Our in-depth analysis of the global construction 4.0 market includes the following segments:
On the basis of geographical analysis, the global construction 4.0 market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing demand for construction 4.0 in emerging economies such as India, Vietnam and Indonesia, and rising government expenditure on infrastructural activities. In addition, growing number of projects for smart cities is also assessed to boost the market growth in the region. For instance, in India, more than 2000 projects worth 5 billion USD were completed under the smart city initiative of the country. About 4,500 projects amounting for about USD 20 billion are ongoing as of now. Moreover, the market in North America is projected to acquire the largest share by the end of 2030, which can be ascribed to the high adoption of technologies in construction sector and strong presence of prominent market players in the region. Also, increasing adoption of industry 4.0 technologies amongst the organizations is also expected to contribute to the growth of the market in North America.
The global construction 4.0 market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are growing urban population worldwide and increasing number of construction and residential activities.
Ans: The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2030.
Ans: Requirement of high capital investment and lack of skilled labor are estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities to the market owing to the increasing demand for construction 4.0 in emerging economies and rising government expenditure on infrastructural activities in the region.
Ans: The major players in the market are ABB Ltd., Advanced Opto-Mechanical Systems and Technologies Inc., Hexagon AB, Autodesk Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by solution, technology, application, and by region.
Ans: The IoT segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.