Emerging economies are acting as a new growth engine for global construction sector as growth in matured markets is becoming stagnant. In general terms, construction sector involves building of residential and commercial complexes, industrial plants and civil infrastructure. With increasing urbanisation demand for infrastructure development projects in various emerging economies is increasing. Consequently, governments are primarily focusing on construction of roads, sewage facilities, transit systems and mega cities.
Geographically, China, U.S. and India are expected to control more than half of the global construction market. It is expected that with China transitioning towards a consumer and service driven market, construction activity in social infrastructure, healthcare, education and consumer end-markets will grow tremendously. In addition, China’s abolition of one-child policy will add more drift to the construction industry in long term.
Some of the factors like rapid globalisation, increased standard of living, demand for better infrastructural facilities, emergence of megacities, new technological advancements, increasing demand for environmental sustainability and energy management are expected to spur growth in the construction market.
In order to meet construction project deadlines, reduce wastes and save cost number of companies are switching towards prefabricated homes/buildings. Prefabricated homes/buildings, also known as “factory-built building”, generally involves construction of pre-built structures at off-site factories and then assembling of these off-site built structures at onsite. The major factors driving the growth of prefabricated building systems is growing concept of green construction, superior quality of prefabricated structures, growing trend for building information modelling (BIM) technologies and changing regulatory framework and growing emphasis towards cost saving.
In addition, concept of smart cities is also picking up in construction sector. Generally, a smart city is a fusion of various technologies like smart home, smart building, smart grid, smart education, smart security, smart healthcare and smart transportation. Demand for smart cities is gaining popularity because of increasing preference for environment sustainability, growing disposable income and improving lifestyle.
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