The future of construction: Outlook
Hi there, would you like to know more about the near future of the construction? You are in the right place 😉
After a robust year, construction is expected to grow at a similar rate as the GDP in the upcoming years. Today we are going to explain you the upcoming trends for the next period (check the 2020 engineering and construction industry outlook of Deloitte and construction dive report)
First of all, we should be understand the current environment of the construction industry.
Usually construction companies present very low .margins in their activities.
Moreover, globalization introduces very strong competitors. For example, Asian companies, have as main competitive advantage the lower HR cost.
In addition to this, the complexity of new projects are increasingly high (smart cities, megaprojects in exotic countries, supply chain problems, …). Also, there is a lack of professional labour for the sector. Each year the average age of a construction workers is increasing and no young blood is incorporating to the industry.
These are the biggest challenges for the construction industry. It is important to know what are the potential solutions that the companies are implementing to make a proper prospection of the future of construction.
One of the trends is that several construction companies are introducing new production methods. For example, modular buildings (now 4% of the market share) ease the process of and speeds up construction.
Furthermore, difficulties to find great professionals in the industry are going to generate an increase in the demand of subcontractors that have these specialists.
Also, there are more new worldwide technology trends that can be useful for the construction process. Some are already implemented, like BIM or 4D. However, other like Internet of Things for Construction or Artificial Intelligence are waiting their opportunity in the sector.
Any of them can reduce the impact of the most important problems for construction companies.
For example the incorporation of drones in dangerous processes in heights will improve efficiency and safety in construction, changing the way to operate.
Also, smart structures can avoid big catastrophes like the collapse of the Italian bridge in Genoa.
And maturity sensors can reduce timeouts (decreasing costs and sales cycle).
At cloudsensing we are very proud to have put our efforts in the next steps of the industry toward the progress. We have made it is possible thanks to CoSMoS, our wireless concrete maturity sensors. Check out our last post to know more about it.
New technology trends also generate new problems for the sector. Being cyber security one of the most important fears according to some surveys with construction managers. During the next weeks we will prepare more content for you to learn more about the risks of the industry.