Construction 4.0 Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Construction 4.0 Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

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.

Construction 4.0 Market Trends:
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.

Key Market Segmentation:
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.

Breakup by Solution:

Hardware
Software
Services

Breakup by Technology:

IoT
Artificial Intelligence
Industrial Robots
Others

Breakup by Application:

Asset Monitoring
Predictive Maintenance
Fleet Management
Wearables
Others

Breakup by End User:

Residential
Non-residential

Breakup by Region:

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

Competitive Landscape:
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.

Key Questions Answered in This Report

1. What was the size of the global construction 4.0 market in 2022?
2. What is the expected growth rate of the global construction 4.0 market during 2023-2028?
3. What has been the impact of COVID-19 on the global construction 4.0 market?
4. What are the key factors driving the global construction 4.0 market?
5. What is the breakup of the global construction 4.0 market based on the solution?
6. What is the breakup of the global construction 4.0 market based on the technology?
7. What is the breakup of the global construction 4.0 market based on the application?
8. What is the breakup of the global construction 4.0 market based on the end user?
9. What are the key regions in the global construction 4.0 market?
10. Who are the key players/companies in the global construction 4.0 market?