The urgent need for widespread infrastructure development across India in the coming years will aid the growth of its hydraulic equipment market despite the current slowdown in key end-user segments such as, construction equipment and industrial machinery. Mechanization requirements to boost process and machine efficiency in various end-user sectors will add to market demand.
New analysis from Frost & Sullivan (motors.frost.com), Analysis of the Hydraulic Equipment Market in India, finds that the market earned revenues of INR 29,942.0 million in 2012 and estimates this to reach INR 40,822.2 million in 2017, growing by a compound annual growth rate (CAGR) of more than 6 percent.
The urgent need to carry out infrastructure development at rapid pace will be a major boost to the construction equipment, material handling, industrial machinery and thereby driving the demand for hydraulic equipment, said the analyst, Frost & Sullivan. "The major infrastructure projects planned such as construction of industrial corridors, namely Delhi-Mumbai, Mumbai-Bangalore and Chennai-Bangalore along with national highways, and public transport infrastructure including the city metros will serve as major boost to construction equipment market."
The emergence of India as a manufacturing hub has also widened the scope of the hydraulic equipment market in the country. The focus on increasing the level of mechanization to enhance safety and reduce the time to market has contributed to their popularity. In fact, these devices will remain one of the most cost-effective methods to optimize productivity, and hence, will continue to gain acceptance. However, limited understanding among customers about these benefits has curbed hydraulic equipment installations across industries. Small and medium enterprises, in particular, still view investments in mechanization as a capital expenditure rather than an operational expense.
Therefore, equipment suppliers need to educate end users on the advantages of mechanization. "Energy Efficiency is expected to be one of the key product differentiators. Moreover, vendors with end to end capability, comprising of products and services are expected to have an edge over competition," explained the analyst.
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Analysis of the Hydraulic Equipment Market in India / P72D-17
Nimisha Iyer - Corporate Communications South Asia, Middle East & North Africa
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