Newark, June 10, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global reconstruction solution market is expected to grow from USD 601.93 Million in 2023 to USD 879.93 Million by 2033, at a CAGR of 3.87% during the forecast period 2023-2033.
Recent trends suggest that China, the US, and India will hold half of all the work in the construction and engineering sectors worldwide. This is due to the economic development of these countries, which hold more than a third of the global population and economic output. The US and Canada are the 2nd and 8th largest construction markets globally, based on one article from 2024, and they have an estimated value of USD 1,579 billion for the building sector in the US and USD 294 billion for the Canadian sector.
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Competitive Strategy
To enhance their market position in the global Reconstruction Solution market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In November 2023: NavVis, which is a leading player in reality capture and digital factory solutions, came up with the integration for the Autodesk Construction Cloud. This integration is the company’s portfolio of software and services, which has advanced technology and a builders network to offer predictive insights to the construction team. This strategy will help the organization gain market share in the Reconstruction Solution market.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 3.87% |
| 2033 Value Projection | USD 879.93 Million |
| Market Size in 2023 | USD 601.93 Million |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Type, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Reconstruction Solution Market Growth Drivers | Growing demand for green buildings renovation and retrofits |
Market Growth & Trends
Based on one of the studies of 2024, the top 10 construction markets will hold around 70% of the work done in construction by 2037, and it will hold over USD 9.7 trillion in 2037. Also, the ASEAN tiger economies like Hong Kong, South Korea, Singapore, Taiwan, India, and Bangladesh are estimated to show significant growth in the forecasting period. In the near future, it is estimated that India's growth will surpass the US's, and by 2037, it will become a construction powerhouse of around USD 1 trillion globally. Moreover, the renovation wave in Europe is also impacting construction work as the aim is to double the renovation rate of residential and non-residential buildings to decrease greenhouse gas emissions by 60% in 2030. The focus on making buildings more efficient provides the possibility of decreasing global energy demand by 12%. Based on one of the studies, the building consumption of world energy is around 30%. The industry uses 38% of its share, and transport uses around 26% of global supplies. As there is a focus on saving energy, there is a possibility of decreasing the energy intensity by 38%. If this target is achieved, the global energy demand will decrease by 12%. Also, it has been observed that retrofitting older buildings helps save energy. Besides saving energy, it also helps decrease staff sickness by 20%, improves employee productivity, and creates around 3.2 million jobs yearly. Also, retrofitted buildings are helping to increase their asset value by 15%. Retrofitting is considered the best solution for improving the environment in the cities. There is a shortage of housing. For instance, between 2012 and 2022, the housing gap grew to 2.3 million homes. Many people are looking for homes, leading to an upsurge in prices. Hence, most of the present homeowners prefer renovating their homes instead of finding new constrictions that meet specific requirements. Another factor which is driving the renovation is inflation. Renovation of a house is cheaper than building a new one. The renovation of a home costs USD 100 per square foot on average, but building a new house costs around USD 150 per square foot. It is creating a demand for reconstruction software solutions. All these factors would, in turn, drive the Reconstruction Solution market in the forecasting period.
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Key Findings
• In 2023, the Large enterprise segment dominated the market with the largest market share of 71.33% and market revenue of USD 429.36 Million.
The organization size segment is divided into large enterprise and SMES. In 2023, the Large enterprise segment dominated the market with the largest market share of 71.33% and market revenue of USD 429.36 Million. These advanced software solutions offer a better, more secure, and more flexible solution.
• In 2023, the Cloud segment dominated the market with the largest market share of 72.45% and market revenue of USD 436.10 Million.
The deployment type segment is divided into cloud and on-premise. In 2023, the Cloud segment dominated the market with the largest market share of 72.45% and market revenue of USD 436.10 Million. This market share is attributed to the scalability offered by cloud platforms.
• In 2023, the Solution segment dominated the market with the largest market share of 64.44% and market revenue of USD 387.89 Million.
The type segment is divided into solution and services. In 2023, the Solution segment dominated the market with the largest market share of 64.44% and market revenue of USD 387.89 Million. This software enhances efficiency and productivity, which leads to a better result with fewer resources.
Regional Segment Analysis of the Reconstruction Solution Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Reconstruction Solution industry, with a market share of 34.14% and a market value of around USD 205.50 Million in 2023. This market share is attributed to the surge in technology adoption in the region due to appropriate infrastructure. Also, the present infrastructure requires innovation in several cities. Based on one article, 90% of the buildings in New York City will be standing in 2050. These builds hold for 70% of the carbon emissions of the city.
Key players operating in the global Reconstruction Solution market are:
• Autodesk Inc.
• NavVis
• Reconstruct Me
• Bentley Systems Incorporated
• Skyline Software Systems Inc.
• 3DHISTECH Ltd.
• ELCOVISION 10
• Pix4D SA
• BioVis3D
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Reconstruction Solution market based on below mentioned segments:
Global Reconstruction Solution Market by Organization Size:
• Large
• SMEs
Global Reconstruction Solution Market by Deployment Type:
• Cloud
• On-Premise
Global Reconstruction Solution Market by Type:
• Solution
• Services
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About the report:
The global Reconstruction Solution market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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