BUILDING AND CONSTRUCTION > INDUSTRY 4.0 GROWTH
Construction 4.0:
Scannable fasteners & reduced downtime for end users
The Industry 4.0 in construction market is to rocket from $9.78 billion in 2019 to $29.1 billion within a decade, says a new report…
The applications and value of the market for connected tools, fixings and fasteners has been predicted to explode in growth.
Innovation continues to arrive thick and fast in Industry 4.0 – from connected tools regulating production lines to avoid defects and boost traceability, to connected fixings that warn if off-shore wind farm nuts require tightening, to connected fastener heat treatment systems and smart traceable fasteners for the construction site… and the applications have only scratched the surface.
The market is not looking too shabby either. In 2020, Bosch passed a connected product milestone of 10 million sold, including connected tools. So invested in this area is Bosch, that it said it wants to become a leading AIoT company (Artificial Intelligence and Internet of Things).
Some sectors have greater potential than others for growth in this area. Construction had a relatively decent 2020 despite the pandemic and it is this market that is going to see some significant Industry 4.0 expansion, according to a report from Allied Market Research.
DOWNTIME / UPTIME
The ‘Construction 4.0 Market’ will be worth $29.1 billion globally in eight years (growth of 18.2% CAGR), so says the study. For example, advanced sensors offer real-time insights on concrete maturity, temperature and strength without destructive testing and such products demand hardware technologies in the global construction 4.0 market. These kinds of ‘hardware 4.0 solutions’ account for more than two-fifths of the market. However, it is the services segment of the construction world that is projected to register the highest CAGR of 18.9% during the forecast period, as implementation of engineering services such as retrofitting, personnel training and scheduled maintenance could help decrease downtime or accidental expenses for end users.
More humdrum but productivity-boosting time management of construction sites is also set to further boost the growth of the global construction 4.0 market, along with those aforementioned technological advancements. AI and IoT on the construction site is closely tied to the likes of IoT-enabled smart fasteners, that – much like RFID tags in the warehouse – allow workers on-site to scan the code for identifying documentation, such as ETAs, materials and manufacturer. The artificial intelligence segment is projected to manifest the highest CAGR of 19.9% during the forecast period, according to Allied Market Research, owing to increase in use of AI and machine learning in the construction sector. However, the IoT segment held the largest share in 2019, contributing to more than three-fourths of the global construction 4.0 market.
By region, the market across North America held the largest share in 2019, accounting for more than two-fifths of the market, due to rise in number of small and medium enterprises in the region that demand IoT and BIM technology.
However, the global construction 4.0 market across Asia-Pacific is projected to portray the highest CAGR of 19.9% during the forecast period, owing to increase in government spending on infrastructure activities.
With connected tech promising more uptime and less wasted maintenance visits for end users, for example, it would be hard to argue against the continued growth of the industry 4.0 construction market. With fasteners and construction fixings so intrinsically linked to safety, the potential for Industry 4.0 solutions to provide further guarantees of performance and lifetime are highly intriguing.
Industry 4.0 technology is at the point that you can check what if you’ve run out of eggs in your smart fridge just by checking your smartphone. To imagine that this kind of technology won’t be further integrated into rather more critical areas such as safety in construction and the performance of fasteners and fixings is probably folly.
Will there be a time when consumers get an alert if their decking screws are due for renewal after suffering from corrosion? Or when rail maintenance firms will be notified when bolts along a certain stretch of track require torquing? Or if a security fastener on a child’s play area has been tampered with? Despite the fact that Industry 4.0 has been with us for decades, the potential for it to integrate closer to fastener and fixing applications in construction and elsewhere are seemingly limitless. Particularly when they deliver savings for end users.
For more details on the Construction 4.0 Market Analysis from Allied Market Research visit the site.