According to the United Nations Conference on Trade and Development (UNCTAD), the number of people across the globe has increased by approximately 2.5 billion in the last thirty years. ~84% of the global population lived in developing nations in 2021, compared to 77% in 1990. Furthermore, 56.2% of the global population resided in urban areas in 2020, compared to 51.6% in 2010. Such a shift towards urban dwellings has contributed to the growth of the construction sector across the globe. Further, rapidly growing economies across Asia and Africa are witnessing unprecedented investment in residential and commercial infrastructure development. As per the Global Construction 2030 report, developed conjointly by Global Construction Perspectives and Oxford Economics, the construction output is expected to increase by 85% and reach US$ 15.5 trillion by 2030. In addition, investment to renovate old buildings and structures and an increasing inclination toward a greener future are boosting the scope of constructing green buildings, which is also supporting the growth of the construction sector.
𝗚𝗿𝗮𝗯 𝘁𝗵𝗲 𝗣𝗗𝗙 𝘁𝗼 𝗸𝗻𝗼𝘄 𝗺𝗼𝗿𝗲: https://www.theinsightpartners.com/reports/drain-cleaning-equipment-market
According to data available at IBEF (Indian Brand and Equity Foundation), the real estate market in the country is expected to grow from US$ 1.72 billion in 2019 to US$ 9.30 billion by 2024, owing to a surge in the construction of housing, commercial, retail, and hospitality units. Hence, the country is attracting numerous lucrative business opportunities to maintain and clean its robust drainage systems across densely populated cities. In addition, to support its growing infrastructure demand, the government of India has approved 100% foreign direct investments (FDIs) to develop its township and residential settlements-related infrastructure projects. With the growing urban population, the need for advanced sewage management has increased in urban areas. Further, the emerging young adult population has increased the demand for residential complexes across numerous developing cities and towns, which has increased the need for efficient sewage and a drainage system. Thus, the surge in construction activities across residential, commercial, and several industries owing to growing urbanization is driving the demand for drain cleaning equipment for various applications such as inspection, maintenance, and damage detection across the drainage systems.