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Industrial Equipment Industry in India

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INDUSTRIAL EQUIPMENT  SECTOR OVERVIEW-2020

Statistics, news & updates: everything you need to know about the Industrial Equipment Industry in India

 

Summary

The Industrial Equipment sector describes a diverse set of industries from complex machinery, both fixed and mobile, to large-scale process and construction industry plants. To begin with, Industrial equipment covers a very wide range of devices. Subsequently, the industrial equipment manufacturing industry aids many other industries, supplying companies with highly specialized products and services such as material handling and earthmoving machinery like backhoe loaders, excavators, etc. Therefore, the market is considered to be very competitive, with manufacturers seeking to anticipate demand, deliver products, reduce production time and offer increasing services.

Covid Impact
While the second wave throws up challenges, particularly in the manpower-intensive construction sector, it is said that it expects a better-prepared ecosystem. The mining and construction equipment industry is likely to grow by 15-20 percent in the calendar year 2021 but stressed that the economy, in the grip of a pandemic, could throw up sudden negative surprises. Following a 10-12 percent contraction in CY2020, dragged down primarily by the 39 percent decline in H1 CY2020, the mining and construction equipment (MCE) industry is poised to grow by 15-20 percent in CY2021 (5-10% in FY2022).  Given the current uncertainty in the market, following the huge surge in COVID-19 cases in the recent weeks, the ground touchpoints are heavily clouded by the immediate term. In short, the statistics below are taken from Industry data available pre-Corona virus impact.

Growth Drivers

Key Players in India

National

  • Larsen and Toubro
  • CG Power and Industrial Solutions Ltd.
  • Engineers India Ltd
  • Cummins India Ltd
  • Thermax Ltd, and
  • BGR Energy Systems Ltd

International

  • JCB India
  • Metso Minerals
  • Atlas Copco
  • Trane Technologies
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