MACHINERY SECTOR OVERVIEW
Statistics, news & updates: everything you need to know about the Machinery Industry in India
Summary/Snapshot
Machinery Industry
- The Indian textile machinery industry is expected to touch the $6 billion mark by 2022. It is one of the largest segments of the machinery manufacturing industry in India.
- India is the 4th largest importer of textile machines globally due to local production being unable to meet the growing demand. This points to growth potential for domestic manufacturing.
- Amended Technology Upgradation Fund Scheme (ATUFS): This scheme aims to enable technology up-gradation in the textile sector. It provides capital investment subsidies across different segments of the textile value chain.
- The government has approved a total of 15 Special Economic Zones or SEZs for the engineering sector, and electrical machinery is a part of the sector.
- The countries investing in electrical machinery in India are Japan, France, the UK, USA and Italy.
- The agriculture machinery sector is largely agricultural tractors. The Indian tractor industry is the world’s largest and contributes to one-third of the global production. They are exported to Malaysia, Turkey, and other countries.
Growth Drivers
- Govt has released a number of schemes to provide loans to farmers to buy agricultural equipment
- India is the favored outsourcing location by global manufacturing firms
- Electrical machinery now allows 100% FDI in the sector
There is a rising global demand for better textile machinery
Sub industries
- Construction Equipment &
- Heavy Trucks
- HVAC (this includes cooling towers)
- Industrial Machinery
- Material handling equipment
- Oil & Gas and Mining equipment
- Packaging machinery
- Pump & Compressor
- Tools including Hand tools
- Woodworking machinery
Opportunities
- The Indian electrical machinery industry is completely de-licensed and allows 100% FDI.
- The government’s Make in India scheme to make the country a manufacturing hub will lead to increased demand for machinery.
- Indian Electrical Equipment Industry Mission Plan (2012-22), was introduced by the government that aims to make India a preferred location for the production of electrical equipment.
Challenges
- With the looming fear of the third wave of COVID-19, the future of manufacturing is still uncertain.
- A number of projects have simply not started because of the pandemic
How we can help you:
- Product-Pricing analysis
- Strategies for – product/service localization
- Market research to sell effectively
Key Investment Opportunities
Material handling equipment has four categories:
- storage and handling equipment
- engineered systems
- industrial trucks
- bulk material handling
- The Indian machinery industry has the potential to become to meet the demand of both the domestic and international markets.
- With the government’s focus on manufacturing with the Make in India and AatmaNirbhar Bharat campaigns, there is a potential for growth for local machinery manufacturers.
Recent Developments
- India is shifting to more automated and process driven manufacturing, increasing demand for high-end equipment and machinery.
- India is gradually progressing on the road to Industry 4.0 through the Government of India’s initiatives.
- End-user segments, such as aerospace/defense, automotive, and information and communication technology are the source of this demand for more high-end equipment and machinery.
Key Players in India
National
- Voltas
- Larsen & Toubro
- Volvo Construction Equipment India
- Escorts Construction Equipment
- Terex Vectra Equipment Salgaocar Engineers
- B G Shirke Construction Equipment
- Bharat Earthmovers
- Telco Construction Equipment
- Ingersoll Rand India
- Caterpillar India
International
- JCB India
- Metso Minerals
- Atlas Copco
- Trane Technologies
Map Clusters
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