Rising trends of the Indian Machine Makers

Experts at the ICEMA (Indian Construction Equipment Manufacturer’s Association) have evaluated the giant ECE industry in India at 21 Billion USD by the year 2020. The advent of Industrial Internet of Things IIoT and “Make in India” however are proving to be steroids that are fast changing the face of the ECE manufacturing industry in India. The change of leadership and favorable revision of policies by the government will prove to be a boon, which can very well be expected to push the evaluation of the industry well beyond the forecasted 21 Billion USD.

Research and opinions from industry experts have helped us identify the trends that are likely to reign the construction equipment manufacturing industry in India for some time to come.

1. The Shift- Hardware to software

The construction industry being a heavy weight lifter, focus of construction equipment manufacturer’s had always been the hardware in the past. IIoT is slowly and surely shifting focus to the software, data and analytics. More and more significance is being laid on data analysis and communication between machines, slowly taking human interaction out of the picture. Intelligent use of data will change the way construction equipment is perceived by the industry insiders and the outsiders as well.

2. Service is the key

Service is becoming an integral part of the industry. It is no longer sufficient to just manufacture the equipment, service and training are becoming proverbial faces of the industry. The equipment servicing and maintenance is slowly becoming the domain of the manufacturer.

3. Skilled labor development

The ground reality still remains that despite monumental upgrading in the technology department, India does not have sufficient skilled labor to make the most of the advanced tech that is now available. The big players of the industry have taken it up on themselves to develop skilled labor by bringing to light the fact that they can earn more than the lower level IT workers. More and more training centers are cropping up throughout the country to meet the needs of a growing industry.

4. Parallel Play

The growth of infrastructure and the construction equipment manufacturing industry has proven to be directly proportional through the years. The announcement of “Make in India” has opened the gates for fast paced infrastructure development in various parts of the country, which directly fuels the growth of the ECE industry in India. The experts in the industry see the industry growing at an unprecedented rate of 20-25% for the years to come.

5. Cost of convenience

Renting equipment is emerging out to be the new vertical that ECE manufacturers have started nurturing. Renting equipment reduces the overhead costs creating win-win situations for both sides. It is not long before the Uber of Construction equipment takes the industry by storm, renting out construction equipment at the swipe of your fingertips.All in all these are very exciting times to witness the changing dynamics of an industry that has the potential to both rise itself and raise up with it- a country of billions.