With nearly $13 trillion of the global economy share, the construction industry is extremely big. In addition to that 7% of the global working-age population works in construction. However, although there is a huge demand for building various construction projects overall, there is also an emerging change in what kind of projects are demanded. As is the case with all the other industries, the construction industry is adopting new technologies which are aimed at creating more efficient and sustainable housing. The global COVID19 pandemic has outlined the importance of technology in almost all business domains. The construction industry is no exception. Here are some of the latest trends in this industry that you will definitely need in 2022.
Staying agile and mobile is almost a necessity nowadays. That is why modular construction is estimated to grow to $157 billion by 2023. This is not merely a trend but a completely new way to build. The core principle behind this method of building lies in the fact that companies are now able to fully build components in their own facilities and then transport them to various locations. The remarkable thing about modular building is that it allows a far more efficient way to build which also costs less. In addition, this method is amazing for cutting construction timelines efficiently since a project can be built in as many as 90 days. This is a great thing to leverage when there is a huge industry boom.
There is a huge trend in implementing blockchain technology in almost any industry. Some people might wonder if this technology is only related to Bitcoin as a means of fancy online gambling. The truth is that there is a lot more to cryptocurrencies and blockchain than meets the eye. In fact, this advanced technology is gaining legitimate recognition by many well-established industries across the world. The reason is simple. Blockchain technology has introduced a never-before-seen way to operate your business using smart contracts. The essence behind this technology is that every service or product can be easily tracked and recorded on a digital ledger. This form of bookkeeping is extremely reliable because it is fully transparent. It has various applications in the construction industry as well. For instance, blockchain can significantly streamline supply chain and materials management. This means that when one phase of the order is complete, another batch of materials can be easily ordered. This is a great way to automate a good part of the work. In addition, all of these transactions are documented; this also includes documentation such as warranties, pricing and quantity details. In the long term, this really helps with the management of buildings because all of the crucial information is recorded and easily accessible which can help with changing building owners and property maintenance.
92% of modern organizations leverage cloud functionality. There is simply no better way to store information than this. Cloud computing solutions are really helpful in the construction industry as well since they can optimize the management of all the elements of a project that are constantly moving such as the personnel, equipment, materials, etc. This means easier geo-tagging and location tracking for the construction site managers. This connects everyone on site as well, since communication is key and it is important to let workers know where equipment and materials are located in real-time. Computers will no longer only be stored back in the office, which requires personnel to go back and check on data, rather constantly, it will be much simpler for everyone to have access to valuable data using on-site terminals.
In the spirit of modular building. 3D printing has also seen a massive rise in popularity, especially in the construction industry. This is because 3D printers are no longer only tiny toys treasured by tech enthusiasts, but much rather, they have scaled. They can deliver powerful performance in a demanding work environment, as is the case in construction. For instance, Mexico features over 50 fully 3D-printed homes. The average time necessary to build a single home takes about 24 hours. This is a potential step toward solving the housing crisis since it is much cheaper and faster.
Safer working environments
A workman is wearing safety clothes
The modern technology has allowed construction workers to operate much more safely. In 2019, nearly 20% of the deaths in the private industries originated from construction. The problem has been largely solved with the implementation of smart tech innovations such as wearable personal protection equipment (PPE). There are also new health tracking capabilities using modern software solutions which help managers keep workers safe and satisfied.
Modern-day demands and challenges of the construction industry are largely being solved using powerful new tech. This makes this industry that much safer, more efficient, and more sustainable. Modular construction has allowed projects to be built completely remotely and then simply assembled on-site, significantly boosting time efficiency. Blockchain technology has added an extra layer of security but also a new way to streamline supply chain management. All of these things are also assisted using cloud-based platforms which keep everyone in the team on the same page. In addition to modular building, 3D printing has also significantly benefited the industry. The good thing is that all of this work is much safer for the employees as well.