Construction Projects in Emerging Nations to Facilitate Market Growth of Building Information Modeling Software – Fact.MR Analysis
A recently revamped study by Fact.MR on the building information market forecasts that the industry is expected to reach US$ 19.97 Bn, growing at a CAGR of 12% from 2022-2032. According to the Institution of Civil Engineers (ICE), due to fast expansion in the United States, India, and China, the worldwide construction industry would rise by 85% to surpass US$15.5 trillion by 2030. Hence, monitoring solutions for these structures are gaining rapid momentum.
From 2017 to 2021, the market flourished at an 11% CAGR. During the peak of the coronavirus pandemic, growth prospects became restrained, as a global dip in the construction industry amid enforcement of lockdowns was experienced. However, since 2021, prospects have gradually widened, with the flattening of infection curves and fast-tracking of vaccination campaigns.
Construction is seeing unprecedented increase in terms of project complexity, as seen by the Port Mann Bridge in Vancouver, the Gotthard Base Tunnel in Switzerland, the Three Gorges Dam in China, the Shanghai Tower in China, and the Gotthard Base Tunnel in Switzerland. The creation of such complex buildings needs efficient and cost-effective planning and vision. Based on this assumption, the building information modelling industry will become an inescapable resource in the modern construction business.
Key Takeaways from the Market Study
- Global market for building information modeling to reach US$ 6.43 Bn in 2022
- By end user, AEC to account for 60% of building information modeling deployment
- North America to account for 1/10th of building information modeling applications
- China to emerge as the fastest expanding market, registering a CAGR of 11% through 2032
- Global building information modeling industry to expand 3x from 2022 to 2032
“Many new product advancements and computer models have been introduced as a result of the adoption of building information modelling in many sectors. Commercial development, such as retail and office complexes, is driving the building information modelling industry.” says a Fact.MR Analyst
The market for building information modelling is extremely fragmented, with a significant number of players holding dominant positions. Furthermore, the numerous mergers and acquisitions by market participants have contributed to the development of the building information modelling sector.
- Trimble released the Tekla 2020 BIM software system for advanced BIM, steel fabrication management, and structural engineering in March 2020.
- ALLPLAN, a Nemetschek company, worked with Calypso, a laser scanning expert, in May 2020 to make point-cloud-based working available to a wide variety of clients in a simple and fair manner. A plug-in was developed and is now included in the latest ALLPLAN 2020 edition.