The construction industry is the world’s largest sector, accounting for approximately 13% of global GDP. But guess what? Despite its significance, it has been one of the slowest-growing industries. But that is no reason to worry as new construction technologies are here to speed things up.
Rapid Growth in the Virtual Construction Market
Construction industry people are embracing new tech like never before. Virtual design and visualization tools, like Building Information Modelling (BIM) and Construction Management Software (CMS), are becoming the real deal.
Virtual Design and Construction (VDC)
Virtual design and construction involve using virtual environments to engineer and visualize structures before physical construction begins. That’s VDC for you! It helps reduce costly reworks by 30% and also boosts efficiency big time. Builders can first construct structures in a virtual environment, which can improve efficiency and accuracy too.
Building Information Modelling (BIM)
BIM is a prevalent VDC tool that makes it possible for any number of parties involved in a construction project to store and access information, documents, and designs in one centralized location. The market for construction management software is expected to reach $23.9 billion by 2031, with Autodesk dominating the design and construction software segment.
Modular Construction and Prefabrication
Modular construction and prefabrication are revolutionizing traditional building practices. In modular construction, most of the building or structure is assembled off-site before being transported to the construction site. Prefabrication involves producing building components off-site and swiftly attaching them to the structure.
Growth and Benefits
The modular construction market was valued at $91 billion in 2022 and is projected to reach $120.4 billion by 2027. It has witnessed rapid growth in recent years, with a 51% increase in new building projects in North America between 2015 and 2018. These technologies help keep construction costs down, speed up the process, and minimize waste.
Superiority and Applicability
Guess what? Dodge’s 2020 report shows that 90% of people think modular construction is better than old-school methods. It’s a game-changer for healthcare institutions, apartments, hotels, and motels.