LONDON, Jan. 5, 2022
LONDON, Jan. 5, 2022 /PRNewswire/ -- The Global Building Information Modeling Market size in terms of revenue was worth of USD 6.91 Billion in 2021 and expected to reach USD 18.73 Billion by 2028, growing at a CAGR of 15.3% from 2021 to 2028. The global BIM market size is expected to grow at a substantial growth rate due to several driving factors Like, Growing digitization in the building sector, increase in IT investments, and growing government acceptance of BIM leading to a huge need for Building Information Modeling (BIM).
The rising prospect of public infrastructure globally, the growing promise of 3D modelling, and cost-reduction in 3D modelling remain prominent drivers of growth.
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Building Information Modeling Market: An Overview
Building Information Modeling or BMI is a process of generating visual representation of constructions in the planning stage with the help of various advanced tools. The technology is quickly gaining grounds globally, as not only it enriches the construction process, but also provides the much-needed assurance to builders, homeowners, or third-parties like investors, consultants, and government agencies. The technology is also gaining grounds, thanks to increased sophistication in constructions. The growing demand for sustainability in constructions in regards to water, electricity, recycling projects, features like advanced communication, and special public projects like highways, bridges, and tunnels remain promising driver of the BMI market. The BMI technology came to life in the 1970s, however, it gained prominence in 2000, wherein development of industry standards, and their adoption came into existence. Even today, the BMI industry, despite its tremendous end-user benefits suffers from insufficient investment in industry- wide cross hardware standard, and software platform compatibility. For example, in 2004, the US National Institute of Standards and Technology (NITS) published a conservative estimate, which noted that the US capital facilities lost an average of USD 15.8 billion each year due to lack of standardization, highly fragmented nature of the industry, and inconsistent technology adoption in end-stakeholders. While adoption has increased, and fragmented nature improves, issues like lack of standardization continues to be a challenge.
Top Companies Focusing In This Report :Building Information Modeling Market
The building information modelling market remains an innovative landscape, wherein cost-based innovation, and advanced integration both ironically promise strong opportunities for growth. The balance is often precarious for end-companies, as high-cost products are often difficult to sale in an industry, wherein limited adoption of digitalization still poses a challenge. On the other hand, due to ever-growing complex nature of construction, and increased demand for model-based planning remains a promising driver of growth.
Building Information Modeling Market: Covid-19 Impact
The covid-19 has resulted in tremendous impact on the global economy. It has resulted in tremendous delay in investments in public projects, supply derailment, and increased threat to the safety of workers around the world. The crisis resulted in tremendous shutdown in the construction sector across the globe, and in 2021, the global economic has shown early signs to recover from the downturn. Before the pandemic began, demand for new housing, and infrastructure remained high. Trends like mobile homes, modular homes, and increased penetration of technologies like 3D printing remained promising drivers of growth in the construction sector. During the pandemic, this demand took a backseat, as high raw material pricing, amidst increased uncertain regulatory environment pushed back growth. In 2021, the construction industry is looking at promising new investment opportunities in the public arena. For example, the US government has announced a trillion-dollar investment in public infrastructure, similar to the Chinese, and Indian government plans to expand infrastructure. India's finance minister Nirmala Sitharaman announced that the country will invest closet to USD 1.4 trillion in the country during the 2021-2025 period. The large-scale nature of public projects, increased awareness about BMI tools, and promising use during an uncertain period to reduce cost are likely to remain key drivers of growth in the BMI market.
On the other hand, the BMI industry has overcome several conventional challenges like high-costs, and limited adoption. Today, these systems have gained widespread acceptance in the construction industry, with tools like Autodesk becoming an everyday tool for architects, engineers, among others. Government Agencies like Royal Academy of Engineering have played an important role in development of standards, and systems that have enabled communication between stakeholders, boosting promise of commercial growth, as well, as innovative advancements in building information modelling market.
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Building Information Modeling Market Segmentation Analysis:
By End Users:
Building Information Modeling Market: Notable Developments
RIB software signed a phase 2 agreement with Max Aicher Bau GmbH in December 2021. The agreement aimed at sharing the iTWO 6D BIM ESG technology promises to combine traditional quality standards with intelligent industrial processes, and services for sustainable progress, read the press release. The collaboration aims to serve end-players in the real estate, leisure and tourism, education and building and construction sectors. According to Ralph Hößle, the managing director of Max Aicher Bau, ":digitalization is essential factor for long-term success today. The major added value of the RIB iTWO end-to-end solution is to centrally manage all data and to create transparency and more efficiency in all areas"
Building Information Modeling Market: Regional Analysis
The building information modelling market report is divided into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America is expected to witness highest growth during the forecast period. the establishment of large players in the region, growing innovation, and major expansion plans, thanks to increased awareness among end-user remain key drivers of growth. The large investments from countries globally including the US, China, and India also remain promising driver of growth. The emergence of important new players in the Asia Pacific players, and increased product diversification, and low-cost product expansion also remain important opportunities for growth in the global BMI market.
Europe region promises major growth, thanks to growing initiatives for sustainable power generation. The region in 2021 became the region with the largest sales of electric vehicles. The expansion of electric vehicle infrastructure with promising growing sales, and increased regulations being a burden to sales of conventional vehicles remain promising drivers of new growth including electric vehicle infrastructure, and renewable energy infrastructure. Such promises also exist in emerging regions like Asia Pacific, and North America, wherein demands for electric vehicles remain high.
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Middle East and Africa
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