Emerging Trends That May Reshape the Construction Business Sector

If you work in the construction industry, you’re definitely going to want to read this.

It’s not hard to see that the construction industry is changing every day, with new trends and gadgets popping up one after the other.

With these changes comes a lot of opportunity to not just make more money, but to grow your entire operation.  So what are these new trends and how can you ride the new waves?

Why is the Market Changing?

This is a very valid question and it has a simple answer.

People want things to be easier than they are. And if new gadgets and software can help jobs get done faster and more efficiently then you can be sure every contractor out there will be itching to get their hands on what can help their business.

Technology replacing labor and keeping managers from yelling all day on the job site will definitely have a home with many construction companies around the world.  Technology is dramatically improving construction operations in both the pre-construction and mid-construction phases.

There are both physical and software products that are coming up that are revolutionizing the speed projects are built and planned.  For example, one of the biggest changes we’ve seen involved project management and estimating software. Up to a few years ago, most contractors would print the full set of plans and manually calculate quantities.  We now have digital estimating software that contractors and construction estimating companies can use to speed up the process.

Augmented reality (AR)

Starting with one of my personal favorites, AR is a tool that allows someone to see 3D models and images projected onto that person’s surroundings.

Here’s an example of what that would look like.

Construction Business Sector

Given that they allow for any user to streamline projects and keep them on the schedule, this gadget is a game-changer.

These are extremely useful when it comes to mapping out projects and planning ahead so you can always be the contractor that’s ahead of the game on the construction site.

Plus, given that the AR market is expected to increase to $90 billion this year it makes it all the more important for you to invest in AR tools to enable your projects to run smoother than ever before.

Prefabrication and Modular Construction Projects

Kids back in the day used to be obsessed with Lego’s. The idea of attaching pieces together to make projects come to life was the big idea there, and with modular construction, the concept is the same.

In case you’re not familiar with prefabricated construction, it’s the attachment of rooms and framing to an overall structure. A crane lifts up the rooms one-by-one and places them in their correct spot to eventually create the building, like a massive Lego project.

This is huge for repetitive structures like apartments, hotels, office buildings, etc. as it only makes sense to make large numbers of the same exact room type and simply attach it to the final structure instead of operating the old-fashioned way.  As you may already assume, doing projects this way can slash the construction time by more than half.

Green Technology

This is mainly for the well-being of the world we all live on.

It’s also for giving you more business. Contrary to popular belief, green technology would actually boost the revenue of your construction company, as people are more willing to do business with you if you offer environmentally friendly solutions, especially if you’re operating in big cities like New York or Los Angeles.

Green tech also helps you cut costs in construction projects by offering more renewable sources of power like solar energy to the structure. The government appreciates this so “greener” construction companies get rewarded with tax incentives that they can reinvest into their business to keep growing it.

With the chants for fighting climate change growing stronger by the day, it’s only a matter of time until the government enacts stronger laws affecting the construction industry.

Given that the population is growing at a higher rate than ever, we will also need a lot more buildings and housing for that population, which is why green technology is very likely to play a big role in the future of the construction industry.

3D printing

If you ever need to build a home in less than a day, 3D printing is going to be the reason you get to do it. Yes, these large-scale 3D printers ooze out concrete and can build entire structures very quickly, so it’s no secret why they’re gaining so much traction in the construction industry.

Also, since it’s one tool quickly forming the entire structure of the project, it drastically reduces costs of labor and equipment, as there simply is no need when the 3D printer is doing all the grunt work.

The entire industry is set to be worth $56.4 million next year, according to 3Dnative. So it’s still very early to tell if this trend will blow up, but it’s definitely worth keeping an eye on.

Building Information Modeling

Imagine a world where you don’t have to be stressed on the construction site. I know, crazy.

But it can be a reality with BIM, and that’s why it’s widely considered one of the hottest trends in the entire construction industry for the coming years.

So what is BIM? It’s a revolutionary way of developing digital models for construction projects so everyone involved in both the designing and building phase can have an in-depth view on the project to better plan for it.

This ensures that some of the funding for the project doesn’t go to waste for workers who have to redo tasks, or equipment that doesn’t need to be used, etc.

There are numerous software out there that allow you to run building information modeling for your projects, but the industry is still growing. There are many extra perks still being developed to help make projects go as smoothly as possible.

Out of all the emerging trends coming up in 2020, this is one of the biggest.

Rising Material Costs

The number of construction workers is slowly on the decline. The number of construction workers in the US has dropped 13% since 2005, this naturally means prices will rise.

With less and less young people willing to get their hands dirty and put up drywall, it’s critical for construction professionals to search for ways to cut costs on their projects so they can attract skilled workers with higher wages.

Combine this with the booming of the construction market throughout the world, and you have an industry inside a huge bubble that’s bound to pop soon in my opinion.

Conclusion

It’s possible the construction industry will have a different face at the end of this new decade, but for now, this is the shifting of the “old-school” construction to the modernized construction.

The “modern construction” that uses the latest tech to help projects run effectively and quickly.

And we’re all just staying tuned to how it turns out.

Shift Frequency © 2020 – Emerging Trends That
May Reshape the Construction Business Sector

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