CE industry aims for 15%+ YoY growth in next 5 years

The construction equipment industry in India is expected to grow by 15% year-on year-over the next five years, according to industry experts who gathered today to announce EXCON 2023.

Speaking at the roadshow held today, Deepak Garg, Managing Director, Sany Heavy Industry India, confirming the industry growth estimates, said the industry is seeing sharp growth with industry participants maxing out their capacities and all construction equipment industry players at various stages of capacity expansion.

"The construction industry in India is poised for a technological revolution, fuelled by many key innovations. Generative artificial intelligence (AI) is a cutting-edge technology that optimises the design process, resulting in highly efficient and innovative designs,” he added.

Garg stated that the government has set aside Rs 10 lakh crores to strengthen this sector.

During the roadshow, industry experts discussed the various steps taken by industry institutions to improve construction industry sustainability.

According to Mahesh Mudda, Managing Director and CEO of New Consolidated Constructions Co. Ltd, the industry is pushing construction players to follow and support the Indian Green Building Council (IGBC) certification as part of its net zero energy strategy.

Concerning the issue of lowering fuel consumption, Ranjit Manjarekar, Vice President and Head of Asset Management Tata Projects, stated that "sustainability, quality, safety, and reduction of conventional fuel costs by reducing our fuel consumption from 30 lac liters to 21 lac liters is a huge priority."

On the issue of moving to alternative fuels and new technologies like hydrogen and electrification, Prakash Raj Panicker, Supply Chain Management, Larsen & Toubro Ltd. (Green Energy Business), said we have to become ESG compliant and ensure that we onboard partners who are ESG compliant.

Construction equipment will run on green hydrogen engines. Lubricant companies will have to produce green lubricants and steel, which is the direction the industry is heading in, requiring extensive collaboration from all stakeholders, Panicker said.

These issues are likely to be discussed in greater depth at EXCON 2023 conferences on defense and paramilitary, green construction with a focus on sustainability, AI & IoT, and automation in the construction engineering sector, among others.

EXCON 2023 is expected to attract over 1200 exhibitors from India and around the world, including Austria, China, the Czech Republic, France, Germany, Italy, Romania, Russia, South Korea, Spain, Sri Lanka, Turkey, the United Arab Emirates, the United Kingdom, and the United States of America. EXCON 2023 will be hosted by the government of Karnataka.