Frost & Sullivan predicts global construction spending to reach 17.5 trillion USD in 2030
In 2030, worldwide Construction spending will touch 17.5 trillion USD. India, the US, and China will lead the way and have a 57 percent share. Of the global infrastructure investment, more than 60 percent will be in emerging economies such as Asia while the US and Canada will have 20 percent.
The Construction industry is undergoing a transition on the way to new technology-and-data-driven business models, greater production, and better stakeholder collaboration. Digitization and the aging workforce are driving towards more investment in digital solutions and workforce management.
Frost & Sullivan has provided a recent analysis titled ‘Future of Construction, Global, 2030’, which encompasses the industry trends in sustainability, new business models, autonomy, and digitization and also the social and economic trends in the sectors such as infrastructure, non-residential, and residential.
Safety, which currently is a major concern in the industry, will also push the use case for automation in the industry. Autonomous machines, VR assistance, and wearable safety are key technologies that are expected to see increasing adoption in the industry.
Chaitanya Habib
Visionary Innovation Research Consultant at Frost & Sullivan
Owing to the increasing adoption of technologies, industry participants will detect growth possibilities in the following:
- Using nanotechnology to develop smart materials for water treatment
- Productizing blockchain
- Leveraging smart signaling systems and predictive monitoring
- Applying Augmented/Virtual/Mixed Reality (AR/VR/MR) in design and development
- Using drones and wearables at construction sites
- Employing low-cost, sustainable building materials and autonomous construction equipment
- Developing building information modeling (BIM) systems
Meanwhile, infrastructure investments in electricity and roads are forecast to be the highest among all sectors due to market needs. By 2030, the construction industry will account for 14.7%of all global economic output, with China, India, and the US being the biggest investors.
Buildings and civil infrastructure will be the fastest-growing segments in emerging economies from 2018 to2030.
Vinay Venkatesh
Visionary Innovation Research Analyst
The Frost &Sullivan Visionary Innovation Research Consultant said, “Technological advancements in Artificial Intelligence (AI), cloud software, drones, and pre-fab construction will be leveraged to reduce cost and improve quality and speed of construction. Smart infrastructure technologies embedded with telematics, too, will influence the future of the industry by creating an intelligent and on-demand system that reduces operational costs and augments productivity.
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