Discover how engineering and construction companies can navigate the future of the construction industry by developing a connected building base. The industry is undergoing a profound transformation, driven by technological advances, demographic changes and the growing emphasis on sustainability. Looking ahead, it's clear that construction is about to undergo a remarkable evolution, which will revolutionize the way we design and build for the future and how we interact with our environment. Improved productivity (61%) was the most cited reason for investing in technology, followed by achieving greater competitiveness and reducing costs (both, 37%) and accelerating construction times (35%).
The common themes that emerge from this report, including key observations from construction companies operating in global markets, are the changing risks and opportunities that shape the future of construction. To effectively prepare for these fundamental changes, the transformation efforts of an engineering and construction company must be backed by a strategy to connect prefabrication and storage facilities, construction sites and expanded supply networks through a command center, a set of tools and techniques that allow companies to proactively manage their construction process from start to finish in real time and achieve new efficiencies through connected visibility, management proactive exception and predictive information. New efforts in favor of alternative energy sources are likely to add complexity to the assembly of construction fleets through new restrictions and mandates. New construction equipment will gradually become more electric to continue ongoing efforts to decarbonize.
The challenges facing the global construction industry include high construction material costs and labor shortages. According to Balfour Beatty, investment in new technologies will serve to rewrite outdated perceptions about the construction industry and, in turn, provide companies with greater opportunities to attract young workers with more diverse skills. As these new products prove to be reliable, construction companies will continue to rely on electrification to meet regulatory and social expectations and reduce operating costs. Instead of using new wood for a construction project and felling new trees, consider using reclaimed or reclaimed wood from trees that have already been felled.
The advantages of prefabrication—reducing construction time, improving quality control and increasing profitability—are driving its greater implementation in several construction sectors. This report also highlights that the emergence of a deconstruction industry that will reuse built assets and existing tools to help determine the carbon footprint of any new asset before physical construction will become the new norm. Construction companies will accept new ways to access equipment and technology through software as a service and equipment as a service. As construction companies continue to combat labor shortages and strive to differentiate themselves from the competition, they will need to consider future trends in construction technology. Harnessing data and technological innovations is expected to enable construction professionals, policy makers and stakeholders to help shape a future in which construction is a catalyst for development and economic growth on a global scale.
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