A recent study has highlighted the top growth opportunities for the building construction market in 2024, with solutions driving a sustainable future one of the biggest markets necessitating progression.
A major theme of the report by ResearchAndMarkets is the focus the construction sector is placing on improving sustainability performance, which includes green buildings, buildings with a low carbon footprint, and green construction practices.
Sustainability will become part of market participants’ business resilience and key performance indicators (KPIs).
Therefore, market participants will need to invest in technologies, including digital applications, to support sustainable construction processes and partner with relevant industry leaders or experts in sustainability solutions.
Additionally, participants will need to establish close partnerships with digital technology providers to develop sustainability solutions that improve the efficiency of resources used in buildings and thus reduce carbon emissions and waste generation.
Overall, the report states, the construction sector will be increasingly technology-enabled.
Digital technologies and software will continue to make inroads in building construction and support internal processes and sustainability efforts. Investments in platforms and as-a-service business models will become increasingly relevant in this market.
The report also identified that material shortages, price inflation, logistics issues, and labour deficiencies are top challenges in the building construction market, resulting in the market’s sluggish growth in 2023.
The market is now only showing a modest recovery of above 5 per cent growth from 2024 onward.
Top growth opportunities for 2024
- Residential Construction to Remain as Key Priority
- Electrification to Propel Energy-efficient Buildings
- Digital Tools to Facilitate Building Construction Projects
- Prefabrication Technology to Gain Preference
- Sustainable Building Construction Materials to Expand in Adoption
- New Business Models to Revolutionize Buildings’ Life Cycle Management
- Smart Lighting and HVAC to Support Buildings Decarbonization
- Drones and Robotics to Advance Construction Site Safety and Security
- Construction Waste Management to Advance Industry Circularity
- Sustainability and Future of Workforce to Transform Property Development