The construction industry has navigated through challenges like material and labor shortages, technological advancements, and transportation delays in recent years. Despite these hurdles, the sector is poised to reach a staggering $14.4 trillion by 2030.
To thrive in this dynamic environment, companies can capitalize on emerging trends that shape the market and give them a competitive edge. Here are the top 10 trends in the construction industry expected to dominate in 2023:
Top 10 Emerging Trends in the Construction Industry for 2023
- Smart and High-Tech Protective Equipment:
- The aftermath of COVID-19 has reshaped site guidelines, emphasizing safety and cleanliness.
- New technologies include wearable work boots with Wi-Fi connectivity, environmental sensors for weather alerts, and robots for material movement, enhancing safety protocols.
- More Efficient Technology:
- Construction drones, smart contracts, augmented reality (AR), and building information modeling (BIM) are key players in boosting efficiency and productivity.
- Drones provide real-time information, smart contracts streamline business processes, AR facilitates project visualization, and BIM improves accuracy in builds.
- Green Construction:
- Sustainability is becoming the norm, with eco-friendly materials and renewable energy like solar gaining traction.
- Greenscaping, incorporating small parks on rooftops, is popular in urban areas, offering resistance against storms and providing natural insulation.
- More Diverse Workforce:
- The industry addresses labor shortages by encouraging the entry of women and Generation Z into construction roles.
- A shift in attitudes towards trade schools contributes to recruiting and retaining a diverse workforce.
- Cloud Computing:
- The reliance on cloud computing is increasing, providing easy access to data, enhancing collaboration, and simplifying information sharing.
- Remote Work and Mobile Access:
- Remote work, accelerated by the COVID-19 pandemic, is now a growing trend in construction.
- Mobile applications enable remote access, accurate measurements, on-site accountability, and real-time inspections.
- Increasing Material Costs:
- Material costs have risen due to COVID-19-related disruptions and increased demand.
- Innovations like invisible solar cells, transparent aluminum, light-generating concrete, and self-healing concrete contribute to rising costs.
- Modular and Offsite Construction:
- Modular construction, where most of a building is constructed offsite, is gaining popularity for its cost-effectiveness and efficiency.
- Labor and material shortages have not deterred the growth of modular construction, with an expected market value of $114.78 billion by 2028.
- Rise of Smart Cities:
- Large corporations are investing in smart cities, which rely on information and communication technology to enhance infrastructure, environmental health, and the economy.
- Smart cities use sensors and real-time data for various purposes, from improving public transportation to waste management.
- Increasing Pressure on the Bottom Line:
- Construction companies face slim net profits and challenges with inflation, necessitating a focus on cost-savings and efficiency.
- Negotiating with suppliers and automation are strategies to enhance profitability.
To navigate these trends successfully, construction companies can leverage technology and expertise from services like Take Off Professionals (TOPS), which offer machine control data and preparation services to enhance project performance.