The world has witnessed sustained growth in industrial construction services and infrastructure build-up. The industry witnessed a robust growth that was driven by the activities in housing, roads, oil and gas, irrigation, airport, railway network, and port building among others. Though there was a brief lull in a specific period, the industrial construction industry has recorded an impressive growth in the last decade, which saw a corresponding rise in its share in GDP.
The emerging trend of a growing private-public partnership has infused the much-needed vitality to the industry in recent times. The lagging developmental activities in rural and backward areas due to the paucity of funds saw an impetus due to this partnership between the public and private bodies in industrial construction projects. However, there is still room to speed up the process of private participation and to channelize more funds in the industrial construction segment.
This sector has given rise to both direct and indirect jobs in the country and is at present the second largest employer, next only to agriculture. Over 250 ancillary industries including cement, steel, building material, brick and timber also were benefited by the vibrant growth of the industrial construction industry, which has led to a surge in the number of experts like contractors and builders in the industrial construction industry.
Challenges in Industrial Construction Industry
The high working capital needs in industrial construction services can make it tough for start-up or small companies with low financial back up to make an entry into the industrial construction sector. The exponential growth in the number of builders and contractors has cut down the profit margins in spite of a growth in the volumes. While segments like road industrial construction, housing and urban development saw a very high demand, segments like seaport and airport development witnesses comparatively low industrial construction activities.
Future of This Industry
As the country has a long way to go in setting up the infrastructure backbone in place, the industrial construction industry holds a big promise for a bright future. B2B marketplaces offer the latest trends and possibilities in industrial construction services. Learn more about the innovations in the products, industrial construction methods and interact with the suppliers and dealers in this field in an interactive B2B platform.