After years of uncertainty in the wake of COVID-19, the construction business, like all other enterprises, is finally looking promising. At YantraLive we constantly have our finger on the pulse of the construction industry, and as per reliable industry resources, 2023 is shaping up to be a fantastic year for construction owing to technological advancements and high demand for services.

The construction market is also forecasting a few trends that will drive the business of 2023 and beyond. From 2023 to 2026, the Indian construction industry is expected to increase by an average of 6.2% per year, aided by a robust pipeline of infrastructure projects in several industries. This impressive can be attributed to the strong basis that was established in 2020, as well as an improvement in consumer and corporate confidence amid the advancement of the immunisation push and the implementation of major infrastructure projects.

What the future holds

The need for green construction to reduce carbon footprint, bridge lock-up device systems to improve structure life, building information systems for effective building management, and the use of cutting-edge technologies are among the emerging trends that directly affect the dynamics of the construction industry.
Let’s take a closer look at a few of them.

Digital Technologies Gain Traction

To lower long-term costs and improve project execution, most construction businesses are adopting digital technology to increase business prospects and raise earnings. Furthermore, with more frequent interruptions to the world’s supply chains, more competition, a lack of workers, and increasing material costs, the demand for digital transformation in the construction industry has grown significantly. The building business has also been revolutionised by cutting-edge devices. However, interested organisations must research which devices are most suited for helping with labour-intensive or time-consuming operations.

Going Green and Sustainable

Nearly 40% of worldwide CO2 emissions connected to energy come from building operations and construction. But as the seriousness of climate change becomes more widely recognised, the building sector is making real efforts to lessen its environmental effect. Building firms may be encouraged to include sustainability into their projects, construction methods, and designs as a result of the increased attention being paid to climate change worldwide. Leaders in the industry are searching for methods to cut down on demolition waste, use eco-friendly building materials, and use locally sourced building supplies. Customers in the construction industry are also making investments in businesses that offer the sustainable, environmentally friendly practises they want.

Remote Control

While adhering to stringent safety regulations, construction companies managed to remain productive in 2020. Construction-related mobile applications have helped the sector grow while ensuring the security of employees, customers, and contractors. Construction organisations are becoming more aware of the importance of mobile access and distant work sites to their bottom line. Remote completion of several building phases can save the builder and the customer time and money. Projects will be completed more quickly than ever before because of predicted technical breakthroughs that enable work to be done offshore.

Modular Design

In the construction industry, modular construction is quickly rising to the top as a favoured method of building. A modular structure is created off-site and put together on-site. This method enables more rapid construction, greener construction, and cleverer design. The modular construction method also results in less waste. By 2023, the market for modular construction is expected to be valued up to $157 billion.

Rising Demand for Rented Equipment

Construction businesses will continue to choose renting equipment or buying old goods over brand-new ones. Both of these alternatives are anticipated construction industry trends for 2023 because they let companies stay current with technology while spending less money. Particularly with rented equipment, building businesses may test if various devices produce the desired outcomes.

Stay Abreast with YantraLive

Founded in 2018, YantraLive is a B2B digital platform that acts as a one-stop shop for heavy equipment and their parts, spares, consumables, and services for buyers.YantraLive’s operations are not just pan India, but overseas too. With the corporate credo ‘Heavy Equipment Ownership Simplified’ YantraLive, in a very short span of time has emerged as the most trusted name in the business.

YantraLive meets the needs of infrastructure companies, mining operators, fleet owners, retailers and workshops – providing them genuine spares and consumables at the most competitive prices. The company also deals in the purchase and sales of used equipment. Equally important, YantraLive provides IT enabled consultation to a large base of clients, helping them utilise the full potential of their equipment.