Asia-Pacific Leads Growth in Machine Safety Market, Fueled by Industrialization and Safety Mandates

The Machine safety industry size is projected to grow from USD 5.4 billion in 2024 to USD 7.0 billion by 2029; it is expected to grow at a CAGR of 5.4% from 2024 to 2029. 

 

The Machine Safety industry is experiencing significant market growth fueled by automation advancements, stringent safety mandates, and heightened awareness of workplace safety, leading to a rising demand for advanced safety solutions and technologies.

 

In the Asia-Pacific region, the Machine Safety industry share is experiencing significant growth, propelled by rapid industrialization, heightened automation, and increased attention to worker safety. The rising demand for advanced safety technologies, driven by stringent regulations, underscores the region's proactive stance on workplace safety. This dynamic growth positions Asia-Pacific as a pivotal force in shaping the global machine safety sector.

 

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Machine Safety Industry Segmentation

By segment, machine safety industry for machine safety systems to hold the largest market share in the year 2023.

The Machine Safety Systems market is thriving with the surge in automation, strict safety standards, and a heightened focus on workplace safety. The increasing demand for advanced safety technologies reflects the industry's robust growth, driven by the imperative to ensure secure and efficient operations across various industrial sectors.

 

By segment, machine safety industry for programmable safety systems to record the highest CAGR during the forecast period.

The Programmable Safety Systems market is experiencing robust growth owing to escalating automation trends and stringent safety norms. As industries prioritize worker safety, there is a heightened demand for programmable safety solutions that offer flexibility and adaptability. These systems integrate advanced technologies to create safer work environments, meeting the evolving needs of diverse industries. The increasing awareness and adoption of programmable safety systems underscore their pivotal role in ensuring comprehensive safety measures within industrial settings.

 

By segment, machine safety industry for Food & Beverages segment to record the highest CAGR during the forecast period.

The Machine Safety industry growth in the Food & Beverages industry is expanding significantly. Driven by the increasing automation of production processes and the need to adhere to stringent safety regulations, there is a growing adoption of advanced safety solutions. The integration of machine safety measures ensures enhanced worker protection, compliance with industry standards, and the prevention of accidents, contributing to the overall efficiency and reliability of operations in the Food & Beverages sector.

 

Key players operating in the Machine safety industry include Schneider Electric (France), Honeywell International, Inc. (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), OMRON Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), General Electric (US), Mitsubishi Electric Corporation (Japan), Sick AG (Germany), HIMA (Germany), IDEC Corporation (Japan) and Others in the Machine safety market.

North America Leads the Global Wireless Charging Market, Fueled by Early Adoption and Technological

According to the new market research report, the wireless charging industry size is expected to reach USD 16.0 billion by 2029 from USD 6.4 billion in 2024, at a CAGR of 20.3% during 2024–2029. 

 

The significant growth factor associated with the Wireless Charging Market growth is the Rising adoption of smart and portable devices, increasing demand for wireless charging in electric vehicles, rising requirement for multi-device charging stations, increasing trend of integrating charging capabilities into furniture, infrastructures, smart homes, and IoT devices.

 

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Regional Analysis of Wireless Charging Industry

By region, North America holds the largest market share of the wireless charging industry throughout the forecast period.

North America consists of – the US, Canada and Mexico. The US is serving as the major contributor to the wireless charging industry growth in this area. North America's dominance in the wireless charging industry is driven by early adoption, technological innovation, the presence of major industry players, a strong consumer electronics market, the growth of electric vehicles, a supportive regulatory environment, substantial market investments, smart city initiatives, and strategic collaborations. These factors collectively position North America as a leader in the global wireless charging landscape.

 

Wireless Charging Industry Segmentation

By segment, wireless charging industry for magnetic resonance technology is to grow with a higher CAGR during the forecast period.

