Construction 4.0 Market Report 2024 (Global Edition)

Market Dynamics of Construction 4.0 Market:

Key Drivers of Construction 4.0 Market

• An increase in new construction technology and IOT is driving the demand for Construction 4.0 Market.

Due to significant industry advances, the industry's growth has been trending upward. Construction processes, software and technology advancements, market conditions, and governmental engagement in new construction technology breakthroughs are a few of these advances. Other market trends were linked to investments in the energy, utility, and infrastructure sectors, which are still major contributors to the growth in overall construction production. The application of technology such as building information modeling (BIM), artificial intelligence (AI), and others in the construction industry. Industrial 4.0 technology is being used by the construction industry to decrease human error, do away with repetitive tasks, and increase project productivity. With sensors and internet connectivity, Industry 4.0 workers collaborate on construction projects and utilize technology to make choices and stay in touch with one another. For Instance, Engineers India Limited (EIL) has taken a significant step forward by forging a strategic partnership with Detect Technologies Private Limited. This collaboration is set to revolutionize the construction industry, harnessing the power of real-time artificial intelligence (AI) technology to ensure the implementation of safe practices at construction sites. Moreover, it will streamline progress monitoring for clients in India and abroad. (Source: https://indiaai.gov.in/news/engineers-india-and-detect-technologies-partner-for-ai-powered-safety-monitoring-at-construction-sites) One can predict when maintenance is required and avert equipment failure by analyzing data from building systems, including HVAC and electrical systems.  Construction sites can be monitored by AI-powered cameras and sensors, some of which can be worn by workers, to identify possible safety concerns and warn managers and employees of them. IoT, 3D printing, and other technologies are being used more and more in the construction business to combine building sites to maximize productivity and minimize errors. Building information modeling, smart wearables, sensors, augmented reality, and RFID tags are just a few examples of IoT technology that the construction industry uses to manage projects more efficiently and make the most use of available resources. increase in the number. Hence, A rising number of energy-efficient and easily accessible technologies, such as industrial robots and artificial intelligence, are being made available to the construction industry, which drives the demand for the construction 4.0 market.

• The expansion of the Urban Population leads to an increase in construction that drives the growth of the Construction 4.0 market.

With more people choosing to live in cities, more housing and infrastructure will be required. For experts in the fields of architecture, engineering, and construction (AEC), this requirement offers both a challenge and an opportunity. The burden that uncontrolled urban growth places on the current infrastructure is among its most obvious effects. The needs of an ever-growing population are too great for basic services like electricity, transportation, sanitation, and water supply.  For Instance, 4.4 billion people, or 56 percent of the world's population, live in cities. By 2050, over seven out of ten people will live in cities as a result of this trend, with the urban population predicted to have more than doubled from its current level. (Source: https://www.worldbank.org/en/topic/urbandevelopment/overview) Hence, as people shift from rural to urban population, subsequently the construction sites for commercial and housing also increase. The burden that uncontrolled urban growth places on the current infrastructure is among its most obvious effects. The needs of an ever-growing population are too great for basic services like electricity, transportation, sanitation, and water supply. This is where the use of technology can take place by building better, smarter and qualitative construction sites for the population. For Instance, ABB home automation will be integrated with Samsung C&T's property management system to provide smart connectivity to individual units as well as entire properties. Residents who live in several dwellings will be able to take advantage of a single-user interface for all Samsung C&T and ABB smart home systems thanks to a new partnership. In particular, the partnership will look at cooperative innovation prospects in automation, energy management, and service systems for managers of commercial and residential properties.(Source: https://new.abb.com/news/detail/109437/samsung-ct-and-abb-enter-agreement-to-expand-smart-building-capabilities)Hence, with the growth in urban population and cities that are expanding rapidly, there is an increase in commercial and residential construction activities that are driving the market for Construction 4.0.

Market Overview: Key Restraints of Construction 4.0 Market

• Lack of skilled individuals difficulty in the implementation of the construction 4.0 market leads to slow growth.

The rapidly developing Industry 4.0 technologies are assisting companies in becoming "smarter" and more productive. Utilizing digital transformation tools isn't always simple. For many firms, adopting Industry 4.0 can come with risks and problems. One of the main obstacles to digital transformation is frequently identified as access to skills. People who use technology report having trouble hiring, retraining, and locating qualified personnel. This is especially true for those working in software development, machine-level controls, data science, and user interface. Issues can also arise with technological accessibility, where people find it too difficult or unwilling to use new digital tools and applications. If this is an issue for the company, doing a training requirements analysis could help figure out what kind of training employees might be required.
Furthermore, A common obstacle that companies implementing Industry 4.0 encounter is a lack of internal consensus over the best course of action. The introduction of digital technologies has led to the emergence of new business models that force organizations to reconsider their operational strategies. It can be challenging to overcome these internal obstacles if there isn't a consensus on corporate strategy or the necessary individuals in place to lead it. Hence, the market faces challenges.

What was the Impact of COVID-19 on the Construction 4.0 Market?

Because the COVID-19 epidemic has forced all operating functions to cease operations, it affected the construction industry as a whole. The COVID-19 pandemic has had a severe negative impact on the construction industry, affecting everything from the labor and raw material supply to the sales of residential buildings. This led to the collapse of the Construction 4.0 market globally. Numerous businesses engaged in the worldwide building 4.0 industry were compelled by the pandemic to cease operations to adhere to governmental regulations. Construction operations had to be stopped as a result of the regulations, which caused an interruption in the usage of construction 4.0 technology. For reasons of safety, labor relocated away from projects and towards their homes, which resulted in a reduction or lack of workers. In addition, disruptions in the supply chain and closures in related businesses resulted in a shortage of raw materials, which had an immediate effect on the construction 4.0 market's sales.

Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.

The Global Construction 4.0 Market is witnessing significant growth in the near future.

In 2023, the Hardware segment accounted for noticeable share of global Construction 4.0 Market and is projected to experience significant growth in the near future.

The Fleet Management segment is expected to expand at the significant CAGR retaining position throughout the forecast period.

Some of the key companies ABB Ltd , HMS Networks and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.

Frequently Asked Questions