practices is contributing to the growth of the market in the region. In line with this, the increasing demand to enhance project efficiency is supporting the growth of the market. Besides this, the rising number of commercial and industrial infrastructure projects is impelling the growth of the market in the North America region.
Construction 4.0 Market Trends/Drivers:
Rising adoption of advanced technologies to improve efficiency
The rising adoption of advanced technologies, such as building information modeling (BIM) and data analytics, is contributing to the growth of the market. Additionally, BIM enables comprehensive digital representation of a construction project and facilitates better planning, coordination, and visualization. It also optimizes resource allocation, minimizes errors, and enhances project efficiency.
On the other hand, data analytics provides insights into project performance and allows for informed decision-making and risk mitigation. Stakeholders are rapidly seeking enhanced operational efficiency and cost-effective solutions in the construction industry. As a result, these technologies assist in streamlining project timelines and reducing the overall costs of a business.
Growing demand for enhanced collaboration and communication
The increasing demand for digitalization in construction due to the rising number of complexities in construction projects is offering a positive market outlook. Moreover, there is an increase in the demand for improved collaboration and communication among stakeholders. Digital platforms and the Internet of Things (IoT) devices play an essential role in enabling real-time information sharing and seamless coordination among various teams and disciplines.
In addition, these solutions benefit in enhancing transparency, reducing misunderstandings, and improving decision-making processes by connecting project members remotely and on-site. Furthermore, the ability to collaborate effectively promotes smoother project execution, fewer delays, and improves overall project outcomes.
Increasing focus on sustainability and resource optimization
The rising focus on sustainability and resource optimization in the construction industry is supporting the growth of the market. In addition, there is a rapid integration of advanced technologies that maintain environmental sustainability while reducing carbon emissions in the environment. Apart from this, smart sensors and energy-efficient systems are integrated into buildings and construction processes to monitor energy consumption, water usage, waste generation, and enhance resource optimization.
This data-driven approach allows for the identification of areas where resources can be conserved, which further leads to cost savings and reduced environmental impact. Furthermore, the rising demand for these solutions among investors to maintain sustainability goals and address resource scarcity is positively influencing the market.
Key Questions Answered in This Report
- What was the size of the global construction 4.0 market in 2023?
- What is the expected growth rate of the global construction 4.0 market during 2024-2032?
- What has been the impact of COVID-19 on the global construction 4.0 market?
- What are the key factors driving the global construction 4.0 market?
- What is the breakup of the global construction 4.0 market based on the solution?
- What is the breakup of the global construction 4.0 market based on the technology?
- What is the breakup of the global construction 4.0 market based on the application?
- What is the breakup of the global construction 4.0 market based on the end user?
- What are the key regions in the global construction 4.0 market?
- Who are the key players/companies in the global construction 4.0 market?
Competitive Landscape:
- ABB Ltd.
- Autodesk Inc
- Brickeye
- CalAmp Corp.
- Hexagon AB
- Hilti Corporation
- Mitsubishi Electric Corporation
- Oracle Corporation
- Topcon Corporation
- Trimble Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2023 – 2032 |
| Estimated Market Value (USD) in 2023 | $16.2 Billion |
| Forecasted Market Value (USD) by 2032 | $56.6 Billion |
| Compound Annual Growth Rate | 14.9% |
| Regions Covered | Global |
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Construction 4.0 Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Solution
6.1 Hardware
6.2 Software
6.3 Services
7 Market Breakup by Technology
7.1 IoT
7.2 Artificial Intelligence
7.3 Industrial Robots
8 Market Breakup by Application
8.1 Asset Monitoring
8.2 Predictive Maintenance
8.3 Fleet Management
8.4 Wearables
9 Market Breakup by End User
9.1 Residential
9.2 Non-residential
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Asia-Pacific
10.2.1 China
10.2.2 Japan
10.2.3 India
10.2.4 South Korea
10.2.5 Australia
10.2.6 Indonesia
10.3 Europe
10.3.1 Germany
10.3.2 France
10.3.3 United Kingdom
10.3.4 Italy
10.3.5 Spain
10.3.6 Russia
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.5 Middle East and Africa
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
For more information about this report visit https://www.researchandmarkets.com/r/h1vaf4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
