PUBLISHER: IMARC | PRODUCT CODE: 1347539
PUBLISHER: IMARC | PRODUCT CODE: 1347539
The global construction 4.0 market size reached US$ 14.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.1 Billion by 2028, exhibiting a growth rate (CAGR) of 15.7% during 2023-2028.
Construction 4.0 is a subset of industry 4.0 comprising interconnected technologies that digitize, automate and integrate the construction process throughout the value chain. It relies on the internet of things (IoT), digital twin, additive manufacturing, cloud computing, cyber-physical systems (CPS), and building information modeling (BIM). It helps lower energy use, develop 3D models that avoid inefficiencies and delays in projects, and reduce waste materials and carbon emissions during construction. It also minimizes security risks of workers through augmented reality (AR) and virtual reality (VR) solutions.
At present, there is a rise in the utilization of artificial intelligence (AI) in the construction industry across the globe. This, along with the escalating need for new technologies in bricklaying, plastering, surveying, site and risk management, and worker and asset tracking, represents one of the key factors driving the market. Moreover, construction drones are used for security, inspection and monitoring of construction activities around the world. In addition, waste optimization and proper time and resource management in the construction industry are propelling the growth of the market. Besides this, the growing adoption of industrial 4.0 technologies in construction activities to enhance remote monitoring and avoid human errors, are contributing to the growth of the market. Additionally, there is an increase in the construction of new roads and highways, especially in developing nations, which is offering lucrative growth opportunities to industry investors and end-users. Other growth-inducing factors are rapid digitization and the rising urban population worldwide. Furthermore, key market players are focusing on partnerships, acquisitions, and product launches to improve products and services, which is projected to strengthen the growth of the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global construction 4.0 market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on solution, technology, application and end user.
Hardware
Software
Services
IoT
Artificial Intelligence
Industrial Robots
Others
Asset Monitoring
Predictive Maintenance
Fleet Management
Wearables
Others
Residential
Non-residential
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Autodesk Inc, Brickeye, CalAmp Corp., Hexagon AB, Hilti Corporation, Mitsubishi Electric Corporation, Oracle Corporation, Topcon Corporation and Trimble Inc.