Sustainability Spotlight: How Construction Firms Can Lead the Charge Post COP28
As the construction industry steps into the new year, Thomas & Adamson (T&A) anticipates a transformative journey fuelled by a blend of ongoing trends and emerging catalysts. The echoes of 2023, marked by challenges like rising raw material prices, labor shortages, and government policies, are expected to resonate into 2024. T&A identifies key drivers that will shape the construction landscape in the coming year.
Sustainability Takes the Spotlight Post COP28
Following COP28, the urgency to combat climate change intensifies, placing sustainability at the forefront of construction priorities. Clients are expected to align with construction partners sharing their commitment to sustainable development. This opens opportunities for companies championing eco-friendly practices to stand out in the competitive market and secure lucrative projects.
Digital Construction to Enhance Efficiency
With projects growing in complexity and an increasing demand for efficiency, construction project- and cost-managers are set to leverage Building Information Modelling (BIM) and Construction Management Softwares (CMS) in 2024. The BIM market, valued at US$8.89 billion in 2020, is projected to reach US$23.2 billion by 2026. Similarly, the CMS software market is anticipated to grow from US$9.3 billion in 2021 to a projected US$23.9 billion in 2031. These technologies are essential for project planning, scheduling, communication, and documentation, ensuring improved efficiency and reduced costs.
Rise of Drones in Construction
The year 2024 will witness a surge in the use of drones and unmanned aerial vehicles (UAVs) for construction projects. Drones prove effective in site surveys, mapping, and inspections, enhancing worker safety and providing accurate data for project planning. Anticipating potential legislation changes, heavy-duty drones may even be utilised for material deliveries to job sites, streamlining logistics and potentially transforming the industry.
Supply Chain Challenges and Innovations
T&A foresees a modest increase in the cost of essential construction materials in 2024, influenced by weak economic conditions in some international markets. However, the adoption of prefabrication and modular construction techniques is expected to rise, offering advantages such as reduced wastage, faster project delivery, and enhanced precision and quality. 3D printing technology, while not fully mainstream, could gain traction in 2024, particularly in markets where the cost of a basic 3D printed home is estimated to be as low as US$4,000, showcasing potential for affordable housing projects.
As the construction industry navigates the challenges and opportunities of 2024, a commitment to sustainability, digitalisation, and innovative construction techniques is poised to redefine the sector and set the stage for a future-focused built environment.