The wireless charginghave been segmented into various technologies, magnetic resonance, inductive, and redio frequency. Magnetic resonance is a wireless charging method for objects requiring a large amount of power - up to 11kW. In this technology, a copper coil is attached to the transmitter and another to the receiver. It is the most versatile wireless charging method and used for objects such as electric cars, laptops, computers, and vacuum cleaners. As the adoption of electric vechiles is increasing there will also be an increase in adoption of magnetic resonance.

 

By segment, wireless charging industry for receiver’s is to grow at the highest growth rate during the forecast period.

The wireless charging industry share is segmented in two implementations, transmitter and receiver. Wireless charging receivers are central to the evolution of cordless power solutions, adhering to standardized specifications for compatibility with various transmitters. The proliferation of wirelessly chargeable devices across diverse industries, including smartphones, wearables, and electric vehicles, is driving the demand for integrated receivers. Ongoing technological advancements, such as improvements in efficiency and charging speed, contribute to the attractiveness of receivers for device manufacturers. Standardization efforts, such as the Qi wireless charging standard, foster interoperability and encourage manufacturers to incorporate compatible receivers. Moreover, increased research and development investments focus on enhancing receiver technology, aligning with the broader global trend toward cable-free solutions and wireless technologies.

 

By application, wireless charging industry for consumer electronics application holds the largest market share during the forecast period.

The market is segmented into various applications including automotive, consumer electronics, healthcare and other applications. The ubiquity of smartphones, a cornerstone of daily life, has propelled the widespread adoption of wireless charging as an integral feature. The sector's emphasis on user convenience and enhanced experiences has driven the integration of wireless charging into devices such as smartphones, tablets, smartwatches, and other gadgets. The rise of wearable technology has further fueled demand, with compact devices like smartwatches benefiting from the hassle-free charging experience provided by wireless technology.

 

Key Players
The report profiles key players such as Energizer (US), SAMSUNG (South Korea), Plugless Power Inc. (US), Ossia Inc. (US), and Qualcomm Technologies, Inc. (US) and others.

ABB (Switzerland) and Omron Automation (US) are Top Manufacturer in the Autonomous Mobile Robots Market

The autonomous mobile robots market is estimated to be worth USD 1.8 billion in 2023 and is projected to reach USD 4.1 billion by 2028, at a CAGR of 17.5% during the forecast period. The market growth for autonomous mobile robots is attributed to the thriving e-commerce industry having the growing need for efficient order fulfillment, labor shortages and increasing labor costs, and advancements in robotics, sensor technologies, and artificial intelligence.

Autonomous Mobile Robots companies include:

• ABB (Switzerland),
• Omron Automation (US),
• Mobile Industrial Robots (Denmark),
• Fetch Robotics (US), and
• OTTO Motors (Canada).

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The market players have adopted various strategies, such as developing advanced products, partnerships, contracts, expansions, and acquisitions, to strengthen their position in the market. The organic and inorganic strategies have helped the market players expand globally by providing advanced models of AMRs.

ABB, through its Robotics & Discrete Automation segment provides robotics and automation solutions, it includes robots, software, and services to support industrial automation. The company offers AMR products under the robotics & discrete automation segment, these robots are equipped with machine vision systems, sensors, and AI algorithms that enable them to navigate through complex environments and interact safely with human workers.

Omron Automation is one of the global leaders in industrial automation solutions. Omron Automation operates and offers AMRs through its Industrial Automation Business (IAB). The company offers a series of autonomous mobile robots, which handle the performance of simple transport, delivery, and routing operations. It also offers the LD series of autonomous mobile robots designed for dynamically moving material in challenging environments that may include confined passageways as well as dynamic and peopled locations.

Mobile Industrial Robots’ main product line focuses on autonomous mobile robots capable of transporting items, pallets, and carts and moving materials between manufacturing lines and storage spaces. These robots are designed to collaborate with human employees and are outfitted with advanced sensor technology to navigate safely in complicated and dynamic situations. In addition to its core business of designing and manufacturing AMRs, the company also provides a range of services, including, training and support, as well as custom engineering and software development.

