Summer is heating up. Let’s talk about the hottest technologies for construction in a new blog series that will stretch the rest of the summer. Everything from AI (artificial intelligence) to digital twin is having a profound impact on the construction industry—and will continue to do so in the months ahead. We will explore what the future holds and how the technologies will impact construction specifically.
Perhaps there is no better place to start than 5G. Without connectivity, most technology won’t work as effectively as possible. At its core, 5G is the fifth-generation technology standard for broadband cellular networks. Quite simply, it enables a new kind of network that will be able to connect more “things,” as is very much needed to make the IoT (Internet of Things) a reality in all vertical markets.
Rollout of this technology is happening rapidly too. Grandview Research suggests the global 5G services market size is estimated to reach $1.67 trillion by 2030, at a growth rate of 52% from 2022 to 2030. The technologies are expected to connect our cities, our homes, and our jobsites, providing reliable communications to IoT devices.
The biggest opportunity for 5G is at the enterprise. J.P.Morgan says global enterprise opportunity enabled by 5G is expected to exceed $700 billion. North America is a primary driver for enterprise opportunity which could exceed $180 billion by 2030.
Here’s how this will impact construction. A Boston Consulting Group report predicts 5G’s impact on construction will add $127 billion in GDP and create upwards of 450,000 new construction jobs.
Electrical wiring contractor Black & McDonald sees a lot of potential for new applications along with the rise of 5G. From its humble start in 1921 as an electrical wiring contractor, this family-owned and operated business has grown to multiple lines of business with more than 5,000 employees working out of more than 30 offices.
Here are just a few ways this company expects the commercial construction sector to continue to grow, with the help of 5G.
- Holographic building visualization using VR (virtual reality) and AR (augmented reality).
- Monitoring throughout a structure’s lifecycle.
- Realtime design changes shared widely.
- Effective safety compliance methods through tracking.
These are just four examples, and it is really just the tip of the iceberg of the opportunities that 5G will bring to construction. In the coming weeks, we will dig specifically into opportunities that technology will afford to the construction industry. We will explore emerging technologies—and how they will make a big impact on construction in the years ahead. Get ready for the next generation of construction.
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