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Future Growth Potential Enhanced by Advancements in Robotics and Automation
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Developers are increasingly investing in digital tools like robotics and automation to improve productivity. 3D printing and other new technologies will lead to rapid advancements in prefabrication and modularization. These advancements, in turn, will improve productivity and reduce overreliance on on-site processes.With a rapidly aging workforce, the construction industry is also expected to face an acute skills shortage over the next decade. For instance, in North America, 1 in 5 workers will reach retirement age by 2030. In addition, the construction industry accounts for 25% of all fatalities globally—the highest among all industries. As developers strive to achieve zero-accident work sites, investments in automation and robotics technologies will open up new applications that are not accessible or feasible to humans.Around 60% of the global population is expected to dwell in urban areas by 2030. The role of buildings as an integral part of the surrounding environment will also evolve through the long term. Building automation system vendors that currently focus on disparate solutions such as smart security and smart climate control, will need to expand their horizons to include automation solutions for the entire lifecycle of the building. In future, autonomous buildings will interact with the smart city infrastructure and city networks in real time.The convergence of transformational Mega Trends shaping the industry, including prefabrication, 3D printing, digital upskilling, robotics, and autonomous systems will result in new growth opportunities. These include an online modular building configurator, remote construction monitoring, and smart autonomous buildings.
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