Market overview- Machine Tool Suppliers in India

Article Description : This article titled ‘Market overview -Machine Tool suppliers in India’ covers important facts that a professional must know before considering about supplier sourcing in India .

The Indian Machine tool industry has evolved greatly over the years. It ranked 12th in production and 8th in consumption by 2017 (Source: IBEF and Gardner research survey 2017). Different industrial sectors in India highly depend on the growth of the machine tools industry. Each industry looks for higher technological advancements in the machine tools industry to upgrade with respect to the market requirement.

The Industry started to face high demand on machine tools recently. This is because of the Foreign direct investments by several world class automotive companies. Their need to utilize India’s production capacity prompted the rise of demand remarkably.

As a crucial step, India launched the ‘Make in India’ movement launched on 25th September 2014. This movement encourages almost 25 industrial sectors across the world to manufacture their products in India to draw attention to investments. It was also requested to make total consumption of products that are produces solely in India. As a result, India overtook the US and Chinese markets and became the prime investment destination in the world.

Market Requirement:

Experts also suggest that an increase in the labor pool of Technical Engineering industry in India will give a breakthrough. In addition to this, a market will be highly stable only when it meets the demands of the supporting industries. Though the response time of the services are quick, the quality of service is a faltering area that requires massive improvement. And hence service personnel training has become an essential factor of growth.

Many companies from different sectors actively take part in training programs to reduce the skill gaps in the industry. When a company aspires to lead in a market, it must improve its technology in correspondence with the growing market size. Challenges outgrow every time a new trend or technology arises. A calculated risk in these situations always prove to the smart option to leap forward in businesses.

The automotive industry is the prime beneficiary of the machine tools sector. The consumption of machine tools by this industry determines the strength of the sector. Almost all the basic machining operations are labored by this industry. Also, it highly impacts the machine tools export to various key players in the global market.

Factors to consider:

There is a vast requirement to improve the efficiency of the sector when considering the discrepancy in the economic activities. Though a few equipment are proven to be dependable, their resultant product does not usually meet the quality standards.

Another crucial factor to consider is the gap in production and services. It is expected that the Indian market must improvise in the areas that require customized product design and development. It was also identified that the increase in import indicates the infirm position of India in domestic production accounts.

Sluggish potential investments are another factor. But a major revolution can happen overtime if India starts to focus on capacity creation and FDI (Foreign Direct Investment)

Latest trends:

Firstly, Control and Automation of CNC machines are playing a major role in the growth of the sector in Indian market.

Following these, Industry 4.0 is a revolution that has started impacting the market in various ways. Keshav Khurana, Executive Director, Wohlhaupter India Pvt Ltd recently stated:
“The machine tools industry has evolved with the development of both hardware technology and software applications. This has resulted in machines becoming faster, intelligent, and versatile,”

He also adds that there are not many barriers foreseen in the coming future. Yet, the recent fashion of the automotive industry to replace Internal combustion engines by motors. Machine tool manufacturing are the essential part of the production process that are used in producing the motors.

Advancements:
The strength of the Machine tools sector in most cases decide the growth of the production industry.

Additive manufacturing is considered as a fast-growing technology that is recently influencing the market growth of Machine tool sector in India. The future will witness process automation in the manufacturing industry. Process control system set up in the industry will prove to be cost effective and scrap reduction. Any strategic change in the machine tools industry will instantly have its effect in the industry it is dealing with. Certainly, different user segments are expected to grow tremendously with the aid of machine tools.

With Manufacturing technology becoming the essence of industrial growth, it requires an intense involvement of machine tools as it moves forward. To lead in the market, manufacturers must focus both on the yield and quality of the products. Producing cost effective machine tool products is another factor to consider. Importantly, The producers of machine tools must focus on skill development and investments to balance their position in the market and to boost sourcing of Machine Tool suppliers in India. Yet, the biggest demand is always to balance innovation and reasonable budget.

Resources:
Wikipedia
Machine tools Market & opportunities by IBEF
Market Info-Machine Tools by Money Control
The Indian Machine Tools market- A Benchmarking study by John Sutton
3 trends impacting Indian Machine tools market
Latest gardner research survey

For finding potential Machine Tool suppliers in India, click here

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