Enhancement of Competitiveness for Heavy Engineering Equipment & Machine Tools Industry | OEM Update

November 29, 2022 11:22 am

Heavy Engineering and Machine Tools Sector consists of Capital Goods Industry and are de-licensed and FDI up to 100 percent under the automatic route as well as technology collaboration is allowed freely. Import of old and new machinery is permitted freely. Heavy equipment and machinery engage heavy-duty vehicles, most frequently involving earthwork construction. The Machine Tool industry is considered the mother industry as it supplies machinery for the entire manufacturing sector.

The global heavy construction equipment market, valued at USD 90.4 billion by 2025, is expected to grow at a CAGR of 5.4 percent. The global machine tools market size was valued at USD 77.22 billion in 2021 and is expected to grow at a compound annual growth rate of 5.7 percent until 2030. IIoT increases efficiency and automation in manufacturing. Construction Machinery manufacturers have moved toward digitization and data-oriented solutions. Hence productivity generated by automated technology is expected to fuel demand in the global heavy construction equipment market.

On this note, OEM Update hosted an interactive session on ‘Enhancement of Competitiveness for Heavy Engineering Equipment and Machine Tools Industry’ on September 23, 2022 where leaders from the Heavy Equipment and Machinery discussed the expanding industrial market, increasing infrastructure and construction opportunities, and automation and telematics trends in the Heavy equipment and machinery industry.

PANELISTS:
Mr. John Leo Ignatius from ABB India Limited
Mr. Vaibhav Shah from API Metrology
Mr. C. S. Sharma from Quality Council of India