Page 18 - January_2023

COVER STORY

Some key factors driving equipment sales in September 2022 billion globally by 2027, rising at a market growth of 6.5% CAGR
included slowdown in monsoon activity during the month which during the forecast period, according to Research and Markets.
helped increase construction activities in the country as well as an With digital domination showing no signs of slowing down,
increase in State level capex on infrastructure. Further, Sep 2022 constructions sector can expect exciting new digital solutions and
also witnessed an increase in National Highway construction. A tools released into the ecosystem with the emergence of more
total of 647km of National Highways were constructed during and more tech startups. In the immediate future, connected
the month, an increase of 38% YoY. On behalf of the Indian CE construction that brings together digital technology and data
industry, Krishnan urged the government to consider interventions should be top of mind. According to McKinsey, time is quickly
to ensure that a higher pace of highway construction is running out for single-point solutions, and the fragmented
maintained throughout the year, which will help create a construction industry we’ve become accustomed to could soon
sustainable demand for construction equipment. He also added be a thing of the past. It suggests moving towards a “platform
that a clear roadmap for all the planned infrastructure projects era” for the construction industry. Using connected construction
would enable the industry plan better to cater to the emerging technologies, firms can bring assets, people, processes, and
demand for construction equipment. job sites onto one platform to reduce downtime, optimize
asset utilization and efficiency, and gain greater visibility into
The ERA of SMART Machines operations.
Recent research pointed out that adopting cutting edge The rapid inclusion of advanced technologies in the CE space
technology can boost production efficiency by 30-45%. Today, has put forth a suitable stage for the market players to showcase
an increasing number of construction sites are already leveraging their potential in terms of innovative equipment. As such, the
many Smart Construction techniques, such as machine control, deployment of electronics and telematics has enhanced
which directly contributes to improved profitability and operator efficiency, while ongoing developments in hydraulics have
efficiency. Smart Construction technologies can assist in getting reduced power losses, facilitating much higher value for the users.
the work done right the first time, minimizing wear & tear on All this can be attributed to the escalating environmental concerns
equipment, reducing fuel consumption, optimizing equipment that have called for eco-friendly engine developments in order
combinations, and more. At a time where margins are squeezed, to lower emissions. Further, since the construction equipment
contractors are using smart construction to become more industry worldwide is already embracing electro-mobility and
profitable, gain market share, and win bids. autonomous solutions with the inclusion of technologies like IoT,
With such immense potential for growth, the construction tech virtual reality, and self-learning machines, India shall also witness
market is booming—expected to reach £11.5 billion or €13.8 such technological changes in the forthcoming years.

18 CONSTRUCTION OPPORTUNITIES|JANUARY 2023