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#News(General) [ via IoTForIndiaGroup ]
Globally, the construction industry is a large and important sector, representing over 17 trillion dollars in 2017, and is expected to grow to over 24 trillion by 2021.[1] It employs about seven percent of the world’s working-age population. In the US, construction is one of the top five industries, joining healthcare, technology, retail and non-durable manufacturing industries[2] and contributes 4.3 percent to the GDP.
Unfortunately, while global labor productivity has increased over the past two decades by 2.8 percent, and manufacturing has seen a growth of 3.6 percent, construction has been stuck with the worse growth in labor productivity across all industries at just 1 percent per year.[4] To put this into context, according to McKinsey, if productivity growth in the construction sector had matched that in manufacturing over the past 20 years, the world would be $1.6 trillion (2% of GDP) richer each year.
For example, United Rentals (the world leader in equipment rentals) retrofitted their entire fleet of over 450,000 pieces of non-connected construction equipment in the US and Canada with networked, telematics capabilities as part of their Total Control solution.[7] One contractor building a large solar energy project, which took advantage of these networked machines from United Rentals, saved 12% on its rental costs for an approximate savings of $900K on a $7M million project. This contractor saved not only by reducing the amount of equipment needed for the project by being more efficient in what they rented, but also by reducing the number of (in short supply) operators required to run the equipment.
As another example, SAM the masonry robot from Construction Robotics can lay bricks at 350 per hour, whereas a typical mason can only lay 350 to 550 bricks per 8-hour day. And, of course, SAM never has to stop to warm up with a cup of coffee or take a bathroom break. Now SAM doesn’t operate on its own, but a job that once took five bricklayers and two laborers now takes two bricklayers and one laborer, saving customers 50% on labor costs.
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