The latest market report published by Credence Research, Inc. “Global Construction 4.0 Market: Growth, Future Prospects, and Competitive Analysis, 2023 – 2030”. The Global Construction 4.0 Market generated revenue of around USD 12.5 million in 2022 and is anticipated to grow a CAGR of over 18.3% during the forecast period from 2023 to 2030 to reach around USD 40.5 million in 2030.
Commercial and residential construction growth is increasing the demand for Construction 4.0 concepts. For example, in September 2021, Germany plans to build 285,900 homes by 2030. This has made Germany’s expanding construction sector one of the main drivers of the country’s economic recovery. As a result, Construction Industry 4.0 is set to grow over the forecast period. Additionally, technologies such as the Internet of Things (IoT) and artificial intelligence can be used in the construction industry to monitor, analyze and collect information in real-time to reduce facility service costs. For example, sensors, 3D printing, and IoT are used for indoor navigation, maintenance, security, and smart meeting rooms. These trends are driving the growth of Construction Industry 4.0. In November 2022, Trimble and Hilti Group, a leading global provider of innovative tools, technology, software, and services for the commercial construction industry, will launch Hilti ON, a new asset management system residing in Trimble Viewpoint Vista. The track has been announced. His ERP solution within the Trimble Construction One suite.
The global construction 4.0 market is bifurcated into Solution, Technology, Application, End-User, and Geography. Based on the solution, the market is categorized into Hardware, Software, and Services. Based on technology, the global construction 4.0 market is segmented into IoT, Artificial Intelligence, Industrial Robots, and Others. On the basis of application, the global construction 4.0 market is segmented into Predictive Maintenance, Fleet Management, Asset Monitoring, Wearables, and Others. On the basis of end-user, the global market is segmented as Residential, Non-residential. Based on geography, the construction 4.0 market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In terms of revenue, North America retained a significant market position for Construction 4.0 Market in 2022. Over the period, the North American region is anticipated to hold the largest market share for Construction 4.0. The growing construction industry and key market players providing Construction 4.0 solutions in nations like the United States and Canada account for the larger market.
Construction 4.0 Market major players analysis is an in-depth examination of the leading companies operating within the market for smart construction technology and solutions. This analysis provides a comprehensive overview of each player’s business strategies, product offerings, competitive landscape, financial performance, and future growth prospects. The key players identified in this market include Autodesk Inc., Oracle Corporation, Trimble Inc., Bentley Systems Incorporated, ABB Ltd., Hitachi Ltd., Siemens AG, Schneider Electric SE, Caterpillar Inc., and Komatsu Ltd.
Some of the key factors driving the growth of the Construction 4.0 market include:
- Increased demand for sustainable and energy-efficient buildings: With growing concerns about climate change and environmental sustainability, there is a rising demand for buildings that are energy-efficient, sustainable, and environmentally friendly. Construction 4.0 technologies enable the design and construction of such buildings, which is expected to drive the growth of the market.
- Adoption of Building Information Modeling (BIM): BIM is a digital model-based process that enables the creation of a virtual representation of a building or structure, which can be used to optimize the construction process. The adoption of BIM is growing rapidly, as it can help reduce costs, improve productivity, and increase efficiency.
- Increase in infrastructure development: The global infrastructure sector is growing rapidly, with increased investment in infrastructure projects worldwide. Construction 4.0 technologies can help to optimize infrastructure development, reducing costs and improving efficiency.
- Advancements in automation technologies: The integration of automation technologies, such as robotics and 3D printing, into the construction process can help to increase productivity and reduce labor costs.
- Growing adoption of IoT and AI: The Internet of Things (IoT) and Artificial Intelligence (AI) are being increasingly adopted in the construction industry, enabling real-time monitoring, data analysis, and predictive maintenance. These technologies are expected to drive the growth of the Construction 4.0 market.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global Construction 4.0 Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth global Construction 4.0 Market segmentation analysis based on solution, technology, application, and end-user.
- Major countries in each region with their import/export statistics
- The global Construction 4.0 Market report also includes analysing of the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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