The Indian railway components market is in the process of a major change due to the policy measures, technological development, and infrastructure development. It is this evolution that is redefining the industry and the marketplace, opening up opportunities as well as risks for players in the industry. The government is also among the key forces that have pushed for the need for change with a view of developing the railway infrastructure. Schemes like ‘Make in India’ and the drive towards ‘Atmanirbhar Bharat’ have further boosted the manufacturing of railway parts within the country. This has paved way to increase in investment on the sector and both public and private entities have increased efforts to improve the production capacity.
Innovation is also seen as driving force in the market especially with the rapid development of technologies today. The integration of automation, IoT, and AI in the production line is improving the quality and accuracy of the components. These technologies are not only making the railway components cheaper but are also enhancing the quality and standard of the railway parts. Another trend that has emerged and continues to evolve is the change towards the use of environmentally friendly products and materials as well as the implementation of energy efficient production processes in manufacturing. As for the market characteristics, the competitive environment is gradually developing into a more active one. The incumbents are broadening their product offerings and are also focusing on research and development to innovate. At the same time, new entrants are using new technologies to create a competitive market for themselves.
In the current issue, we introduce you to the top companies in this segment. In this issue, Industry Outlook has identified the select few companies that have done particularly well in this industry 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.
