Industry Newsletter
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firms are increasingly recognizing the benefits
of remote work sites and mobile accessibility on
their profitability. Numerous construction stages
can now be accomplished remotely, delivering
cost and time savings to both builders and
clients. As technology continues to advance,
further innovations that facilitate offsite work are
anticipated, hastening project completion times
like never before.
Modular Design
Modular construction is quickly gaining
popularity as a favored building approach in the
construction industry. This technique involves
constructing a building offsite, followed by its
assembly on-site. This process enables quicker
construction, a more eco-friendly building
approach, and more intelligent design. Moreover,
modular building generates less waste, with
construction crews being able to recycle used
materials and track inventory.
Use of Rented Equipment
In 2023, construction firms are expected
to persist in contemplating the rental of equipment
or acquisition of used goods instead of purchasing
brand new items. These trends offer the industry
an opportunity to remain up-to-date with
technological advancements while minimizing
expenses. Rental equipment, in particular, permits
construction companies to experiment with various
machines to assess their efficacy before making
a commitment.
Of all the above mentioned,
there is a growing need for
digital transformation in
construction due to global
supply chain disruptions,
worker shortages, and
skyrocketing material prices.
The year 2023 appears to hold immense
potential for the construction industry, buoyed by
technological progress and a surge in demand
for its services. With a focus on rebuilding
infrastructure, developing sustainable structures,
and creating smart cities, construction firms that
adapt to the evolving landscape of the industry are
poised to gain abundant opportunities. Therefore,
the industry is expected to grow and prosper in the
rest of the year.
India is expected to become the third-
largest construction market in the world
by 2025. Furthermore, the construction
industry in India will undergo a
significant transformation to
become faster, safer, and greener.
The government’s blueprint for
Digitization and Smart City
Development indicates the
scale of this transformation
in India.
- Jayant Kumar
General Manager,
Hilti India
“
THE LATEST BUZZ
Code to Cordless Jobsites (EaaS)
Market
size
9.2%
Market Growth will
Accelerate at a CAGR
(2021-2030)
2021
$21,233.4 Million
2030
$46,729.5 Million
North America
held the
Largest Market
share of
>28%
Growth
drivers
•
Rising need for
fastening tools in
the industrial sector
•
Growing
construction
sector
Last year, the worldwide power tool market
achieved a market value of $5672.60 million
and is now projected to accelerate with a
CAGR of 8.9% from 2022 to 2032. By 2032,
the India power tool market is estimated to
reach a valuation of $13306.41 million. Power
tools are highly sought after due to their
versatility, convenience, and effectiveness
in various sectors. They save time and effort
and are portable, making them even more
appealing.
The Rise of Era of Cordless
Power Tools:
The trend in power tools is moving away
from corded and towards cordless options.
While corded tools still make up a significant
portion of sales, the shift towards cordless
is substantial. Cordless power tools consist
of a range of battery-powered tools, such
as hammer drills, impact drivers, impact
wrenches, cordless screwdrivers, and more.
These tools are ideal for various
applications, including fixing, assembly,
woodworking, metalworking, and more.
The shift to cordless power tools reflects
a desire for more portable tools. In recent
years, advancements in battery technology
have allowed present-day cordless tools
to run longer on a single charge. By
avoiding investments in extension cords,
long wires, complex wires, and junction
boxes, customers can significantly reduce
operational costs and eliminate hidden
expenses. Additionally, this practice
enhances jobsite safety by preventing
the accumulation of wires on-site. While
they may not completely replace gas or
corded electric equipment, these tools
are increasingly finding their place in a
contractor’s arsenal, offering a greener
alternative for both our well-being and the
environment.
CORDLESS POWER TOOLS MARKET
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