Fetch Robotics provides a range of robotic solutions for material handling data collection tasks in industries such as e-commerce, manufacturing, and logistics. The company develops and manufactures two main types of autonomous mobile robots: Fetch and Freight. The Fetch mobile robot is a smaller robot that is designed for material transport, while the Freight mobile robot is a larger robot that is capable of moving pallets and other heavy loads. Moreover, Fetch Robotics also provides cloud-based software FetchCore. This platform allows users to remotely monitor and control their robots and manage tasks and workflow.

Microsoft (US) and Siemens (Germany) are the Top Companies in the Digital Twin Market

The digital twin market is expected to grow from USD 10.1 billion in 2023 to USD 110.1 billion by 2028, at a CAGR of 61.3% during the forecast period.

Digital Twin companies include:

• Microsoft (US),
• Siemens (Germany),
• Amazon (US),
• Dassault Systèmes (France),
• ANSYS (US),
• General Electric (US),
• IBM (US),
• PTC (US),
• SAP (Germany),
• Oracle (US), and
• Robert Bosch (Germany).

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Microsoft

Microsoft offers a diverse range of software products and provides support and licensing. They also offer cloud-based services to consumers and businesses. The company is a significant player in the digital twin market and offers its digital twin platform, Azure Digital Twins. Azure Digital Twins allows businesses to model and simulate entire environments in real-time, providing valuable insights into the behavior and optimization of physical assets and systems. It offers developers the tools and APIs needed to build next-generation IoT applications that leverage the power of digital twins. In addition, Microsoft's Azure cloud infrastructure provides a scalable and secure environment for deploying and running digital twins. The integration with other Azure services, such as IoT Hub and data analytics, enhances the capabilities of digital twins and enables advanced analytics and AI-driven insights. Furthermore, Microsoft's extensive customer base and industry partnerships contribute to its strong presence in the digital twin market. Their solutions cater to diverse sectors, including manufacturing, energy, healthcare, and smart cities, addressing specific industry needs and requirements. Additionally, Microsoft invests significant revenue in innovative solutions and holds over 10,000 patents in its Azure portfolio for digital solutions.

Siemens

Siemens is a global technology provider known for its manufacturing, infrastructure, transportation, and healthcare expertise. The company operates through several business segments, such as  Digital Industries, Smart Infrastructure, Mobility, and Siemens Healthineers. Siemens is advancing digital twin technology and has developed the Digital Twin Operations (DT Ops) strategy. DT Ops makes digital twins more accessible by adopting a modular approach and combining modeling, simulation, and IT operations to manage the lifecycle of digital twins. Furthermore, the company invests in research and development for various types of digital twins, such as Product Digital Twins for efficient product design, Production Digital Twins for manufacturing and production planning, and Performance Digital Twins for capturing and analyzing operational data. In addition, with extensive experience in IoT, artificial intelligence, machine learning, and other digital software technologies, the company offers a comprehensive solution that complements digital twin deployments. The company has also invested in developing digital twin capabilities specifically for additive manufacturing factories.

What is Digital Twin?

A digital twin is a virtual replica or digital copy of a physical object, process, or system. It serves as a digital counterpart that accurately captures the essential characteristics and behaviors of the real-world entity. Digital twins utilize advanced technologies such as sensors, data analysis, and simulations to collect real-time data from their physical counterparts. This data is then used to create and maintain an up-to-date digital representation that closely resembles the behavior of the actual object or system. The primary purpose of digital twins is to provide valuable insights and drive operational improvements in the business. By analyzing the digital twin, organizations can gain a deeper understanding of how the physical entity will perform, identify opportunities for enhancement, and test different strategies or scenarios before implementing them in the real world. Digital twins find applications in various industries, such as manufacturing, healthcare, transportation, energy, and construction.

Top Emerging Network Attached Storage Companies Shaping the Future of Decentralized Data Management

The Network Attached Storage (NAS) market is projected to grow from USD 25.7 billion in 2022 and is projected to reach USD 51.0 billion by 2028; it is expected to grow at a CAGR of 12.1% from 2022 to 2028.

