Construction firms, real estate companies, and AEC professionals are known to be using Building Information Modelling (BIM) Software for their high-end projects and their entire life-cycle management. The key objective in the implementation of BIM is to enhance the performance of the project and generate better output. The crux of BIM lies in information gathering from various disciplines and providing a shared communication between them. It is this enhanced collaboration, coordination, and flawless communication along with improved construction productivity that gives an upper hand to BIM Consultants in India and construction professionals across the globe which drive the growth of the Building Information Modelling Market. In addition to this, the increase in government mandate to use BIM across the globe and the ever-growing construction industry would push the growth of this market even further.
On the flip side, it is observed that limitation of the trained professional and humongous initial cost of Software setup could pose a hindrance in the growth of this market, technological advancements like managing data through remote servers and enhanced inter-coordination between users having cloud-based solutions will prove to be lucrative for growth of BIM market. As per one of the market research reports, in 2019 the global BIM Market size was valued at $5.20 billion and is estimated to reach $15.06 by the year 2027, growing at a CAGR of 14.3% from 2020 to 2027. The BIM market was worth around $3,864.8 million as of 2018.
Global BIM Market Scenario:
The construction market globally is projected to grow by 85% by 2030 and will reach $15.5 trillion due to the increased developments in countries like India, America, and China. For being a part of modern civilization and industrialization broad infrastructure and engineering projects are coming ahead globally. Gigantic Tunnels are making way to new transportation networks, skyscrapers are achieving new height records and titanic bridges are linking distances like never. Some of the most intricate and incredible projects that are coming up are Port Mann Bridge-Vancouver, Marmaray Tunnel-Turkey, Gotthard Base Tunnel-Switzerland, among others. Building complex structures requires higher designing efficiency and greater accuracy in order to be an efficient and economical vision and planning. Due to these things the BIM market is turning out to be an inevitable aspect of modern age construction space. BIM will bring about excellent strategy, design, construction, and management of these buildings and infrastructure. Being able to deliver the needed data precision and accuracy along with a cloud-based space for sharing of information and interpretation of data, the global building information market is camouflaging like never.
When the application sectors were seen through it was observed that infrastructure is quantified to be the most profitable sector for BIM Market and will see growth at the CAGR of 13% to 14% through 2025. Due to the ever-increasing population, there is a demand for increasing the global railway and roadway network infrastructure which will divert huge amounts of revenue from the ever-growing construction industry towards the BIM trade. One example of this scenario is that of the Indian economy in the APAC. As per the Indian Brand Equity Foundation (IBEF), globally the biggest Public-Private Partnership Project (PPP) in the metro sector is the Hyderabad Metro Rail Project. Its network will cover a total distance of around 72 Km and is estimated to capacitate 2.2 million passengers per day by 2024, and the cost of this project is declared to be $2.01 billion.
Having revolutionized the project deliverance mechanism and the overall construction management with the introduction of concepts like Virtual Design including virtual BIM and walkthroughs it has catered to developing mechanical, electrical, and plumbing (MEPF) designs and blueprints of a building. Due to such applications that BIM brings on the table, the building information modeling market is heading at a global CAGR of 10.88% between 2019 and 2025, as forecasted.
- Architects, Engineers, and Contractors: As per one of the market research reports, the architect/engineer’s segment is expected to bring about a significant share during the upcoming seven years. This would be possible because BIM services allow engineers and architects to create and share design intent along with understanding appearance, performance, and the overall budget needed at the initial stages of the designing process. This would be the driving force for the growth of the market in the architect/engineer’s segment. Along with this, it is interesting to note that the contractors’ segment is projected to grow at the highest rate due to the speedy adoption of BIM by different contractors to decrease the delays if any along with reducing the construction cost of the project, thereby contributing to the growth of BIM market.
- Increasing energy and environmental concerns: Looking at the increasing number of construction activities across the globe along with focusing on environmental and energy concerns the BIM market is projected to see promising growth in the coming years. The usage of BIM helps in lowering the energy consumption and increasing the efficiency of the building by installing multifarious equipment that is used for underfloor air distribution systems, for example. In addition to this, during the construction and maintenance phases of a building, BIM improves the method of energy management by reducing electricity consumption. While the construction industry has been famous for infamous things like being the major contributors to environmental degradation like increasing levels of pollution, carbon emissions, and climate change; Government agencies are now pushing for constructing green buildings for sustainable development. Such needs can be easily catered to by higher levels of BIM like 6D and 7D BIM Modelling Services which would employ the growth of the BIM market.
- Interoperability leading to better productivity: Due to the collaborative nature of the architect, engineer, and construction (AEC) sector, construction projects need to have efficient coordination and comprehension among all the stakeholders of the project. There are different disciplines of construction projects like architects, suppliers, builders, engineers, and workers, and the communication and data exchange between them has been recorded in the form of drawings, graphs, and tables for very many years. Along with this, AEC professionals and the BIM Consultants in India need advanced and automated devices that will produce results quickly, reducing manual work and saving their money in the overall process. Such facilities are easily provided by BIM. In addition to this, the demand for automated setup has gained traction in the construction industry since it provides more accuracy in digital representation and reduces human errors in the digital model, bringing enhanced productivity and cost reductions. So, there is a need for an interface that integrates these issues and brings about a common platform for successful implementation for every stakeholder, which can be done by BIM.
- Covid-19: While at the beginning of the pandemic like every other industry, the construction industry too saw its decline and so the demand was low. Due to the strict lockdown imposed by the Governments the overall public and private sector projects saw its decline. While in the next part of the unlocking drive the countries, Governments of developing economies like that of India lifted their lockdown to start the industrial and construction activities to boost the country’s economy. Due to this move the infrastructure development projects like the ‘Smart City Project’ in India are expected to resume. Not just this, the time and money that was lost in the first half of the year 2020 will need to be adjusted as the pace of human life picks up during the last quarter of 2020. BIM is the time and money saver technology and it will see a huge acceptance in the upcoming months and a few years down the line.
Studying these impacting factors and the global construction scenario BIM Outsourcing Services will need to pick on the trending construction trends like Virtual and Augmented Reality, Artificial Intelligence, and higher dimensions of BIM for being a part of this huge BIM market and its growth. Looking at these statistical data, it is sure that the AEC industry is going to flourish in this decade like no other industry.