The pressure from globalisation is getting stronger worldwide and its impact being felt in virtually all areas. Having an understanding of how various global trends are affecting the business is crucial in determining how companies can strengthen their position in a competitive market. Rapid population growth and urbanisation, the demand for increasingly high energy efficiency, and technologies for intelligent buildings and materials offer challenges as well as opportunities. Below I have listed five global trends that impact the future of construction.
Intelligent BuildingsAs the technology gets less expensive our buildings get more intelligent. According to The McKinsey report The Internet of Things: Mapping the Value Beyond the Hype, the total economic impact potential for IoT applications is between $3,9 trillion to $11,1 trillion per year in 2025. The same report also states that while much attention is focused towards home automation and fitness monitoring, the greatest economic potential is within B2B applications.
Growing populations and urbanisationAccording to the 2014 revision of the UN report World Urbanization Prospects, the amount of people living in urban areas will increase from 54 per cent today to 66 per cent by 2050. By 2045 the world’s urban population is expected to exceed six billion. This will no doubt create a dramatically increased demand for housing, energy and infrastructure, as well as a more acute need for solutions for cleaner air and sustainable urban growth.
Environment, legislation and energy efficiencyInitiatives such as The Kyoto agreement is a vision for a healthy sustainable world. The building regulations to reach this vision are now set in most of the European countries and large parts of the world. This is a great opportunity for companies by going further than just “being green” – which is a must for all companies today.
Development of new materials and processesPrefabrication and modularisation result in a more efficient construction process with less time spent on site. The growing need for smart buildings and cities is creating a base for innovation. Also software solutions like Building Information Modelling (BIM) is rapidly becoming an important part of the planning and execution of construction projects.
Global economic patterns
Uneven recovery in developed economies and a subdued construction industry in many countries. Large-scale investment in infrastructure in developing countries is driving global demand. At the same time, the booming markets can quickly change so to be successful you have to be quick on your feet and adapt to the ever changing conditions.