The growth of this market is driven by factors such as surging adoption of Internet of Things (IoT) technologies and connected devices, increasing adoption of hybrid cloud storage, and growing use of 5G technology.

Network Attached Storage Companies include:

• Dell Technologies Inc. (US),
• NetApp, Inc. (US),
• Hewlett Packard Enterprise Company (US),
• Hitachi, Ltd. (Japan),
• Western Digital Corporation (US),
• Seagate Technology Holdings Public Limited Company (US),
• NETGEAR, Inc. (US),
• Synology Inc. (Taiwan),
• Buffalo Americas, Inc. (US),
• Pure Storage, Inc. (US), and
• QNAP Systems, Inc. (Taiwan).

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Dell Technologies Inc. (US) is a leading IT hardware, software, and service provider. The company uses emerging technologies such as data management, autonomous operations, 5G, intrinsic security, edge, and cloud computing to stay competitive in the market. It has a strong operational presence in the US—over 46% of the total revenue generated from the country in FY2022. The company has a strong patent portfolio, with over 18,570 granted patents worldwide. In addition, Dell Technologies Inc. (US) has 7,619 pending patent applications as of January 2022. The company offers solutions that enable digital transformation and encompasses software-defined data centers, all-flash arrays, hybrid cloud, converged and hyper-converged infrastructure, cloud-native software application development tools, and security solutions. It is engaged in providing enterprise data storages such as Network Attached Storage (NAS), Storage Area Network (SAN). The company has an operational presence in over 70 countries with over 239 offices worldwide.

NetApp, Inc. (US) designs, manufactures, and markets storage and data management solutions and provides technical support. NetApp serves enterprises, government agencies, and universities worldwide. It has a strong product portfolio that includes data ONTAP software, data management software, storage management and application integration software, fabric-attached storage (FAS) family products, data protection software products, and data retention products. The company provides services to various markets, including energy, financial services, internet, government, high technology, healthcare services, life sciences, manufacturing, entertainment, animation, media, video post-production, and telecommunication. NetApp, Inc. (US) has a strong presence globally, with major business operations in the US, Canada, Latin America, Europe, Africa, and Asia Pacific.

Key strategies adopted by the players in the NAS market to uphold their position and ensure long-term growth and market success are product launches, acquisitions, collaborations, and partnerships. For instance:

In September 2022, QNAP Systems, Inc. (Taiwan) launched two new products, i.e., TS-464 and TS-664 NAS solutions, which are 4- and 6-bay NAS products, respectively. The new products are integrated with Intel’s Celeron high-performance processor, which provides 2.5 GbE speed and is designed for professionals and office users with high-speed demands.

In May 2022, Dell Technologies Inc. (US) announced the launch of Dell PowerStore, PowerMax, and PowerFlex storage software. These software will help to deliver faster data insights with better multi-cloud data control and increased cyber resiliency to the users/customers. They will also help to provide high performance, reliability, security, and speed in data storage applications.

In May 2022, Infortrend Technology Inc. (Taiwan) helped optimize a creative production company’s post-production NAS storage capability in Europe. The company provided its EonStor CS scale-out NAS. The Infortrend NAS solution maximizes storage capacity, provides ease of management, and offers flexible storage expansion to boost its post-production productivity.

In May 2022, NetApp Inc. (US) has announced that it has completed the acquisition of Instaclustr (US). It is a provider of fully managed open-source database, pipeline and workflow applications delivered as a service. This acquisition will improve company’s Cloud Operations supporting the storage solutions market growth.

 

Which Companies Specialize in Manufacturing of Battery Production Machines?

The global battery production machine market size is expected to grow from USD 7.3 billion in 2022 to USD 19.4 billion by 2027, at a CAGR of 21.5% from 2022 to 2027. 

Battery production machines are used to manufacture lithium-ion batteries. Lithium-ion batteries are made of three major components: cathode, anode, and electrolyte, and they are available in multiple variants, depending on the materials combined with lithium, such as cobalt, nickel, manganese, titanium, and iron. Various machine types, such as mixing machines, coating and drying machines, calendaring machines, slitting machines, electrode stacking machines, assembling and handling machines, and formation and testing machines, have been covered in the report’s scope.

