Increasing Need of Automated Models at Each Phase of Construction Value Chain And Rising Public Infrastructure & Residential Projects is Anticipated to Boost Building Information Modeling Market During The Forecast Period 2021-2026.
Building Information Modeling market is estimated to reach $10.3 billion by 2026 at 11.6% CAGR during 2021-2026 Building Information Modeling (BIM) is the process of representing physical, technical and functional characteristics of a building to analyze the real time issues before being constructed. BIM is increasingly gaining the traction in organizations and firms which are involved in AEC (Architecture, Engineering, and Construction) sector as well as the owners and the operators of the buildings such as facility and real estate managers. Increasing adoption of BIM in this sector is set to drive the Global BIM Market. Government regulations have been promoting the adoption of BIM in the construction projects especially in public sectors. Worldwide, the adoption of the BIM has become mandatory for better infrastructure. BIM is reshaping the construction industry. This technology is providing more ease on the construction site. The prevalence of urbanization through the smart cities expansions are increasing the adoption rates of the BIM.
As the BIM market maturity level is increasing, companies from public and private sector can collaborate to strengthen the BIM market. Currently, the usage of BIM in private sector is limited. However, private sector accounts for 60% -70% market share for construction activities. This shows a huge opportunity for BIM adoption from private sector. Thus, public and private sector together can contribute to the development of standards, guidelines, definition around BIM processes so as to bring effective deployment of BIM across industries. Similarly, Global government can also take initiative towards promoting BIMs through organizing knowledge sharing forum. The countries from U.S., China, Germany, U.K. and other countries Nordic countries have already achieved significant amount of expertise in BIM technology. Thus, government regulations on usage of advanced construction facilities are poised to create opportunities for BIM market in developing countries in near future. The buildings sector is one among the primary resource consuming sectors in Global Union. Houses, businesses and public buildings consumes about 40% of total energy and these buildings are being extensively deploying smart energy efficient systems to minimize their energy consumption up to 85% and for the design analysis and other purposes, BIM is being utilized.
Across the globe, there has been a large number of buildings where refurbishment and retrofitting measures such as replacing existing home systems with energy efficient systems has been providing the potential to achieve energy efficient savings. North America is the most developed market for the green buildings market followed by Europe and APAC. Green Building Program and Energy Performance Buildings Directive (EPBD) has been boosting the development of green buildings. Government initiatives and funds for green building development in developing countries such as India, China and others set to create demand for BIM market in near future. For instance, in 2019, GRIHA Council, a green building rating body in India, had signed seven Memoranda of Understanding (MoU) with the Government of Maharashtra, Regional in order to initiate the second phase (525 buildings) of the PWD-GRIHA green building initiative in Maharashtra. BIM is likely to be adopted at the various phases of the construction activities due to the government mandating the use of BIM in engineering phases. Residential building stock is accounting for 75% of total buildings and wholesale & retail and offices. Commercial buildings followed by residential buildings are projected to adopt green building strategies widely under the aforementioned strategy.
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Building Information Modeling Market Growth Drivers:
Increasing emergence of cloud based adoption to facilitate team collaboration:
BIM is increasingly being adopted in architecture, engineering and construction industry to represent, store, share and manage building information. Multi-domain fragmented nature of the construction. The emerging cloud-BIM technology is considered an enabling tool that have the capability to deal with the standalone nature of traditional BIM. However, the technology is still relatively new to the construction industry, the adoption is projected to witness brisk growth over the next decades owing to the increasing deployment of cloud infrastructure in commercial and industrial locations.
The Major Players in this Market Include
Major players in Building Information Modeling include TE Connectivity Ltd., Amphenol Corporation, Prysmain Group, Fujitsu Ltd., Siemens AG, Mitsubishi Electric Corporation, Molex Inc., Nexans S.A., Huawei Technologies Co., Ltd., Volex Plc among others. In March 2019, Trimble Inc. introduced the latest versions of its structural Building Information Modeling (BIM) software solutions for the construction industry.
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