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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