As the world population continues to grow, so does the demand for new and accommodating infrastructure. Coupled with projected industry growth, construction companies and equipment manufacturers will need to ensure they can handle the influx of projects as younger generations enter the housing market and renewable energy segments become a major focus.
While the nation’s current population is over 328 million, that number is estimated to surpass 334 million by 2020. This population growth signifies an increase in demand for corresponding infrastructure. According to one report, residential construction activity is expected to increase from 45% to 54% in 2018, further illustrating the demand for housing. In the same report, 63% of industry executives project an increase in nonresidential construction for the remainder of the year.
The real driver of increased demand that construction companies must be prepared to accommodate lies in the consumer behavior of Millennials. Over 75 million strong, this generation could transform the housing market as they begin to shift outward from metropolitan areas into more suburban settings. According to one survey, 79% of Millennials currently renting expressed a desire to purchase a home. When the buying potential of these young adults is realized, construction companies and equipment manufacturers can expect a significant demand for residential development.
As much of the world continues developing environmentally conscious technology and policies, this relatively new industry presents a significant opportunity for construction equipment companies. Referred to as one of the fastest growing construction markets, the renewable energy sector has enjoyed increased spending year after year as governments from around the world combat growing climate issues. For example, in 2016, over 31% of all construction jobs were in energy related projects. With this number projected to grow, an increase in renewable energy ventures will translate into increased demand for construction companies and equipment manufacturers.
To capture the opportunity presented by the increasing population and focus on renewable energy segments, construction equipment companies and manufacturers must be able to produce in accordance with rising demand. Where downtime can significantly affect your bottom line and production timetables, scheduling routine spindle maintenance is the best way to ensure all machines are operating at peak efficiency to remain competitive as the industry expands. At GTI Spindle Technology, we have the expertise and knowledge to service spindles in construction-related industries. Contact us today to learn how we can help you avoid and minimize downtime so that you can maximize your uptime.
About GTI Spindle Technology
At GTI Spindle Technology, we specialize in high quality spindle diagnosis and repair. Getting your business back into full operation and minimizing downtime is our mission. We offer in-house, on-site, and emergency assistance for machine tool spindle failure analysis, spindle repair, and complete spindle testing. With an extensive range and expertise in a diverse group of industries, our customers know that they are getting the highest quality of spindle repair and customer service. Click here to find out more.