Smart construction is here—and it is being spurred on by new, emerging technology and innovative building methods including 3D printing and scanning and prefabrication. Also, it is spanning all segments of construction, from residential homes to infrastructure projects.
Perhaps one of the bigger trends for residential construction that is beginning to generate more interest lately is prefab construction. This form of construction initially emerged in the mid-1900s, with the U.K., France, and Russia being some of the first to jump into a large-scale system. Still, while many manufacturing sectors have moved from industry 3.0 to industry 4.0, construction is only starting to make the transition.
With challenges present on both the demand and supply sides of the equation, the economic outlook for residential construction suggests growth, but growth that’s slow and choppy rather than swift and smooth. On the demand side of the coin, challenges include higher interest rates and rising home prices that are stifling demand. On the supply side of the coin, materials and labor costs have escalated in the past few years, cramping profit margins for homebuilders.
Homeowner preferences are changing. Buyers want homes that are high-tech, energy-efficient, and relatively affordable, but will they soon also want homes that are able to be easily modified in the future?
The homebuilding, buying, and selling process is changing—all with the advent of new technologies for the construction industry.
Step aside BIM (building information modeling). Robotics might just be the next big technology advancement for residential homebuilders.
The residential construction market is seeing a resurgence of new projects, driven by the use of new, emerging technologies—both in the construction of the projects and in the homes themselves.
Digital transformation is impacting the construction industry in a number of different ways. For instance, technology is helping preserve historical properties into a digital experience.
Machine learning, big data, AI (artificial intelligence), and the IoT (Internet of Things) are changing the way businesses across the globe operate—and technology providers are aiming at bringing predictive modeling, and AI to construction in new ways.
As the market begins to pick up momentum, technology providers serving the residential construction market are creating new partnerships, acquiring other companies, and even receiving growth equity investments.