The construction industry is always in flux. Companies constantly deal with market forces, geopolitical situations, and innovations to survive. The industry also has a very high turnover rate because of the costly capital outlay, narrow room for mistakes, and the competition.
It is the reason why the construction industry is investing millions in building and construction research to come up with new ways to edge out the competition. The response is understandable, considering the stiff competition.
In the United States alone, construction activities reach about $1.3 trillion every year. More than seven million people directly rely on the industry, which has nearly 700,000 employers.
Here are some trends to look out for Construction Industry:
1. Smart buildings continue to flourish
Although not a new trend, the use of smart technology to enhance the experience for building occupants will continue in 2020 and beyond. According to estimates, the market is projected to surpass $160 billion by 2026, with a compound annual growth rate of 15.3%. Among the innovations that are regularly featured include an energy-efficient air-conditioning system, motion detectors, heat-reflective windows, monitoring of air quality, and net-zero water or energy usage.
2. Green technology
The use of green technology in residential, commercial, and Construction Industry spaces has gone beyond a mere PR move. Construction firms have seen the value of utilizing sustainable solutions to their buildings not just to do their part for the environment, but also as a value-adding incentive, as well. The upfront cost of a green building is often higher, but they can recoup their investments because they can also command a higher rent or purchase price. For instance, small wind technology can cut utility bills by as much as 90%. Plus, lessors and potential investors are already more discerning about what they want for their home, condo unit, or office.
3. 3D printing
The technology is no longer a novelty as construction firms are experimenting with 3D printing to address several Construction Industry concerns. One example would be using the technology to recreate a whole model of the building. It is a more efficient and accurate way to showcase the finished product on a scale. Actually, 3D printing is not new, as it has been around since the 1980s. But it was too expensive to use until now when the technology has caught up with the innovation.
4. Use of AR in construction
On the supply side, contractors, design firms, architects, and engineers are using augmented reality (AR) or virtual reality (VR) to make their jobs easier. It is no longer a technology of the future. Architects use it for early design visualization to predict if the finished product will work aesthetically. They also run the design through a complex AI-led algorithm to make sure the computation works. The technology is particularly useful for large-scale projects with multiple components in place. Interior designers also use AR programs to visualize how they would fill the space.
Innovations are a product of building and construction research. However, construction companies have no choice but to bite the bullet to shoulder the associated costs. The most successful are those who are not merely following the trends, but those who are blazing new paths for others to follow.