The construction industry is the second largest industry in India after agriculture. It is expected to emerge as the third-largest in the world by 2025. The industry can be segmented into real estate and urban development. Residential and office space, retail, hotels and leisure parks constitute the former while water supply, sanitation, public transport, schools, and healthcare constitute the latter.
In 2020, Indian real estate attracted institutional investments worth US$ 5 billion. The CAGR of the Indian Construction Engineering industry is estimated to be a steady 15.7% by 2024. The demand for commercial space has shot through the roof in recent times with economic expansion and spurt in business activities, with the annual absorption of constructed offices having crossed 42 million square ft.
The Construction Industry contributes 55% to the Steel industry, 15% to the Paint industry and 30% to the Glass industry. A growing economy and the demand for housing is expected to trigger a notable growth in the Construction Technology (ConTech) industry as well.
By 2025 the Construction equipment industry’s revenue is estimated to reach US$ 5 billion.