TECHNOLOGY
( BIM ) have made it possible for projects to be built virtually before they are even constructed physically , thus increasing the competitiveness of the construction sector . Artificial Intelligence ( AI ), the Internet of Things ( IoT ) and Virtual Reality ( VR ) technologies are paving the way for digital transformation . IoT allows construction machinery , equipment and structures to be connected to the web for remote operation , thus enhancing workplace safety , for example . Using video game technology , construction professionals are now able to operate Augmented Reality ( AR ) wearables and drones to access data and make quicker and betterinformed decisions while building better and wasting less .
THE THREAT OF CLIMATE CHANGE
According to the World Economic Forum , buildings and construction account for 38 % of worldwide carbon emissions . This means that we cannot solve the climate change problem without transforming the construction and building industry . This challenge also presents an opportunity to leverage technology and improve efficiency and sustainability .
Customer expectation is also one of the factors driving digitisation in the industry . Environmental issues have become more important as customers are becoming increasingly concerned with the wellbeing of the environment .
“ We cannot solve the climate change problem without transforming the construction and building industry .”
Innovative new Green construction technologies such as self-healing concrete are expected to bring the industry a step closer to its more efficient and lower-carbon future . Currently , the global output of concrete accounts for 8 % of the world ’ s carbon emissions , according to the Royal Institute of International Affairs .
URBANISATION
It is estimated that 1.3 million people move into cities every day . By 2040 , an estimated 65 % of the world ’ s population will be living in cities . This pace of urbanisation requires significant investment
56 JUNE 2022 SA Real Estate Investor Magazine