Page 28 - January_2023

COVER STORY

customers, construction equipment companies should create development, are also expected to attract investment to the
a seamless sales journey, optimize customer economics and construction industry in the coming years.
unlock value from data and analytics. They need to become a Currently, India is the third-largest construction equipment market
value-added customer platform and pursue new opportunities after China and USA and is expected to achieve the second
in electrification. During the 4-day event, visitors will be able place by 2030. According to Arizton report, India construction
to witness the fast evolving customer centricity of construction equipment market is expected to grow at a CAGR of over 8%
equipment companies, which will further help them select their from 2022 to 2028 and is expected to reach over $7.5 billion by
poised partner in progress. 2028 from $5 billion in 2021. India’s construction market sales are
expected to reach 1,65,097 units by 2028. ICRA’s outlook on the
Plan for progress CE industry remains stable in the backdrop of the government’s
The Indian construction sector is forecast to register an annual policies and programs for the infrastructure sector, with its capex
average growth of 6.2% from 2023 to 2026, supported by a strong being a key driver for the Equipment industry.
pipeline of infrastructure projects across various sectors. This strong The journey will further become exciting with the introduction of
growth is attributed to the favourable base set in 2020, coupled newer technologies in the industry such as the influx of digital,
with an improvement in consumer and business confidence amid Internet of Things (IoT) and alternate fuels which will help the
the progress in the vaccination drive and the implementation of industry attain sustainable growth in the future. Commenting on
various infrastructure projects. the export potential of the industry, Dimitrov Krishnan added, “The
According to the Infrastructure and Project Monitoring Division phenomenal export growth witnessed by the Indian CE industry
of the Ministry of Statistics and Program Implementation (MoSPI), in the last 12 months augurs well for its future sustained growth.
the country had 1,559 projects in the pipeline, worth `26.7 trillion With new CEV IV emission standards now completely adopted
($352.3 billion), as of May 1, 2022. Of the total, projects in the road by the industry, there are significant opportunities for Indian CE
transport and highway sector account for the highest number of manufacturers to tap into developed markets.”
projects in the pipeline, equivalent to 53.6%; this is followed by To get the first-hand insights into shape of things to come in the
railways (13.5%), petroleum (8.7%), coal (7.6%), power (5.1%) and construction equipment space in India, don’t miss the opportunity
water resources (2.6%), among others. Moreover, government to be a part of the event where construction history will be
programs such as Atmanirbhar Bharat, which is expected to created. Join us at bauma CONEXPO INDIA 2023 from January 31
boost domestic industries, micro, small and medium enterprises to February 3 at the India Expo Centre in Greater Noida to enable
(MSMEs) and the Pradhan Mantri GatiShakti National Master Plan, meaningful handshakes and unlock business opportunities for
which aims to drive economic growth through infrastructure you and your company.

28 CONSTRUCTION OPPORTUNITIES|JANUARY 2023