Transition Of Electrical Construction Sector After Covid Commotion

Dinesh has been associated with Panasonic Life for over 13 years now, prior to which he has held key roles across companies such as Firepro Systems, Anchor Electrical, Voltas, Net 4 India,Antarix e Applications and Forbes. Below are the excerpts of an interaction of Dinesh with CEO Insights.

The pandemic has left some long lasting rever berations on the industry and this post recovery period is witnessing nuances of evolutions across every vertical. The pace of industry specific equipment manufacturing and distribution has also been affected due to various factors, including the scarcity of resources, unavailability of the workforce, disruption of the supply chain, and so on, especially the electrical construction industry. Encompassing the production of low voltage electrical accessories which are mostly utilized across the end consumption point such as any new construction or the renovation of the existing construction, this specific industry segment is exclusively dependent on the construction industry. Catering mostly to the domestic as well as commercial spaces, the electrical construction domain witnessed its share of decline and market fluctuations due to the covid-19 pandemic, but constant demand of the market has never made the graph go flat. With the government consistently spending and investing on the modern infrastructure projects, and the construction segment emerging as a big motivator and generator of demand for end-user electrical accessories, the electrical construction industry is expected to envisage a substantial growth rate in the near future

Post Covid, technological advancements have been paramount, leading to the indication of the fact that innovations are rarely subjected to physical limitations. Remaining confined to their homes compelled the instincts of modern humans to seek better safety and tranquility options. With the introduction of home automation just before the pandemic in 2019, the industry remained subtle to the chaotic coronavirus situation. There has been a momentous upsurge in the demand for these contem porary production systems from individual home buyers to developers and builders who want to incorporate automation as a part of their projects. Witnessing the inclination of consumers towards these innovative novel products consisting of motion sensors, smoke sensors, gas sensors, door phones, sensor-enabled smart street lights and more, these products not only seem to be the perfect fit for the new-age demands, but are also providing the industry with the much needed push.

Apart from that, most of the electrical distribution companies now are talking about smart metering, where sitting in one place, the meters can be read across the city without any manual interventions. Smart City initiatives by the government are proving to be advantageous for customers as well as top-notch industry players. Apart from comfortable and safe living standards, these amalgamations of intelligence with electrical products are more benevolent towards energy savings as well. Unlike western countries, most Indian consumers are still not familiar with the concept of energy saving. But the people across the metro cities are gradually realizing the worth of energy consumption by the virtue of social responsibility. Secondly, for economic reasons, because electric power is not cheap. The energy-saving elements are largely being incorporated across these applications for all areas, whether it is residences offices or commercial spaces. Therefore, it is safe to deduce that comfort, safety and energy are the three modern pillars of the electrical construction sector around which the current industry leaders are forging their solutions.

Comfort, safety and energy are the three modern pillars of the electrical construction sector around which the current industry leaders are forging their solutions

India being a competitive manufacturer across this electric construction space, the volume of demand and export will increase in the future at the lowest possible cost. But of course, some of the important factors such as the supply chain, effective sourcing of raw materials such as plastics and metals like copper and brass, and rate of manufacturing will decide the course of this segment. Automating the line of productions to minimize their labor costs is another angle to take into consideration by the manufacturers. The establishment of fully automatic and smart factories, where machines will be planning to communicate effectively with each other will not only give an idiosyncratic outlook to industry 4.0, but will also enable the manufacturers to procure optimum production at optimum costs.

With the customers expecting the integration of intelligence across these electrical products, the future market will be dominated by AI-enabled smart equipment which can be remotely controlled. Evolving as the single point controllers or multitasking device monitors, mobile phones have resumed the role of universal remotes rather than just being a tool of communication or entertainment. The industry is steadily evolving by incorporating AI, ML, and IoT across its offerings as per the customized demands, and soon, switches will be a thing of the past. After being eclipsed by the pandemic breakout, the industry is impeccably voyaging towards a new dawn, which is majorly influenced by automation, IoT, and renewable sources of energy. It is crucial for the industry players to recognize the current market demands and start steering in the correct direction.