India has many machine tool manufacturing units. The machine tool industry in India is highly fragmented, yet its market is expanding. The Indian machine tools industry is projected to grow at 5.5 per cent per year through 2019. Growing demand in China and other developing countries is the reason behind this projection.
Reed Triune Exhibitions Pvt Ltd. Managing Director Cyril Pereira opines that automation of processes; additive manufacturing and the increase in demand for electric vehicles are the major trends that are changing the paradigms of the machine tools industry. Pereira added that the machine tools industry is growing at an exponential rate. At present, it is estimated at ₹ 6,000 crore. Thus, the manufacturers should develop their capabilities to fulfill the demand. Investing in the machine tools industry could bring long-term benefits.
India is at the 17th place in producing and 12th in consumption of machine tools in the world, according to an IBEF report on the machine tools market and opportunities. The machine tools industry in India faces stiff competition from China, Germany and the United States. Perera says that the Indian machine tools industry has moved forward significantly in hardware and software applications. The future of the machine tools industry lies in automation of processes in manufacturing and engineering sectors. Automation in the manufacturing process would optimize costs, reduce scrap and improved machine usage.
