More than a billion people will need homes by 2030, due to the forecasted mass-migration from rural to urban areas. In India alone, 250 million people will require housing in urban cities. The residential construction industry must be fundamentally transformed in order to meet the world’s needs for high quality, longer life and affordable homes. VEGA believes we are on the threshold of an unprecedented opportunity to reshape the future of affordable housing.
Even with skylines around the world filled with tower cranes, current construction techniques are insufficient to keep up with demand. By 2050, the world’s urban population is expected to grow from 3.6 billion to 6.6 billion*. More and more people will migrate from rural areas to urban centers, causing massive housing shortages. Up to 60% of the world’s population will live in cities by as soon as 2030*. Now is the time for new housing solutions. If we get it wrong, our cities will become sprawling slums. (*Source: McKinsey Global Institute)
The drawbacks of conventional construction are many.
- Construction is slow and time consuming
- Highly labor intensive construction practices and limited labor supply,
- Capital constraints
- Relatively poor quality
- Expensive to build, operate, and maintain
- Limited useful life due to poor construction
Houses and apartments are virtually the only high-value necessity that are currently produced today without the use of advanced manufacturing techniques. As a result, affordable housing is beyond the reach of the large majority of families and individuals throughout the world. To meet rapidly increasing demand, housing construction must be transformed by the use of state-of-the-art, advanced manufacturing techniques such as those used to build cars or airplanes.
Vega has developed and patented a building system based on advanced manufacturing techniques that has the potential to transform the construction industry worldwide.