Construction suffers $11 billion in losses every year in damage due to fire, water, theft and—worst of all—worker deaths. Despite construction only accounting for 7% of the work force, 21% of workplace deaths occur at construction sites.
Entering the field to combat these losses is a new category of companies referred to as Risktech, technology companies that specialize in alleviating risk. In the case of construction, where Risktech is booming, this means they’re selling products to owners, operators and contractors, as well as to insurers.
The three biggest threats are well known: fire, water, and worker deaths. Approximately 8,400 fires happen at worksites per year, the majority of them being arson. Water does the second most amount of damage, often with bursting pipes or unmonitored weather damage. Finally, workplace fatalities have been on the rise since 2011.
Martha Notoras, of XL Innovate, recently wrote about examples of Risktech companies:
“Pillar Technologies offers real-time analysis of site environmental conditions (smoke, humidity, temperature, dust particulates) through a network of specialized sensors that warn construction foremen if there is risk of a fire, water damage or unhealthy amounts of dust. Notion offers IoT devices that can sense water leaks and pipe bursts. Drone companies like Kespry and Airobotics can inspect construction sites from above and potentially stop losses stemming from equipment theft and vandalism. Wearable companies like Kinetic will monitor workers and their biomechanics. Proxxi will tell workers if they're getting too close to a live electric wire, while Triax monitors worker location and will alert supervisors if there is a fall.”
And of course, at hh2, we’re using new tech solutions to combat losses such as with hh2’s Field Reports, where site managers can walk a job site and take photos and mark plans with concerns about potential dangers, all of which is uploaded directly to the cloud and available to owners, engineers, and architects.
To read more about Risktech and what’s in store for the future of construction technology, read Notoras’s article in My New Markets.