Technology set to Revolutionize Construction Industry Trends in 2020
It is predicted that India's construction industry is set to emerge as the third-largest market in the world by 2025
Construction technology in India, despite its large-scale rollouts, remained rather sluggish in adopting new techniques and tools. However, it is the second-largest industry in India and has shown promising growth in the past year with a re-energized output of around 8 per cent. It is predicted that India’s construction industry is set to emerge as the third-largest market in the world by 2025. With government initiatives such as the Bharatmala scheme, UDAN and AMRUT serving as major growth drivers, this segment is estimated to be worth more than $690 billion by 2023 and with that in mind, 2020 is definitely the year to watch out for.
Large-scale government investments
The government devised major plans for infrastructure development in the country with an aim to strengthen India’s housing, ports, railway network, roadways and water supply. Initiatives such as Housing for All and Smart City Mission have given this sector the much-needed boost. The construction industry is witnessing exceptional technological innovations brought in by key domestic as well as international players. The government has also given a major boost to this industry by coming up with a single-window clearance facility for all construction projects in the country. With huge investments pouring in, private players were able to bring in some of the best technological innovations from around the world to India in the recent years.
Towards a brighter tomorrow
Fueled by a greater movement of the population towards urban shores, the demand for residential construction is estimated to increase by leaps and bounds. To cater to this demand, private players are embracing new-age construction technologies for faster progression, achieving shorter project deadlines and better quality of construction. With private players rushing in to fill the gaps and take the leading edge, innovation will bring in some of the most exciting trends in the field of construction technology. Come 2020, and technological developments in construction will not be limited to project management solutions, it will invade surveillance and excavation as well.
Technology as a disruption, not a threat to human resource
The year 2020 will see the use of technologies such as 3D printing, drones, cloud computing, modular building, wearable safety devices, and building information modeling (BIM) changing the way construction projects are managed and implemented. Technologies such as artificial intelligence, virtual reality and augmented reality are remarkable tools in our hands that serve to improve worker performance and efficiency. Far from replacing the human workforce, they are sure to enhance onsite safety. 3D printing is by far the biggest disruption that the construction industry has experienced so far. It allows for more design flexibility, better sustainability and improved costs. With special user interface software, construction firms can allow their designers to give their customers a better user experience at every step along the way. Besides, with features such as time solutions, equipment rentals and change orders, companies will be able to manage projects in a seamless manner.
BIM and modular construction
We are likely to witness increased usage of BIM in the coming years. Modular and prefabricated construction projects will gain popularity as they can help expedite residential and commercial building projects. Statistics indicate that the modular construction market will stand at $157 billion by 2023. These tools are capable of computer-generated images that can represent roads and other entities, enabling contractors to visualize the construction process at the planning stage. It will also help them understand how building materials will sustain over time and estimate the quantity required. This will reduce wastage by identifying areas for energy improvement and usage through what-if tests and analysis.
The construction market in India is estimated to be worth $1.2 trillion with the energy and utilities construction segment growing at a healthy CAGR of 10.8 per cent. The focus is now on making construction both sustainable and energy-efficient through the use of advanced technologies.
With project timelines shrinking and increasing costs, it is imperative that entities in the construction space adapt to these new trends to remain relevant in the market and make way for remarkable projects that can lead India to become an Industry leader in the construction space.