Top 10 trends that will change construction
The construction ecosystem is the foundation on which the world’s economies are built, with its many facets of industry creating and building the buildings, infrastructure, and industrial structures on which we all depend.
However, while the sector has delivered many challenging and essential projects, it remains stubbornly resistant to change, and for many years has performed unsatisfactorily in many regards, particularly in terms of efficiency and productivity. The COVID-19 pandemic may be yet another crisis that wreaks havoc on the industry that tends to be particularly vulnerable to economic cycles.
Given the challenges ahead, smarter construction companies around the world have begun to explore new methodologies and find ways to adopt and incorporate technology into their day-to-day operations. These companies are not only looking to survive the current difficult business climate, but also to find ways to grow their services and offerings, in ways that are far removed from how the industry once operated, according to a Mckinsey & Company report.
According to research survey conducted by the firm, more than 75 percent of 400 global industry leaders agree that there are ten key industry shifts that are going to occur, with more than 60 percent of them believing that they will happen within the next five years. With the economic fallout of the COVID-19 pandemic becoming clearer by the day, they believe that it will only serve to accelerate these coming shifts.
A combination of sustainability requirements, cost pressures, skill scarcity, new materials, industrial approaches, digitalisation, and a new breed of player looks set to transform the value chain, the report says.