Rapid growth in the building technologies market
According to market reports, the Modern Building Technologies market size is expected to reach around $265 billion by 2027, growing at a compound annual growth rate (CAGR) of around 10.3% during the period 2020 to 2027. This growth reflects the increasing demand for efficient and sustainable construction solutions that reduce costs and increase productivity.
Dimensional Printing
<3D printing is one of the most innovative technologies in the modern construction market. The construction 3D printing market is estimated to be worth $1.5 billion in 2023 and is expected to grow to $4.9 billion by 2028, at a CAGR of 23.7%. The technology is used to build homes and structures quickly and efficiently, minimizing material waste and costs.Robotics in Construction
<The use of robotics in the construction industry has seen significant growth, with the robotics market valued at approximately $2.8 billion in 2023 and expected to reach $7.9 billion by 2030, growing at a CAGR of 15.3%. Robots are used for a variety of tasks such as painting, fitting, and laying bricks, which increases the accuracy of work and reduces the time spent on construction.Smart Materials
Smart materials, such as self-healing concrete, contribute to improving the durability and sustainability of buildings. The market size of smart materials in construction is estimated at $5.5 billion in 2023 and is expected to reach $11.1 billion by 2030, at a CAGR of 10.8%. These materials help reduce maintenance costs and increase the lifespan of buildings.
Virtual and Augmented Reality Technologies
<Virtual reality (VR) and augmented reality (AR) technologies are increasingly used in project planning and design. The market for these technologies in the construction sector is estimated to be $1.2 billion in 2023 and is expected to grow to $4.5 billion by 2030, at a compound annual growth rate (CAGR) of 20.4%. These technologies enable engineers and designers to accurately simulate projects and ensure their quality before construction begins.Artificial Intelligence and Data Analytics
Artificial Intelligence (AI) and data analytics are key factors that contribute to improving the efficiency of construction operations. The AI in construction market size is estimated at $500 million in 2023 and is expected to reach $2.1 billion by 2028, growing at a CAGR of 33.3%. These technologies are used to predict risk, optimize scheduling, and manage resources more effectively.
Sustainable energy in construction
Sustainable building energy technologies include the use of solar panels, wind turbines, and geothermal energy systems. The market size of these technologies is estimated to be around $60 billion in 2023 and is expected to reach $120 billion by 2030, at a compound annual growth rate of 10.2%. These technologies help reduce reliance on traditional sources of energy and lower the carbon footprint of buildings. <The figures show that the market for modern building technologies is experiencing rapid and continuous growth, driven by technological innovations and the trend towards sustainability. 3D printing, robotics, smart materials, virtual and augmented reality, artificial intelligence, and sustainable energy are some of the technologies driving this transformation. As this growth continues, these technologies are expected to play a greater role in improving the efficiency and quality of buildings, enhancing the sustainability of the sector and delivering tangible economic and environmental benefits.
