India Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028
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India Construction Market Report Overview
The construction market size in India was $825.6 billion in 2023 and will achieve an AAGR of more than 5% during 2025-2028. The growth of the market is attributed to investment in the construction of hotels, industrial, green energy, and transport infrastructure projects.
India Construction Market Outlook, 2023-2028 ($ Billion)
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The India construction market research report offers a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence India construction market growth in the coming years.
Market Size (2023) | $825.6 billion |
AAGR (2025-2028) | >5% |
Forecast Period | 2025-2028 |
Historical Period | 2019-2023 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
Key Contractors | · Larsen & Toubro Ltd
· Hindustan Construction Co Ltd · Shapoorji Pallonji & Co Ltd · NCC Ltd · Megha Engineering and Infrastructure Ltd |
Key Consultants | · RITES Ltd
· Engineers India Ltd · RATP Group · AECOM · Aarvee Associates Architects Engineers & Consultants Pvt Ltd |
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India Construction Market Segmentation by Sectors
Residential construction was the leading sector in the Indian construction market in 2023.
The key sectors in the Indian construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The expansion of tourism and travel business activities, and the construction of warehouses, data centers, hotels, and industrial parks will drive the commercial sector’s growth during 2025-2028.
Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. The strong manufacturing and industrial activity will drive the sector’s growth during 2025-2028.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. Public and private investment in the development of road and rail infrastructure will support the sector’s growth during the forecast period.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The investment in renewable energy projects and the government’s aim to achieve energy independence by 2047, will drive the sector growth during 2024-2027.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The investment in health, education, and research projects will fuel the growth of the institutional construction sector during the forecast period.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The government initiatives to address the housing deficit will drive the sector growth over the forecast period.
India Construction Market Analysis by Sectors, 2023 (%)
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India Construction Market - Competitive Landscape
Larsen & Toubro Ltd emerged as the leading contractor and RITES Ltd as the leading consultant in the Indian construction market in 2023
A few of the leading contractors in the Indian construction market are:
- Larsen & Toubro Ltd
- Hindustan Construction Co Ltd
- Shapoorji Pallonji & Co Ltd
- NCC Ltd
- Megha Engineering and Infrastructure Ltd
Domestic contractors account for most of the project pipeline in the Indian construction market.
India Construction Market Analysis by Contractors, 2023 (%)
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A few of the leading consultants in the India construction market are:
- RITES Ltd
- Engineers India Ltd
- RATP Group
- AECOM
- Aarvee Associates Architects Engineers & Consultants Pvt Ltd
Consultants with headquarters within India are involved in most of the project pipeline by value.
India Construction Market Analysis by Consultants, 2023 (%)
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India Construction Market - Latest Developments
- In February 2024, VinFast, a Vietnamese automotive company, signed a memorandum of understanding with the government of Tamil Nadu for the development of an electric vehicle (EV) manufacturing plant in Tamil Nadu.
- In January 2024, the Government of Maharashtra signed a MoU with Adani Group for the construction of 1GW of hyperscale data infrastructure in Maharashtra.
Segments Covered in the Report
India Construction Sectors Outlook (Value, $ Billion, 2018-2027)
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy and Utilities Construction
- Institutional Construction
- Residential Construction
Scope
This report provides:
- A comprehensive analysis of the construction industry in India.
- Historical and forecast valuations of the construction industry in India, featuring details of key growth drivers.
- Segmentation by sector 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
Table
Figures
Frequently asked questions
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What was the construction market size in India in 2023?
The construction market size in India was $825.6 billion in 2023.
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What will the India construction market growth rate be during the forecast period?
The construction market in India will achieve an AAGR of more than 5% during 2024-2027.
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Which was the leading sector in the Indian construction market in 2023?
Residential construction was the leading sector in the Indian construction market in 2023.
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Which are the leading contractors in the Indian construction market?
The leading contractors in the Indian construction market are Larsen & Toubro Ltd, Hindustan Construction Co Ltd, Shapoorji Pallonji & Co Ltd, NCC Ltd, and Megha Engineering and Infrastructure Ltd among others.
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Who are the leading consultants in the Indian construction market?
The leading consultants in the Indian construction market are RITES Ltd, Engineers India Ltd, RATP Group, AECOM, and Aarvee Associates Architects Engineers & Consultants Pvt Ltd among others.
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