Growth opportunities for the construction industry
Trends within the global construction market have evolved at a rapid pace over the past few decades. Progress in technology, significant improvements in construction techniques, and the use of superior grades of raw materials are some of the factors that have boosted the construction market in the past few years. While economic factors remain pivotal in the growth of the construction sector across the world, the rapidly growing global population is expected to create a substantial demand for heavy and civil engineering as well as general construction worldwide.
According to a publication released by the World Economic Forum, the global urban population is increasing by around 200,000 per day. Furthermore, the publication also stated that the global urban population is expected to grow past the 6 billion mark by 2045, which in turn is expected to put significant pressure on the construction market.
In order to support this influx of people into urban areas of the world, a significant rise in the number of industrial, residential, and commercial projects is expected. Additionally, the significant increase in the number of general construction projects will influence the construction of civil projects, including railways, airports, roads, bridges, etc. While other industrial verticals, such as agriculture, retail, and manufacturing, among others, have been quick to adopt evolving technologies, the construction market has lagged behind. At present, stakeholders are focusing on improving productivity and saving costs through the use of digital technologies.
Digital technologies have played an important role in transforming a range of industry verticals. Over the past few decades, innovations and technological advancements have led to improved productivity levels, better sustainability, and redefined the skill sets of the labour involved. However, in the construction industry, productivity levels have reached stagnation, due to a high reliance on manual labour and mechanical technology, and unwillingness to change operating models.
Digital technologies are gradually entering the construction market, and are expected to play a key role in transforming how various real estate and infrastructure development projects are constructed, designed, maintained, and operated. Some of the new technologies that are expected to gain significant popularity in the near future include prefabrication, wireless sensors, building information modelling (BIM), robotics and automated equipment, and 3D printing, among others. These technologies are compelling the industry to adopt new construction practices.
In North America, particularly in the U.S., infrastructure development pertaining to transportation is expected to provide an impetus for the growth of the construction industry. For instance, a whopping ~US$ 8 Bn was allocated for the redevelopment of LaGuardia Airport - a project in which a new airport is being constructed next to the already existing airport. Adoption of the latest technologies in the construction market is expected to create significant opportunities for stakeholders involved in the current market landscape.
Governments across the world are increasingly spending on a range of mega construction projects. For instance, the South-North Water Transfer Project, China, has been given a staggering 48-years for its completion - a project which will enable the population in north China to gain easier access to water. Moreover, the ongoing construction of Dubailand is a huge 278 square kilometer project, which is expected to include a number of hotels, theme parks, and recreational buildings.
[edit] Related articles on Designing Buildings Wiki
- Building Information Modelling.
- Composition of UK construction industry 2013.
- Construction 2025.
- Construction industry.
- Construction industry institutes and associations.
- Construction industry organisation.
- Construction industry reports.
- Construction Leadership Council.
- Construction minister.
- Construction output and GDP for quarter 4 2019.
- Construction sector deal.
- Government construction strategy.
- Housing minister.
- Perkins review of engineering skills.
- Skills to build.
- Smart cities.
- Sustainability.
- The state of UK construction August 2012.
- Top seven trends that will dominate the future of the construction industry
- UK Construction industry occupations by percent.
Featured articles and news
Gregor Harvie argues that AI is state-sanctioned theft of IP.
Experimental AI housing target help for councils
Experimental AI could help councils meet housing targets by digitising records.
New-style degrees set for reformed ARB accreditation
Following the ARB Tomorrow's Architects competency outcomes for Architects.
BSRIA Occupant Wellbeing survey BOW
Occupant satisfaction and wellbeing tool inc. physical environment, indoor facilities, functionality and accessibility.
Preserving, waterproofing and decorating buildings.
Many resources for visitors aswell as new features for members.
Using technology to empower communities
The Community data platform; capturing the DNA of a place and fostering participation, for better design.
Heat pump and wind turbine sound calculations for PDRs
MCS publish updated sound calculation standards for permitted development installations.
Homes England creates largest housing-led site in the North
Successful, 34 hectare land acquisition with the residential allocation now completed.
Scottish apprenticeship training proposals
General support although better accountability and transparency is sought.
The history of building regulations
A story of belated action in response to crisis.
Moisture, fire safety and emerging trends in living walls
How wet is your wall?
Current policy explained and newly published consultation by the UK and Welsh Governments.
British architecture 1919–39. Book review.
Conservation of listed prefabs in Moseley.
Energy industry calls for urgent reform.
Heritage staff wellbeing at work survey.
Comments