Battery Production Machine companies include:

• Hitachi, Ltd. (Japan),
• Durr Group (Germany),
• Wuxi Lead Intelligent Equipment Co., Ltd. (China),
• Shenzhen Yinghe Technology Co., Ltd. (China), and
• Schuler Group (Germany).
  

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Hitachi, Ltd. is a multinational conglomerate headquartered in Tokyo, Japan. The company operates through the Digital Systems & Services, Green Energy & Mobility, Connective Industries, Automotive Systems Business, Hitachi Construction Machinery Co., Ltd., Hitachi Metals, and Others segments. It offers lithium-ion battery production machines through its subsidiary Hitachi High-Tech Corporation. Hitachi High-Tech Corporation was established in 1947 and is listed on Tokyo Stock Exchange, operating independently in the Hitachi Group. In May 2020, the High-Tech Corporation was delisted and became a wholly owned subsidiary of Hitachi, Ltd. The subsidiary operates in four business categories: Nano-Technology Solutions, Analytical & Medical Solutions, Core Technology Solutions, and Value Chain Solutions.

Durr Group is one of the leading companies in the mechanical and plant engineering sectors. The company offers turnkey paint shops, final assembly systems, automation, and robot technology for the automotive industry. It continuously researches and develops digital technologies for different systems, machines, and processes. The company offers its products through five segments—Woodworking and Machinery Systems, Paint and Final Assembly Systems, Application Technology, Clean Technology Systems, and Measuring and Process Systems. Through the Clean Technology Systems segment, the company offers air pollution control, noise abatement systems, and coating systems for battery electrodes.

Wuxi Lead Intelligent Equipment Co., Ltd. is one of the leading manufacturers of new energy equipment. The company offers its products to seven industries: lithium-ion battery, photovoltaic, 3C, warehouse & logistics system, automotive, fuel cell, and laser. The company provides one-stop turnkey lithium-ion battery manufacturing solutions. It is engaged in R&D to make the manufacturing process intelligent and provides consulting, design, manufacture, installation, commissioning, training, and future upgrades to its customers. The company has partnered with leading battery manufacturers, including Panasonic Corporation, Sony, Samsung SDI, LG Chem, CATL, and BYD. The company exports its products to more than 20 countries, including the US, Germany, Japan, and India. Also, the company has five established subsidiaries globally, along with more than 50 service outlets.

Shenzhen Yinghe Technology Co., Ltd. is one the leading companies in the field of power battery intelligent automation and intelligent digital factory solutions for power batteries. The company has a dedicated research and development system to enhance its product portfolio with new and emerging technologies. The company has strong expertise in technical, manufacturing, and services related to the power battery manufacturing processes. The company offers its customers single-process machines and customized products with new technologies. It designs, draws, manufactures, and commissions customized products according to the customer’s needs.

Schuler Group is one of the leading companies operating in the field of forming technology and engaged in the manufacturing of presses. The company offers various technologies, including automotive press, hydraulic press, and forging, used in different industries and sectors, including automotive, industrial, e-mobility, aerospace, and railway. The company is a subsidiary of an international technology group ANDRITZ. The company offers turnkey solutions such as machines, dies, and conveyor technology in the battery production sector.

AI Camera Market: Trends, Insights, and Forecast (2023-2028)

The global AI camera market is expected to grow significantly over the next decade, driven by the increasing adoption of artificial intelligence (AI) technologies in various industries. The market size is projected to reach USD 22.1 billion by 2028, up from USD 7.6 billion in 2023, at a compound annual growth rate (CAGR) of 23.9% from 2023 to 2028.

