As we approach 2024, the building construction sector is on the verge of a sea change. Sustainable practices and technological breakthroughs have the potential to reshape the landscape, promoting innovation and changing established norms. In this blog article, we will look at the major trends and changes that will shape the industry in the future year. In comparison to the previous year, the construction industry entered 2023 with a 7% increase in nominal value added and a 6% increase in nominal gross output. Nominal construction spending continued to rise in the third quarter of 2023. However, assuming current patterns in real GDP data continue, it is vital to emphasize that much of the topline growth will most likely be driven by price inflation rather than volume. In addition to dealing with continued inflation, the industry is dealing with price instability in raw materials and rising labor expenses. Another key concern that continues to influence the sector is the persistent shortage of trained workers.
The construction sector in India consists of urban development and real estate. The former includes water supply, transportation, schools, and healthcare, while the latter includes residential, office, and hotel space. With a positive prognosis for the construction industry, there is room for innovation and improvement. This is where technology can help to accelerate and improve efficiency.
2024 WILL BE THE YEAR OF HIGH-TECH CONSTRUCTION, FUELED BY THE FOLLOWING TECHNOLOGIES
Augmented Reality(AR)and Artificial Intelligence(AI)
AR and AI are two cutting-edge technologies that are transforming the construction industry. AR overlays digital information onto the real world, while AI enables machines to perform tasks that would normally require human intelligence. AR creates interactive 3D models and provides digital instructions, improving design and safety. AI automates tasks, predicts maintenance, and identifies risks, improving efficiency and quality. As these technologies continue to evolve, they are likely to become even more essential in the construction industry, enabling construction professionals to work smarter and more effectively
Generative AI is a cutting-edge technology that streamlines the design process by delivering extremely efficient and imaginative designs in less time. It creates several design solutions that meet particular needs by considering building codes and other constraints. It may also analyze previous data to identify and mitigate prospective construction risks. It is one of the powerful technologies that is revolutionizing the industry’s design process, resulting in more innovative, efficient, and cost-effective designs.
Building Information Modelling (BIM)
It is a sophisticated technology that allows architects, engineers, and construction experts to communicate in real-time on a project, anticipate difficulties, and optimize building performance. Although it has been available for several years, BIM is predicted to become more common in construction in 2023 because it provides easier cooperation and communication among project stakeholders, resulting in enhanced project results and lower costs. BIM is an important tool for
the construction sector since it allows professionals to collaborate effortlessly and produce better
This is a groundbreaking technique that has generated a variety of objects ranging from models to entire buildings. IIT-Madras, for example, has India’s first 3D-printed house. In Ahmedabad, the Indian Army also unveiled the world’s first 3D printed residential unit, a disaster-resistant construction. We anticipate to see more companies experimenting with 3D printing to manufacture structures and components this year.
Drones, also known as unmanned aerial vehicles (UAVs), have changed the way building sites are surveyed and inspected. They provide a variety of advantages, including better safety, faster data collecting, and cost savings. Drones with high-resolution cameras may take comprehensive photographs and videos of building sites, offering significant insights that can assist project managers and engineers in making educated decisions.
SUSTAINABLE PRACTICES TAKE CENTRE STAGE
Material sand Techniques for Green Building
The construction industry is undergoing a paradigm shift toward sustainability, with a concentration on green building materials and processes. Recycled steel, sustainable concrete, and energy efficient insulation are becoming more popular, indicating a dedication to minimising the environmental effects of construction
Renewable Energy Integration
With the global push toward clean energy, the engineering and construction industry is incorporating more renewable energy solutions into its projects. Solar panels, wind turbines, and other green technology are increasingly being incorporated into building designs, bringing projects in line with ecologically sensitive ideas.
Circular Economy Practices
The industry is embracing circular economy principles to reduce waste and maximize resource efficiency. Reusing and reusing materials, in conjunction with sustainable demolition processes, are becoming standard practices, displaying a commitment to a more circular and environmentally responsible construction cycle.
MODES OF INVESTMENT
- The government has established infrastructure investment trusts (InvITs) to allow the monetization of finished and revenue-generating infrastructure projects.
- The government hopes to raise cash for new projects and enhance overall efficiency by monetizing assets and involving the private sector in the operation and maintenance of current infrastructure assets. This also permits the private sector to take on smaller projects in these industries.
- India has a $1.4 trillion infrastructure investment budget under NIP, with 24% going to renewable energy, 18% going to roads and highways, 17% going to urban infrastructure, and 12% going to railroads.
- A Technology Sub-Mission of PMAY-U identified 54 global breakthrough construction technologies to usher in a new age in the Indian building technology sector.
- Urban Infrastructure Development Fund: A budget of INR 10,000 crores is set aside each year to build urban infrastructure in tier 2 and 3 cities. 33% of INR 10 Lakh Crore Increase in capital investment expenditure.