Building Construction Equipments In India
Infrastructure is one of the core sectors that is all set to flourish under the PM’s “Make in India” initiative. That being said, infrastructure as an industry directly impacts building of building construction equipments in India. In the past most construction equipments were either imported from other countries or manufactured in India by foreign companies or their subsidiaries in India. Off late thanks to the initiatives of the new government this scene is changing to become more favourable to the manufacturers both domestic and foreign. With the manufacturing of the much required building construction equipments happening in India now, the products are becoming cheaper and competition for superior products more intense. No longer will to Indian market have to spend exorbitant amounts of money to own the best available technology in the industry.
Construction equipment manufacturing as an industry is all set to grow to become a $21 billion industry form today’s $3 billion by 2020 as per forecasts of the ICEMA. These forecasts were made before the regime of the new government an in light of the new initiatives; the industry just got a huge boost to not only reach the $20 Billion mark but to exceed it with ease. Along with manufacturing, the flood gates have been opened to the lesser known after sales and rental market of construction equipments. While the rental industry is at large in foreign countries, the market is still in its infant stages in India and is slowly but steadily taking roots and is expected to grow many folds in the years to come.
On a broader scale, the construction equipment as an industry will create more than a million jobs in the near future given the rise in the number of infrastructure tenders passed by the government. With the growth of infrastructure there will be a staunch rise in the need for skilled labour to keep up with the new tech savvy equipments in the industry. It has also opened the gates for training institutes to make money from the growing needs of the industry for skilled labour. A lot of companies like L&T have already started off with certified training centres to meet the growing demand for skilled labour to operate the machines.
When it comes to technology, the buyers are becoming more aware of the global trends and are demanding the same from the domestic manufacturers. While the technology is slowly but surely finding its way to the heavy duty machines in India, we still lack the infrastructure to make the most of the available technology. Say for example, in foreign countries, IIOT is all the rage and even the equipment is placed on site depending on the data provided by the GPS and the instructions are directly relayed to the machine to take care of the work. The digital infrastructure in India is not that strong to support that kind of technology just yet.
That being said, the construction equipment industry on a whole is on a roll and well on its way to become the largest construction equipment market in the world.