The market for Precision Machined Components (PMC) in India is growing rapidly due to its application in automobile, aerospace, defense and industrial sectors. Several factors are driving this growth. First, the market that consumes a great deal of precision components, the automotive industry, is expanding. Car manufacturing is flourishing and in parallel, the use of EVs which require high accuracy and precision of parts. Large automotive manufacturing industries in India are focusing on adopting new technologies to improve the production line and therefore increasing the need for precision machined components. Secondly, aerospace and defense industries are also playing their part in the growth of this market. The growth of defense manufacturing base and the growing aerospace industry in India have boosted the demand for such high precision parts.
Also, the industrial machinery sector is now growing with the new technologies that demand high accuracy in the parts that make up the machinery. This is also evident in the current trend towards automation and smart manufacturing, which are also driving the demand for precision machined parts. Another growth factor is the growth of the MSME sector in India which has been growing rapidly in the country. Most of these enterprises are now incorporating precision machining technologies in their production in order to produce quality products that meet international standards. Adoption in research and development coupled with technological advancement is anticipated to strengthen the market even further.
In this special issue, we introduce you to the top companies in this segment. Industry Outlook has identified the select few companies that have done particularly well in this sector with a high level of dedication. We have found that these companies have gone the extra mile in proving their commitment to meet the customer needs in an integrated manner.
We welcome your feedbacks and suggestion that you may have concerning this special issue.
