DUBLIN--(BUSINESS WIRE)--The "India Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The construction industry in India expanded by 9.6% in real terms in 2023, owing to the government's continued focus on infrastructure development, coupled with the ongoing housing boom in the country, amid rising household incomes, a severe housing shortage in big cities, and strong population growth.
According to the Ministry of Statistics and Program Implementation (MoSPI), the total gross fixed capital formation (GFCF) in India rose by 9.3% year-on-year (YoY) in the first nine months of 2023, while the construction industry's value add grew by 10.5% YoY over the same period. As part of the financial year (FY) 2023-24 (April 2023 to March 2024) budget unveiled in February 2023, the government increased its allocation for capital expenditure by 37.4%, compared to the revised estimates of the FY2022/2023 Budget, to INR10 trillion ($124.8 billion).
Over the remainder of the forecast period, between 2024 and 2027, the Indian construction industry is expected to register an average annual growth of 5.9%, supported by investment in the transport, electricity, housing, and industrial sectors. According to the Infrastructure and Project Monitoring Division (IPMD) of the MoSPI, as of November 1st, 2023, it was managing a pipeline of 1,788 projects with an anticipated completion cost of INR29.1 trillion ($362.8 billion). Of the total, projects in the road transport and highway sector account for the highest number of projects in the pipeline, equivalent to 55.6%; this is followed by railways (13.8%), petroleum (8.7%), coal (7%), power (5.5%), and water resources (2.3%).
Forecast period growth will also be supported by the government's aim to increase renewable energy capacity from 145.2GW in 2021 to 500GW by 2030, have renewable energy account for at least 50% of its energy requirements by 2030, reduce carbon emissions by one billion tons by 2030, and reach net zero by the end of 2070. In November 2023, India's renewable energy ministry secretary reaffirmed that the country would achieve its target (announced in April 2023) of holding 50GW of renewable energy capacity bids annually from FY2023-24 to FY2027-28. The government had already floated bids for approximately 27GW of renewable energy capacity from April to October 2023, with bids for the remaining 23GW of capacity planned to be called before April 2024. The government is also encouraging the adoption of rooftop solar to meet its renewable energy targets.
The report provides detailed market analysis, information and insights into the Indian construction industry, including:
- The Indian construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Indian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in India. It provides -
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in India, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
For more information about this report visit https://www.researchandmarkets.com/r/b2lumb
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