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Construction in India - Key Trends and Opportunities to 2024

Construction in India - Key Trends and Opportunities to 2024

Summary

Prior to the Coronavirus (COVID-19) outbreak, the Indian construction industry had posted growth of 3.4% for 2019 in real terms. However, with the disruptions caused by the COVID-19 outbreak and the subsequent lockdown measures, the industry has been severely impacted in 2020. According to the Ministry of Statistics and Programme Implementation (MOSPI), the Indian construction industry contracted by 8.6% year on year (YoY) in the third quarter of 2020 (the latest data available at the time of writing), following YoY declines of 50.3% in Q2 and 2.2% in Q1 2020.

Reflecting the disruptions caused by the pandemic, private investment in new commercial buildings, such as hotels, shopping malls and offices, and educational buildings is expected to suffer in the short term as these sectors have been heavily affected by the COVID-19 crisis. Also, with higher unemployment and uncertain economic conditions, the residential market will be weak, as demand for new properties will be heavily impacted.

GlobalData forecasts the construction industry to contract by 14.9% in 2020. However, assuming there will not be a repeat to the severe nationwide lockdowns in 2021 and the industry returns to normal operating conditions, there will be a sharp recovery in 2021, and during the remaining part of forecast period, the industry is expected to post an annual average growth of 6% in real terms, driven by the government efforts to boost the industry. The industry’s output will be supported by government’s focus on boosting infrastructure investments in particular. In August 2020, the Prime Minister announced that INR111 trillion (US$1.5 trillion) will be invested on 7,000 projects across various sectors during FY2020-2025, which will enable the faster revival of the economy and aid in boosting employment. The industry’s growth will also be supported by the government’s focus on boosting local manufacturing sector to become self-reliant and reduce dependency on imports. In addition, the government’s targets to construct 10 million affordable houses by 2022 and increase the share of renewable energy in total installed power capacity to 60% by 2030 will support the industry’s growth over the medium and long term.

This 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.

Scope

This report provides a comprehensive analysis of the construction industry in India. It provides -
- Historical (2015-2019) and forecast (2020-2024) 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

Reasons to Buy

- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

Table of Contents
1. Executive Summary
2. Construction Industry: At-a-Glance
3. Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
4. Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5. Key Industry Participants
5.1 Contractors
5.2 Consultants
6. Construction Market Data
7. Appendix
7.1 What is this Report About?
7.2 Definitions
7.3 GlobalData Construction

List of Tables
Table 1: Construction Industry Key Data
Table 2: India, Key Economic Indicators
Table 3: India, Commercial Construction Output by Project Type (Real % Change), 2015-2024
Table 4: India, Top Commercial Construction Projects by Value
Table 5: India, Industrial Construction Output by Project Type (Real % Change), 2015-2024
Table 6: India, Top Industrial Construction Projects by Value
Table 7: India, Infrastructure Construction Output by Project Type (Real % Change), 2015-2024
Table 8: India, Top Infrastructure Construction Projects by Value
Table 9: India, Energy and Utilities Construction Output by Project Type (Real % Change), 2015-2024
Table 10: India, Top Energy and Utilities Construction Projects by Value
Table 11: India, Institutional Construction Output by Project Type (Real % Change), 2015-2024
Table 12: India, Top Institutional Construction Projects by Value
Table 13: India, Residential Construction Output by Project Type (Real % Change), 2015-2024
Table 14: India, Top Residential Construction Projects by Value
Table 15: India, Key Contractors
Table 16: India, Key Consultants
Table 17: India, Construction Output Value (Real, US$ Billion)
Table 18: India, Construction Output Value (Nominal, INR Billion)
Table 19: GlobalData Construction Market Definitions

List of Figures
Figure 1: South and South-East Asia, Construction Output (Real % Change), 2020
Figure 2: India, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: India, COVID-19 Confirmed Cases
Figure 4: India, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2015-2024
Figure 5: India, Construction Output Value, by Sector (Real, US$ Million), 2015-2024
Figure 6: India, Construction Value-Add (INR Billion, 2011-2012 Constant Prices)
Figure 7: India, Gross Fixed Capital Formation (INR Billion, 2011-2012 Constant Prices)
Figure 8: India, Construction Projects Momentum Index
Figure 9: India, Commercial Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 10: India, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 11: India, Foreign Tourist Arrivals (% Change YOY)
Figure 12: India, Industrial Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 13: India, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 14: India, Manufacturing Value-Add (INR Billion, 2011-2012 Constant Prices)
Figure 15: India, Industrial and Manufacturing Production Index (at 2011-2012 Base Prices, % Change YOY)
Figure 16: India, Total Export Value (INR Billion)
Figure 17: India, Infrastructure Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 18: India, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 19: India, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 20: India, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 21: India, Institutional Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 22: India, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 23: India, Residential Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 24: India, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 25: India, Housing Sales and New Home Launches (In Thousands)
Figure 26: India, Housing Price Index (2010-2011 Base Prices, % Change YOY)
Figure 27: India, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 28: India, Headquarters of Key Consultants (% of Total Project Pipeline)

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