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Market Dynamics
The AI camera market is driven by several factors, including:

• Rising Demand for Surveillance Solutions: The need for advanced surveillance solutions, particularly in the wake of security concerns, is driving the demand for AI cameras. These cameras leverage AI algorithms for tasks like facial recognition, object detection, and behavioral analytics, enhancing surveillance, security, and analytics capabilities
• Integration in Smart City Initiatives: AI cameras are integral components in smart city projects, supporting traffic management, public safety, and urban planning. The rapid adoption of AI-powered surveillance in retail, manufacturing, and healthcare sectors is also prominent
• Advancements in Facial Recognition Technology: Advances in facial recognition technology are enhancing the capabilities of AI cameras, making them more effective in various applications, including security and surveillance.
• Increasing Applications in Healthcare: AI cameras are being increasingly used in healthcare for applications such as patient monitoring, medical imaging, and telemedicine, further driving market growth.
• Expanding Applications in Retail Analytics: AI cameras are being used in retail analytics to track customer behavior, monitor inventory, and optimize supply chain management, contributing to the market's growth.
• Rise of Contactless Technologies: The shift towards contactless technologies, such as touchless payment systems and contactless door entry systems, is also driving the demand for AI cameras.

Market Segmentation
The AI camera market is segmented by component, type, technology, industry vertical, and region. The key segments are:

• Component: Hardware, software, services, and others.
• Type: Surveillance cameras, smartphone cameras, digital cameras, industrial cameras, and others.
• Technology: Image/Face Recognition, Voice/Speech Recognition, Computer Vision, Context Awareness, and others.
• Industry Vertical: Consumer Electronics, Automotive, Manufacturing, Sports, Retail, Healthcare, Transportation, and others.
• Region: North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

Regional Analysis
The AI camera market is segmented into various regions, each with its unique trends and growth drivers:

• North America: The region is driven by advanced security solutions, including facial recognition in public spaces and residential areas. There is a focus on privacy-aware technologies, regulatory compliance, and integration with smart city initiatives
• Europe: European trends prioritize sustainability, incorporating energy-efficient and eco-friendly features. The emphasis is on AI-driven solutions for heritage preservation, intelligent transportation systems, and enhancing public safety. Privacy regulations heavily influence AI camera deployments, ensuring ethical use and data protection
• Asia-Pacific: The region is driven by smart city development, with a focus on traffic management, public safety, and urban planning. The rapid adoption of AI-powered surveillance in retail, manufacturing, and healthcare sectors is prominent. The region also experiences a surge in innovative applications like AI-driven agricultural technologies.

Process Analyzer Market: Trends, Insights, and Forecast (2023-2028)

The global process analyzer market is expected to grow from USD 7.8 billion in 2023 to USD 9.3 billion by 2028, registering a CAGR of 3.6% during the forecast period. Process analyzers are online instrumentation tools used to identify the composition or physical properties of substances involved in industrial processes. These analyzers eliminate the need for routine sampling, which is time-consuming and may not provide representative samples.

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Market Segmentation
The process analyzer market is segmented by liquid analyzer, gas analyzer, industry, and region.

• Liquid Analyzers: MLSS, Total Organic Carbon, pH, Liquid Density, Conductivity, Dissolved Oxygen
• Gas Analyzers: Oxygen, Carbon Dioxide, Moisture, Toxic Gas, Hydrogen Sulfide
• Industries: Oil & gas, petrochemicals, food & beverage, water & wastewater, pulp & paper, metal & mining, thermal power, cement & glass
• Regions: North America, Europe, Asia Pacific, Rest of the World

Market Drivers
The growing demand for precise process analyzers in drug development, bioprocessing, and personalized medicine is driving the market. These analytical instruments are indispensable in research, development, and pharmaceutical manufacturing, ensuring the highest levels of quality. The increasing adoption of automation and the growth of chemical industries in the Asia Pacific region are also contributing to the market's growth.

Regional Analysis
Asia Pacific held the dominant global process analyzer market share in 2022. The extensive adoption of process analyzer solutions in Asia can be attributed to its expansive manufacturing base and the presence of major industries such as automotive, consumer electronics, pharmaceuticals, refining, and mining.

