Experts predict the global construction market to grow by $12.7 trillion by 2022. Large markets like the U.S. and China still dominate the industry. However, growth in emerging economies continues to be in excess of growth in advanced economies.
For construction companies in Asia and beyond, now is an exciting time to be in the industry. Advanced technologies are now more widely available than ever. Nonetheless, there are still challenges to address.
Here are 5 of the most important construction industry trends to keep tabs on in 2019:
Green and Sustainable Construction
The world continues to address the growing threat of climate change. Sustainable construction is a hot topic.
Moving forward, companies that favor sustainable practices will differentiate themselves from their competitors.
Some countries have already made progress. In India, the total number of registered green building projects reached 4,800 in 2017.
New Construction Technologies
New construction technologies have the potential to revolutionize the industry. Here are just a few that are set to be deployed in 2019:
- Augmented reality
- Modular construction
- Drone technology
- Advanced robotics
- Mobile and IoT technology
- Real-time collaboration software
These technologies will not just help in the act of construction. They have exciting implications for training, collaboration, and project management.
Of the newest construction technology on the market, none has had more mass appeal than that of smart buildings.
Builders are already making smart homes commonplace in advanced economies. But around the world, smart buildings will provide us with immeasurable opportunities for efficiency, sustainability, and convenience.
Essentially, a smart building is a structure that uses automated processes to control its own operations. These include heating, ventilation, lighting, security, and even power generation.
More Diversity and Inclusivity
One of the most notable trends in construction is the very shape of the labor force. Once a male-dominated industry, construction has seen an influx of female leaders, entrepreneurs, and workers.
Additionally, the globalized economy has made it necessary for professionals from multiple countries to work together. Indeed, many countries no longer have the labor pools they need to execute large construction projects. Immigration and emigration have become the norm.
Although it isn’t one of the most exciting construction trends, it’s a fact that construction companies will need to reckon with. The labor supply in the construction industry, among others, is shrinking.
Asia is home to about half of the world’s population. However, its labor sources are highly irregular. This is due in part to rapid emigration from Asian countries.
According to The Economist, East Asia would have to import about 275 million people in the coming years to keep its working population steady.
Construction companies in the region will need to come up with innovative solutions to quell the shortage. This may come in the form of new technology deployment or labor agreements with other countries.
Learn About the Latest Construction Industry Trends at ICW
These are just a few of the construction industry trends you should keep tabs on in 2019. Other trends, such as policy shifts and advances in materials, are also worth looking out for.
To get the latest industry insights, don’t miss International Construction Week. It’s occurring 18-21 March 2019 at the Malaysia International Trade and Exhibition Centre, MITEC, Kuala Lumpur.