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