Selbyville, Delaware,, Aug. 08, 2023 (GLOBE NEWSWIRE) --
The construction 4.0 market is expected to reach USD 54.5 billion by 2032, as reported in a research study by Global Market Insights Inc. The rapid rate of urbanization and industrialization along with the increasing demand for construction 4.0 equipment, solutions, and services will drive the market growth.
In recent years, several urban areas are experiencing significant population expansion propelled by the rise in rural-to-urban migration and natural population growth, subsequently fueling the need for additional homes, companies, transit systems, and other infrastructure. Additionally, the growing popularity of effective, affordable, and sustainable building solutions will contribute to the industry growth.
In terms of components, the construction 4.0 market from the hardware segment generated more than USD 5 billion in 2022 and is estimated to witness significant growth through 2032. Construction 4.0 hardware encompasses various technological components, such as sensors, drones, robotics, wearable devices, and 3D printers that revolutionize the construction processes. The ongoing advancements and investments in hardware technologies will also augment the segment expansion.
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Construction 4.0 market from the asset management application segment held sizable revenue share of over USD 3.7 billion in 2022 and will record notable CAGR from 2023 to 2032. This can be attributed to the increasing adoption of asset management applications by construction firms for effective management and maximizing the value of their assets. The rising utilization of data analytics, AI algorithms, and ML by asset managers to predict potential failures, identify maintenance needs, and schedule maintenance activities will add to the segment expansion.
Europe held sizable revenue share in the global construction 4.0 market in 2022 and is predicted to exceed USD 15.6 billion by 2032 due to the growing focus on sustainable construction, energy efficiency, and infrastructure development. Several European countries have been largely investing in advanced technologies, such as Building Information Modelling, IoT, and robotics to optimize construction processes, improve efficiency, and enhance the project outcomes. Moreover, the rise in EU’s initiatives and funding for smart cities and infrastructure projects will accelerate the regional industry growth.
Some of the major construction 4.0 market participants are Autodesk Inc., ABB Ltd, Brickeye, Microsoft, IBM, Dassault System, Hilti Corporation, Schneider Electric, SAP SE, Bentley Systems, Oracle Corporation, Hexagon AB, and NVIDIA Corporation. These industry players are working on new product launches to sustain the increasing market competition. For instance, in November 2022, the Hilti Group and Trimble unveiled the Hilti ON! Track asset management system integrated with Trimble Viewpoint Vista, which is an ERP program offered as part of the Trimble Construction One package.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Construction 4.0 market 360º synopsis, 2018 - 2032.
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.5 Technology trends
2.6 Application trends
2.7 End-use trends
Chapter 3 Construction 40 Market Industry Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rise in automation in construction industry
3.10.1.2 Increasing government initiatives on smart city projects
3.10.1.3 Rapid urbanization and industrialization across the globe
3.10.1.4 Growing focus on improving construction productivity
3.10.2 Industry pitfalls & challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
