Engineering and Construction Domain
Engineering and Construction Industry – Domain Knowledge
Looking for knowledge and key business information on the Engineering and Construction industry?
TechnoFunc brings to you engineering and construction industry overview, business model, value chain, competitive landscape, and latest trends. The Engineering and Construction Industry is involved in the building or assembling of infrastructure. Large scale construction is a feat of human multitasking. Increasing project risk and complexity together with the growth of long-term contracts and opportunities in post construction services creates both challenges and opportunities for the engineering and construction industry. Learn about planning, design, execution, scheduling, budgeting, site safety along with how to deal with delays and bidding, etc. Learn the various dynamics and challenges in the Engineering and Construction Industry. Quickly enhance your business acumen in the engineering and construction domain and impress your stakeholders in your next meeting!
Overview of Construction Industry
Construction is the oldest and one of the largest industries in the world with its market size of about ten trillion US dollars. Construction is traditionally a contracting business right from the good old days, the industry comprises of a very large number of small firms. Now the construction industry is one of the largest industries in any economy. It makes a significant contribution to the national economy and provides employment to a large number of people.
Construction Industry – The Sectors
The construction industry produces a wide range of products, and the enterprises working in the construction domain are equally diverse. The construction industry can be divided into three sectors of construction namely building, infrastructure, and industrial. They can be further classified as residential, non-residential, and engineering projects. The construction activity can be carried out as a private or public endeavor.
Construction Industry in India
India is one of the world's fastest-growing construction markets, rising at the rate of 7-8 percent annually. By 2025, India will become the third-largest market in the world, thereby becoming a key driver for the Indian economy. The Indian construction industry employs over 30 million people and creates assets worth over ₹ 200 billion. Indian Construction Industry consists of 200 firms in the corporate sector.
Challenges in Construction Industry
In spite of the steady rise of the construction industry and its demand, it remains heavily dependent on manual labor. The construction industry faces challenges that become even more for developing countries. Some key challenges are poor productivity, inflation, and rising costs, availability of skilled labor and increased competition, and shrinking profit margins.
Importance of Construction Industry
The construction industry is an important part of the country's economy. Construction is an important sector that contributes greatly to the economic growth of a nation. The construction industry has laid down the physical and technological foundations upon which modern civilization has developed. It also creates investment opportunities across various related sectors and vital to the achievement of national socio-economic objectives.
