Page 65 - CV Aug-Sep 2023 Issue

FUTUREof

CONSTRUCTION

in INDIA

ndia's construction industry is Data from government and industry country's rising population, urbanization,
expected to grow at an annual reports suggest that projects suffer from 20 and positive developments in regional
Iaverage of 6.6% between 2019 and to 25 percent time and cost overruns. economic conditions.
2028. The share of the urban population Waste of resources has been identified as
is expected to be 50% of the total a major source of inefficiency. Despite a The construction industry locally is fast
population by 2050. Present levels of substantial increase in the past few years,
embracing a centrally managed
urban infrastructure are inadequate to demand for professionals and contractors
construction process – bringing design,
meet the demands of the existing urban still exceeds supply by a large margin. The
manufacturing, material sourcing, and
population. traditional methods adopted in the Indian
construction together into one
construction industry may not suffice the
streamlined system – thus making it
Consequently, the construction industry needs of this dynamic environment, as
possible to build high-quality, amazing
needs to always change and evolve. Every they have produced large inefficiencies.
building structures on time and more
year new trends appear within the industry, Innovative ways of procurement and
from technological advancements to a project management can satisfy the needs cost-efficiently. The next few years are
stronger focus on sustainability. If you run aspired to as well as bring added value. going to be the moment of reckoning for
a construction company and you want to the construction industry to demonstrate
make sure you stay ahead of the game, it Facts indicate that by 2025 the country's its managerial, financial, and technical
can be useful to be aware of emerging construction sector will be the third-largest prowess to establish new benchmarks in
trends that could prepare you for the in the world, behind China and America, construction management, construction
future. with an overall value of $1 trillion, with quality, and imparting value addition to its
construction output expected to grow on products and services.
Technological trends are shaping the average by 7.1% each year. In this year's
future of construction. Every construction budget, the government increased its
company today is convinced that expenditure towards infrastructure
technology is poised to impact the development by 20.9% from Rs 4.9 trillion
construction industry like never before. (US$75.9 billion) in its financial year.
From cloud-based collaboration to robots Expected to account for 30.1% of the
and artificial intelligence – an incredible industry's total value in 2023, it is thought
array of developments are helping or that residential construction will remain the
poised to help and improve the way lar
buildings and infrastructure development gest market over the forecast period. It is
happens in India. also predicted that greater demand for
Also, the construction industry in India residential construction will be created
suffers from major time and cost overruns. over the forecast period, due to the

CONSTRUCTION VISION 63 AUGUST - SEPTEMBER 2023