‘AI, 3D printing, robotics likely to help construction industry face challenges effectively’

The emergence of new technologies such as Artificial Intelligence (AI), 3D Printing, and Robotics, would transform the construction industry, one of the oldest and largest industries in the world and help it address its multiple challenges effectively according to a White Paper on Artificial Intelligence: The Future of Smart Construction.

The emergence of new technologies such as Artificial Intelligence (AI), 3D Printing, and Robotics, would transform the construction industry, one of the oldest and largest industries in the world and help it address its multiple challenges effectively, according to a White Paper on ‘Artificial Intelligence: The Future of Smart Construction’.

As per this White Paper, released at the World of Concrete India 2023 exhibition in Mumbai, the construction industry contributing 13% to the global GDP, is poised for significant growth in the coming years, with an estimated CAGR of 11% from $8.2 trillion to $17 trillion by 2029. But it has to address many challenges.

This growth is driven by certain factors such as government initiatives, lower interest rates in a few developed economies, demand for renewable energy, public private partnerships, new age technology and higher disposable income.

Pradeep Mukherji, Managing Partner, Tauran Advisors, the Thailand-based firm which has prepared the White Paper said, “In the rapidly evolving landscape of the construction industry, the adoption of digital technologies, including Artificial Intelligence (AI), Machine Learning, and Robotics & Automation, is heralding a new era of transformation.”

“AI is poised to play a pivotal role in reshaping the sector by addressing a range of challenges and delivering significant advantages. To meet industry needs, AI has the potential to accelerate growth and add value at all project stages, from design and financing to construction, operations, and business model changes,” he said.

“AI is estimated to boost industry productivity by increasing it from 1% to 1.5% annually,” Dr. Mukherji emphasised.

Speaking at the World of Concrete India 2023, Gaurav Karnik, Real Estate National Leader, and Tax Partnership at EY India said, “The construction sector, contributing 9% to GDP and employing almost 50 million, is instrumental in India’s remarkable growth. Government support for capital projects has fuelled this growth over the last five years. Key initiatives include smart cities, data centres, and reducing logistics costs to 8% of GDP by 2030.”