Every industry is bombarded with various trends as time passes. Whether the industry is technical or non-technical.the new trends are introduced by intellects which make this industry better. In the same way, another industry has been excelling for the past few years and will continue to do so since this is one of the jobs which is not going to change in years to come. People will continue to build houses and towers and therefore, new trends and technologies will be introduced every day.
Construction industry trends are changing.
What is the future of construction industry post the COVID-19 pandemic?
This article will provide you the construction market trends and insights you need to plan for business success.
We recently had a chat with the world-famous Astro Strategist and Real Estate Astrologer Mr. Hirav Shah. As everyone knows he has been working closely with many of the leading Developers, Infrastructure, and Real Estate giants of India, the USA, etc as a Real Estate Strategist, Real Estate Investment Advisor, and has been actively involved in providing concrete predictions through Real Estate Astrology and Property Astrology. These days, Hirav Shah is also working with India’s leading builders and real estate developers mainly from Mumbai, Delhi, Bangalore, Chennai, Ahmedabad, Calcutta, and small Builders from small cities, etc for their existing and new projects to help them out, increase certainty, and to make strategies.
Hirav Shah says, “In 2020, the global COVID-19 pandemic caused unprecedented disruption. For the construction industry, trends like the rise of teleworking, requirements for social distancing, shifts of resources, breaks in supply chains, and cash flow disruption spell change at every level. Still, some trends will, against all odds, continue, if maybe a little bit changed.”
There are a few things to watch out for when you are researching the latest construction trends especially if you are starting or own a construction company in India. Hirav Shah lists down the most significant trends in the construction industry that are going to rule in 2021.
1. Improved Visualization
Improved visualization has become a lifeline for construction companies. There are so many technologies available for this purpose which include virtual reality (VR), augmented reality (AR), and mixed reality (MR). These technologies are helping construction companies detect architecture and construction errors easily. More so, this technology is interactive, and according to many experts that the construction company is yet to see more doors being opened.
There are so many new things construction companies are doing like 3D modeling of buildings and homes for a better understanding which can benefit the client and the company. There is a permanent record of the building then and there about the creation and many changes cannot be brought in it later. This makes business conversations a lot more relaxed. This model or improved visualization can also help engineers and service maintenance to do their jobs in a more convenient way.
Another technology that has taken the construction company by storm is robotics. Robotics has made the job of the architects and the construction experts a lot easier. Human capital has been taken over by robots who can do a lot more work without getting tired more efficiently. Now many reports on artificial intelligence and robotics have predicted that 2020 is going to be the year of robotics.
You can do anything especially those tasks that can easily be accomplished which require movement like layering the bricks or making the facade of a place. Robotics has made life a lot easier and simpler as if they are more efficient. However, they are very expensive and are only common in tech advanced countries.
This is the new trend which has been there in every profit gaining industry. However, for the construction industry, it holds special importance. The construction company has a role to play as it is an active player in controlling pollution. When we say construction, it is going to be there in every type of pollution. Therefore, it holds a special place in the construction industry.
This is a trend which has been realized by a number of top countries and therefore has been adopted by the top constructors too. There are a number of programs these companies have and many have been effective. It is important for such countries to make sure to be a part of such programs as the pollution level in the countries has surged all the deadlines.
4. Work Disruptions
The work of the construction industry is tied to one thing: capital. And capital dislikes uncertainty. The current climate is making it difficult to finance projects, particularly large ones.
Overall, Hirav Shah expects spending on non-residential buildings to decline in 2021 and the drop-off could be dramatic. As government debt at every level increases, spending on infrastructure projects will almost certainly be delayed. And in the private industrial sector, the slowdown has already begun.
5. Payment Disputes
It’s inevitable that, when money gets tight and conditions get confusing, the flow of money will become an issue. Already we know that bankruptcies are on the rise, and we can only expect this trend to get worse, with both construction companies and building owners meeting this fate.
6. Supply Chain Diversification
The disruption to supply chains has forced contractors to scramble to find alternative suppliers or to pay higher prices for materials. This construction trend will mean reevaluating long term business relationships and brand loyalties and taking risks on new alliances. As usual, this risk will come at a cost, and it will take intense coordination from suppliers, subs, generals, and owners to make timely, informed decisions on alternates.
7.Drop in Non-Residential Starts
Non-residential building starts are down in 2020. Much of the surge in houses is credited to low-interest rates, but it seems also to be being fueled by the pandemic as people look to move to individual apartments and to move away from crowded urban centers, reversing a decades-long trend.
In the non-housing sector, the blame for the downturn goes to uncertainty. Architects report that hospitality projects, for instance, seem to be on hold rather than canceled. Some hotels are even planning to use their low occupancy to carry out renovations that otherwise would have been disruptive to guests.
Hirav Shah says, “Construction trends are something which unlike any other trend enhances the working of that industry therefore adopting them is a necessity. However, keeping up with them can be a problem since they can be a bit of a problem. It is not like buying the latest bag. This adoption will have certain legal and necessary process steps. But, this will help the construction company on a larger level.”
“The new trends in 2020 have the ability to enhance the working of any industry. Improved visualization, robotics, and sustainability have transformed the construction company.”
Hirav Shah concludes by saying, “My advice to all real estate developers and investors is to study the trends thoroughly and also get a real estate Astrologer’s opinion on the projects that you are going to start or revive for maximum positive results.”