India is emerging as a new destination for manufacturing in Asia and about 35 Indian companies are participating at EMO Hannover 2017. We take a look at the global market scenario for the machine tool sector.
It’s all happening at EMO Hannover – the world’s biggest show for the metalworking sector! From the who’s who of the industry to numerous leading companies from across the globe, this expo has it all! Being held from September 18-23, 2017, more than 1,700 firms from 40 different countries have registered for the mega fair, booking a stand area totalling 152,000 sq m.
Under the motto of ‘Connecting systems for intelligent production’, EMO Hannover is focusing on the megatrend of digitisation and networking under the aegis of Industry 4.0. The trade fair is showcasing the entire bandwidth of today’s most sophisticated metalworking technology, which is the heart of every industrial production process. The expo is also presenting the latest machines, plus efficient technical solutions, product-supportive services, sustainability in the production process, and much, much more.
The global machine tools market is expected to grow steadily at a CAGR of 6 per cent from 2017-2020, according to research analysts. The main growth drivers of this segment are the rising demand for fabricated metals from the construction and machinery industries along with growth of end-user industries such as automotive and aerospace. Agreeing with this, Dr. Wilfried SchÄfer, Executive Director, VDW mentions, “In many upcoming economies, it is the growing number of middle-class citizens who will be boosting the demand for high-tech consumer goods and motorised vehicles, something that will fuel machine tool consumption.” This scenario holds true for countries like India that have overtaken China to emerge as the world’s biggest market for two-wheelers.
What’s up in India?
India is emerging as a new destination for manufacturing in Asia. With the initiation of ‘Make in India’ and easing of FDI inflow in key sectors such as defence and aerospace, the country has become a manufacturing hub for a number of foreign manufacturers. PG Jadeja, President, Indian Machine Tool Manufacturers’ Association (IMTMA) shares, “We are seeing investments in existing sectors such as automobile and auto components, new sectors such as aerospace and defence, power, railways and emerging sectors such as medical and renewable energy. This would enable the growth of the Indian machine tool sector which at present is ranked 12th in production and 8th in consumption as per the Gardner Research Survey of 2016.” In 2016-17, India witnessed an increase of 18 per cent in terms of machine tool production.
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