AUGUST 20248TOP STORIESINDIA'S CONSTRUCTION EQUIPMENT SECTOR TO REACH USD 25 BILLION BY 2030INDIA'S POWER CONSUMPTION HIKES 3.5 PC TO 145.40 BILLION UNITS IN JULYIndia is the third biggest market for construction equipment globally, with a industry worth approximately $10 billion in the fiscal year 2024, and could become a hub for manufacturing and exporting, according to the industry association.A report by the Indian Construction Equipment Manufacturers Association (ICEMA), it is predicted that the construction equipment industry in India will increase by 12 per cent annually, reaching $25 billion by the end of the decade, due to the government's infrastructure sector expansion."As a result of current announced infrastructure investments in India, the CE industry is expected to reach $25 billion in FY30, posting a CAGR of 12 percent with an envisaged investment in the industry value chain of around $4 billion, which includes around $1 billion over next five years in manufacturing by OEMs and 3X investment (around $3 billion) by suppliers, component manufacturers and distribution channels," ICEMA said in the report, 2035 Construction Equipment Market Outlook for India.The Indian construction equipment market has over 50 OEM manufacturers and offers jobs to over 3 million individuals (both direct and indirect). The global trade of Indian construction equipment is approximately $3 billion, with imports totaling $2.6 billion and exports amounting to around $500 million."By FY35, the CE industry is expected to reach $37 billion. However, with the commencement of the government's ambitious Amrit Kaal vision to make India an economic and manufacturing hub by using long-term infrastructure investments, the CE industry could grow at a faster rate to achieve a market size of $42 billion in FY35," the report noted. India witnessed a slight 3.5 per cent increase in power usage in July, reaching 145.40 Billion Units (BU) compared to the same month last year, thanks to cooler temperatures brought by rain. Official data reported that in July 2023, power consumption was at 140.41 BU.Peak power demand met reached its highest point of 226.63 GW in July 2024, up from 208.95 GW in the same month last year. The maximum power requirement reached a record-breaking 250.20 GW in May of the current year. The highest peak power demand of 243.27 GW was previously recorded in September 2023.Earlier in the year, the power ministry forecasted a peak power requirement of 235 GW during daytime and 225 GW during evening hours in May, and 240 GW during daytime and 235 GW during evening hours in June 2024. The ministry predicted that peak power demand could reach 260 GW in the upcoming summer.The arrival of the monsoon brought relief from the intense heat and humidity, resulting in reduced usage of cooling devices such as air conditioners and desert coolers, according to experts. They noted that this resulted in a decrease in power usage and an increase in power need in the nation.Nevertheless, they expressed the view that power demand and consumption are expected to remain constant in the near future because of the high humidity that will necessitate the use of air conditioners. AUGUST 20248TOP STORIES
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