Competitive Landscape
The process analyzer market is highly competitive, with key players focusing on organic and inorganic growth strategies such as product launches, collaborations, partnerships, and acquisitions. The major players in the market include ABB, Emerson Electric Co., Siemens, Endress+Hauser Group Services AG, Yokogawa Electric Corporation, Mettler Toledo, Suez, Thermo Fisher Scientific, Inc., Ametek. Inc., and Anton Paar GmbH.

Building Information Modelling (BIM) Service Market - Future Scope, Analysis and Forecast

Building Information Modelling (BIM) service is the process of creating 3D models of a specific project which includes enabling document management, coordination, and simulation during the entire life cycle of the specific project. The Process involves planning, designing, Implementing, and managing a project. BIM services are provided for owners, developers, and stakeholders to review new projects with unprecedented detail.

BIM service involves the coordination of human and material resources through the lifecycle of the project which includes project management support like BIM business strategies, and design advice, operational assessment capacity, and maintenance planning, supplier analysis, coordination, time and cost estimation, procurement.

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The use of BIM services has been prevalent in the construction industry. However, in recent times, Investment in BIM is continuing to grow by many companies in this industry for BIM’s efficiency and cost-effectiveness as it attempts to gather information relating to design, functionality, and life span in forms that can be shared by the participants in the project. In this way, designers, contractors, and suppliers can have a current view of the progress of the building project and have an influence on the design and specification prior to and during execution. 3D representation is a key element of BIM. However, this can be widened to 4D, which includes time frames, and 5D.

Market Dynamics:

Drivers: Increase in government initiatives for adopting BIM

In many countries like US, and Germany, BIM is becoming prevalent and mandated. Few countries like Sweden, Denmark, and Finland government are regulating the usage of BIM standards. Policy and regulations are implemented by the government for the deployment of BIM solutions in the construction both by Public and private infrastructure organizations. For instance, the United Kingdom government has proposed a BIM solution mandate for large 2 projects. Countries like Singapore, Denmark, and Spain have reached close to 90% of the adoption of BIM solutions. Hence, the implementation done by the government will help the market to grow better.

Drivers: Increased accuracy in cost estimation by the adoption of BIM

BIM eliminates the time-consuming procedure of manually reading blueprints, calculating QTOs (Quantity Take Off), and eventually interpreting the drawings. This results in greater accuracy and almost nil uncertainty. Any changes in quantity or design geometry are immediately reflected in costs. Design engineers can therefore modify the blueprints without having to worry about the time-consuming procedure of starting over with calculations. By estimating with BIM, general contractors and construction managers can increase their productivity, win more contracts, and maximize project profitability. With the appropriate team and resources, 5D BIM can be fully utilized to shorten project deadlines, save costs, and improve design, construction, and operating standards.

Challenges: Digitization in the construction industry is still in a low phase

Large-scale construction projects take more time and cross the threshold of the budget. This is mainly due to less digitization in the construction industry. By following the BIM solution it will increase the efficiency to 20% but the industry has not embraced new digital technology that needs upfront investments though the benefit will be for a longer time. This Lag will be a hindrance in the adaption of BIM solutions.

Key Players in the Market

Autodesk (US), Nemetschek (Germany), Bentley Systems (US), Trimble (US), Dassault Systems(France), RIB software (Germany), Asite (UK), Aveva (UK), Hexagon (Sweden), and nCircle (India) are some of the key players in the BIM market.

 Recent Developments

• In Early 2022, the French company BIM&CO announced a strategic partnership with BIMLife to deliver BIM products to the construction industry in the ASEAN market. BIM&CO has selected BIMLife to deliver its services and distribute its products to manufacturers in ASEAN
• Autodesk BMI collaborates with PRO. This will help, for instance, BIM Collaborate Pro provides a better view of your projects, giving you and your team anytime, anywhere access to the tools and information needed. With powerful co-authoring, project management, and model coordination tools.
• In January 2022, Maxon the subsidiary of Nemetschek Group, acquired Pixologic Inc. This acquisition will benefit Maxon from Pixologic's industry-leading 3D sculpting and painting expertise.