In the wake of an industry altering global pandemic, the construction industry is now bouncing back with leading-edge technology and innovative solutions
United Kingdom, 17th Oct 2022 – Following a fairly turbulent few years, where adjusting forecasts and changing expectations had become the standard, 2022 has shown itself to be the year of re-emergence and growth for the construction industry.
Many sectors were affected by the various levels of fallout that resulted from the COVID-19 pandemic, and the construction industry was no different. If nothing else, the pandemic changed how the industry does business, from scheduling, to hiring workers and meeting clients, closing projects and commencing work.
Rising construction costs and labour shortages were, and continue to be, an issue, challenging the industry to innovate with competitive new ideas, while stricter regulations ensure a reduced margin for error and waste. These trends and movements are changing the roles of both industry professionals and frontline workers, while at the same time forcing the industry to innovate and pivot, something that has had a varying effect on differing areas of the sector.
According to the Construction Project Momentum Index by GlobalData, projects in the Industrial and the Commercial and Leisure sectors in Western Europe are doing better than most regions, however, the residential and infrastructure sectors are suffering.
Next Level Technology
One of the biggest differentiators in the construction industry today will be the advancement and innovation of technology, specifically those innovations that can enhance efficiency. One clear example of this is the increase of drone use in construction.
In a study by DroneDeploy, the use of drone technology in construction has increased by 239 percent, with good reason. As remotely controlled aerial vehicles, they are uniquely suited to provide real-time updates of a construction project, revolutionising the life cycle of a project. Among the many uses include 3D topographic mapping and land surveys, remote monitoring and progress reports, equipment tracking, security surveillance and structure inspection and photography.
Augmented reality is also making a strong appearance in the industry, with builders and developers engaging 3D visualisations of future projects, automated measuring of buildings, fast and affordable simulation of architectural and structural training and even something as basic as safety training and hazard simulations.
Remotely Connected and In Touch
With the numerous restrictions that came with the Pandemic, construction teams were forced to figure out how to collaborate without physical access to materials, spaces or even each other.
Mobile applications helped to solve this problem by creating a conduit through which workers could accommodate these restrictions while still getting things done. Through these applications, workers could perform real-time inspections, have on-site accountability and even get accurate measurements taken from a mobile phone camera.
Kevin Potter, CEO of Guildprime Specialist Contracts, a Luxury Fit Out and Refurbishment Contractor under the MBH Group comments, “The innovations in technology that have come about have made a massive difference in how our business can be run more efficiently and effectively. Keeping up-to-date and learning about new innovations have become paramount for keeping us ahead of the game and what really helps is being part of a larger group where we can share ideas and collaborate with other construction companies within the Group.”
While construction industry trends are rapidly changing and the pandemic has undoubtedly shaken up the industry, creating anomalies in statistics and practices, the outlook is still largely positive. According to a study by Deloitte total revenue in construction has been increasing year-on-year, rising 14.1 percent in 2021, with 20 percent of the global revenue coming from Europe. As the world emerges into a new normal, it is clear that there is now an upswing in construction, one that is bolstered by the innovations that have emerged to deal with adversity.
Contacts for IR and media enquiries:
MBH Corporation plc
Nicholas Ferguson
nicholas@financialmedia.group
+65 9452 0613
About Guildprime Specialist Contracts
In 1985, the Guildprime family comprised just two employees. Its reputation for high quality and excellent service delivery inevitably led to the expansion of Guildprime’s team and services, making it the thriving business it is today. From solely offering shop fitting services, Guildprime naturally moved into other sectors and have become specialists in luxury fit outs and refurbishments for high end retail brands, sporting venues, commercial office spaces and prime residential properties.
About MBH
MBH Corporation plc is a diversified investment holding company, listed on the Frankfurt and Dusseldorf Stock Exchanges and the OTCQX® in the United States. The company acquires small to medium enterprises across multiple geographies and sectors that are well established, profitable and looking to scale. By leveraging its Agglomeration strategy, MBH Corporation plc is able to create substantial shareholder value through the consistent and accretive acquisition of excellent companies.
Media Contact
Organization: MBH Corporation plc
Contact Person: Nicholas Ferguson
Email: nicholas@financialmedia.group
Phone: +6594520613
Website: https://www.mbhcorporation.com/
Address 1: 672A Klang Lane, #04-103
Country: United Kingdom