Manufacturing and Construction Market World

  The global   artificial intelligence in construction market   was valued at approximately USD 2.93 billion in 2023 and is anticipated to reach USD 16.96 billion by 2030, growing at a CAGR of 26.9% from 2024 to 2030. This growth is fueled by the various advantages AI offers in the construction sector, including the prevention of cost overruns by forecasting budgets based on historical data and aiding in the development of predictive models aligned with project timelines. This efficiency renders mega-construction projects more cost-effective. Artificial intelligence (AI) also improves 3D model-based processes, lightening the workload for engineers, construction professionals, and architects. Additionally, it enhances project planning through robots that conduct 3D scans of construction sites, providing data that helps management tackle on-site issues. Another significant driver of this market is the enhanced risk control on job sites, which assures contractors and subcont...

Singapore’s construction market suffered a sharp downturn in 2017, contracting by 7.9% in real terms that year, following an average annual growth of 3.4% during the preceding four years. This decline can be attributed to low private sector investment in construction and government measures to curb rising residential property prices.  Singapore’s construction industry  is expected to contract further in real terms, by 2.6% in 2018, before regaining growth momentum. Over the remaining part of the forecast period (2018–2022), however, the industry is expected to recover, mainly due to the government’s focus on the manufacturing industry and energy and utilities infrastructure.  The industry is expected to be supported by improvements in business confidence over the forecast period, which will drive investment in infrastructure, commercial, residential projects and energy infrastructure. The focus on the development of renewable energy infrastructure is expected to d...