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IoT in Construction Market Projected to Gain Significant Value through 2022-2031

08-10-2022 08:14 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: TMR

The global IoT in construction market was valued over US$ 7.6 Bn in 2021. It is estimated to expand at a CAGR of 16.2% from 2022 to 2031. The global IoT in construction market is expected to reach value of US$ 34 Bn by the end of 2031.

Analysts' Viewpoint on Global IoT in Construction Market

Global IoT in Construction Market Introduction
Internet of Things (IoT) is important for digitalization in the construction industry. The term IoT in construction refers to the usage of technical equipment or IoT and modern-day Internet software in the construction process in order to enhance project efficiency. It uses connected sensors and actuators to manage and monitor the environment. The IoT is extremely beneficial to the construction industry. It enables the monitoring and accounting of various assets and people across a traditionally fragmented sector. The integration of IoT with construction equipment, machinery, and devices helps to perform operations efficiently to reduce construction time and effectively utilize resources.

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Construction IoT sensors refer to the use of Internet-connected sensors by workers and are placed around project sites. IoT in construction allows for the collection of many types of data regarding activity, conditions, performance on the construction site, and transmission of these information to a central dashboard where data is evaluated to help take informed decisions.

IoT Improves Productivity and Safety at Construction Sites

Technology is fast developing. Digital technologies, such as IoT, is transforming the construction industry by providing information that allows more timely maintenance, better parts management, and better machine utilization. As the IoT technology is beginning to mature, the management of construction sites is likely to undergo fundamental changes. IoT has already achieved significant progress in the construction industry, and is expected to significantly improve productivity and safety at work site.

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IoT is frequently used with wearable devices to monitor the health and safety of a wide range of people, including elderly, at-risk patients, and employees. Construction workers/employees can be monitored on the job remotely due to IoT. These devices provide construction managers with automatic headcounts, mapping the position of all employees, identifying risks, and transmitting safety alerts. For instance, according to OSHA, in 2018, 21% of worker fatalities occurred in construction. In 2019, 107 employees died at construction sites in France, and over 90,000 accidents occurred. Furthermore, as per the Bureau of Labor Statistics (BLS), a federal agency that collects and disseminates data about the U.S. economy and labor market, in 2020, 1,008 construction workers died in the United States. In 2020, there were 174,100 cases of injuries in the construction sector.

Construction IoT sensors can be embedded in wearables and modified to particular use cases, such as detecting changes in air quality to warn employees that they are approaching a harmful environment; monitoring vitals such as heart rate; warning about malfunctioning equipment before use; and informing about maintenance requirements to avoid accidents and putting construction workers' at risk.

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The construction industry is regulated through deadlines and targets. Construction projects require constant progress to be effective, and experience huge delays and cost overruns when productivity is disrupted. Project delays result in inactive equipment and laborers, which incur expenses even during downtime. IoT solutions for construction can improve productivity by increasing readiness and efficiency.

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