Report: Construction Adopting Emerging Technologies

By Mika Majapuro, director of product management & strategy, Teletrac Navman

The global construction market is expected to grow 85 percent to $15.5 trillion worldwide by 2030. As economic recovery continues to pick up speed, optimism within the construction industry remains high. According to our new report, the Telematics Benchmark Report: Global Construction Edition, more than 90 percent of companies plan to invest in their business in 2017—upgrading fleets and integrating new technologies. Organizations also anticipate increasing the number of assets to meet the demand for services and update older equipment and vehicles.

While it’s creating opportunity, the continued growth is also generating new challenges and increasing client demands. The Teletrac Navman report shows construction companies are looking to technological solutions for managing costs and maintaining margins, as the demand and pressure for output increases.

Construction companies and aggregate mines alike are turning to technology to save time, reduce accidents, increase output, and positively influence the bottom line. Aggregate mines, for example, are using autonomous vehicles to manage haul cycles and drones to measure stock piles, helping to increase their already thin margins by eliminating the need for manual measurements. They are also beginning to consider adopting emerging technologies like fatigue monitoring tools to improve worker safety. Similarly, in the construction industry, drones are being used for remote inspection of infrastructure and imaging of jobsite conditions. In addition to using advanced digital collaboration tools to ensure everyone involved in a project is working from the same documents that are updated in real-time, construction companies are considering machine vision technology to visually track resources.

Most commonly, companies are turning to telematics. According to our report, 80 percent of respondents are already using telematics or plan to implement it in the next year. As operators and business owners look to upgrade and expand their fleets, telematics installed in equipment and vehicles can provide peace of mind, ensuring companies can still track each individual asset as their fleets grow.

Many organizations that have already adopted telematics have seen the benefits. Although off-road assets in construction and aggregate mining do not travel far, equipment burns fuel inefficiently due to the stop-and-go work, idling, and sheer amount of mass they carry. Companies that have implemented telematics have seen up to a 40 percent reduction in fuel costs, more important than ever as fuel expenses can equal nearly half of an organization’s operation budget. As the bulk of organizations experience unexpected equipment failure with up to 11 percent of their equipment each year, telematics helps curb maintenance or replacement costs and reduces unplanned downtime thanks to routine insight into equipment performance.

With strong growth ahead for the construction industry, organizations must be prepared to face increased demands and balance customer demands and worker safety. Choosing and implementing the right technologies will play a major role in helping them accomplish these goals.

 

Posted: 11/13/2017 2:15:41 PM



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