Industry experts have announced that the construction equipment industry in India is poised for substantial growth, projecting a 15% year-on-year increase over the next five years. Deepak Garg, Managing Director of Sany Heavy Industry India, confirmed these growth expectations during a roadshow held to introduce EXCON 2023. He noted that the industry is currently experiencing robust expansion, with participants reaching their capacity limits and various players in the construction equipment industry undergoing capacity expansion.
Garg highlighted the imminent technological revolution in India’s construction industry, emphasizing key innovations, including generative artificial intelligence (AI), which streamlines the design process, resulting in highly efficient and innovative designs. He also mentioned that the government has allocated Rs 10 lakh crores to strengthen this sector.
During the roadshow, industry experts discussed initiatives aimed at enhancing sustainability in the construction industry. Mahesh Mudda, Managing Director and CEO of New Consolidated Constructions Co. Ltd, underscored the industry’s push for construction companies to adopt and support the Indian Green Building Council (IGBC) certification as part of their net-zero energy strategy.
Regarding the reduction of fuel consumption, Ranjit Manjarekar, Vice President and Head of Asset Management at Tata Projects, emphasized the industry’s focus on sustainability, quality, safety, and reducing conventional fuel costs by lowering fuel consumption from 30 lac liters to 21 lac liters.
In the context of transitioning to alternative fuels and new technologies like hydrogen and electrification, Prakash Raj Panicker, Supply Chain Management at Larsen & Toubro Ltd. (Green Energy Business), stressed the need to become ESG compliant and onboard partners who adhere to ESG principles. Panicker noted the shift towards construction equipment powered by green hydrogen engines, the production of environmentally friendly lubricants by lubricant companies, and the adoption of greener steel practices. These changes require extensive collaboration among all stakeholders.
These topics are expected to be explored further at EXCON 2023 through conferences on defense and paramilitary, green construction with a focus on sustainability, AI & IoT, and automation in the construction engineering sector, among others.
EXCON 2023 is anticipated to feature over 1,200 exhibitors from India and various countries worldwide, including Austria, China, the Czech Republic, France, Germany, Italy, Romania, Russia, South Korea, Spain, Sri Lanka, Turkey, the United Arab Emirates, the United Kingdom, and the United States of America. The event will be hosted by the government of Karnataka.