Market Business Insights (MBI) estimates the global Architecture, Engineering and Construction (AEC) industry at US$8.9 billion in 2022. Over the next decade, it forecasts robust growth for the industry reaching US$16.5 billion by 2030 with a CAGR of 10.2%.
MBI segments AEC services into building design (35%), infrastructure design (25%), and product design (20%). The firm says the remaining share is accounted for by other services such as 3D modelling, data analytics, and construction management.
MBI says demand for smart cities, infrastructure and development initiatives and technological advancements are fuelling demand for AEC services with Asia Pacific growing fastest in part due to the rapid growth of urbanisation and infrastructure development in the region.
At the 2023 Year in Infrastructure and Going Digital Awards, FutureIoT spoke to Lori Hufford, vice president for engineering collaboration at Bentley Systems for her take on engineering trends in Asia, and how efforts to modernise are developing.
According to Hufford, the rapid population growth in Asia has fuelled the increased need for infrastructure in the areas of water, transportation, and energy. Even as governments invest in infrastructure projects, the size of these developments coupled with the scarcity of skilled resources present a conundrum to authorities tasked with city development.
She opines that the use of technologies to drive forward these developments is influenced by the maturity of the market to adapt or integrate these innovations into existing practices.
“At Bentley, what we are working to do is to close the adoption gap,” said Hufford. “That’s the gap between available technology to provide innovative results and the design firm’s ability to consume that technology.”
“One of the ways that we're doing that is we're delivering innovative iTwin data-centric workflows into existing Bentley applications. We believe that by augmenting users’ existing workflows with new data-centric workflows with incremental advancements, through solutions like Projectwise powered by iTwin, the new iTwin advancements and MicroStation, into their existing workflows, these will be able to help close that adoption gap.”
Click on the video to see Hufford’s responses to the following:
- What is your observation of engineering projects in Asia?
a. Where do you see projects showcasing the creative use of technology?
b. Where are the areas that remain isolated or not taking advantage of innovations in technology and process?
- What remains the top holdouts for organisations in Asia leveraging technologies like AI, digital twins, IoT, etc?
- Can organisations continue investing/pursuing modernisation projects, including advanced construction projects, while supporting commitments towards sustainable development and ESG?
- Coming into 2024, what is your outlook on engineering projects in Asia?