Page 48 - CO_Feb_2023

CONSTRUCTION EQUIPMENT

on account of reforms in the emission and safety standards for Some research data suggests that the global IoT in construction
equipment manufactured in India. Furthermore, cordial relations market reached a value of US$8.45 billion in 2021. Looking forward,
between India and EU, ASEAN and Americas are a complementing IMARC Group expects the market to reach a value of US$ 18.59
factor to make India an export hub for construction equipment. Billion by 2027, exhibiting a CAGR of 13.20% during 2022-2027. The
According to Imarc research, the significant growth in the growth of the IoT in the construction market is primarily triggered
construction industry across the globe is creating a positive outlook by the growing need to avoid project delays through better
for the market. Heavy construction equipment is widely used for productivity and safety.
heavy lifting, demolition, river dredging, cutting trees, and moving Some studies suggest that as many as nine in 10 construction
aside or loading materials, such as asphalt, demolition debris, dirt, projects experience cost overruns, often 28% or more. Robots
and snow. In line with this, the increasing adoption of cranes due typically work faster and more precisely than humans, which would
to their power and precision to lift hefty materials with exactness, help address this issue. These benefits are particularly valuable
along with a superior level of safety, is favoring the market growth. given the persistent labor shortage in the industry.
Apart from this, various advancements in technology, such as the Another issue in the construction industry automation could help
integration of machine learning (ML) and the Internet of Things address is safety. It’s an established fact that the construction
(IoT) to optimize equipment utilization and improve operational industry is one of the most dangerous environ for workers, with the
efficiency, are providing an impetus to growth. Additionally, the highest number of deaths reported in any industry. If data is to be
introduction of driver assistance systems and real-time data tracking believed, around 20% -- one in every five – of all worker deaths
to streamline processes and monitor the location, fuel usage, happen in the construction industry. Such sorry state necessitates
operating hours and maintenance of the machinery is positively construction safety to be the number one priority for contractors on
impacting the market. all job sites. The research revealed that majority of worker deaths is
the result of the ‘Fatal Four’ – Falls, Struck-by-object, Electrocutions,
Automation Via IoT, AI, ML and Caught-in/between, accounting for around 60% of all onsite
Construction equipment, including cranes and excavators, often accidents. If companies can do away with these fatal four, they
operate in geographies that include higher risk. Automated would be able to reduce about 600 lives every year. Autonomous
construction equipment in such cases can enable humans to equipment would reduce these deaths by removing humans from
set these machines to work by themselves or operate the same the most dangerous parts of the job. Many construction teams
remotely. This will ensure zero risk to human life if the construction use drones to survey work sites. These aerial robots can capture
equipment meets with an accident. Moreover, the same can more data in 20 minutes than a week of traditional measuring.
also ensure zero errors due to fatigue caused in the minds of the This remarkable speed significantly improves project time to
workforce. completion, and the richness of the data can reveal potential

48 CONSTRUCTION OPPORTUNITIES|FEBRUARY 2023