The market size of the global Machine Tools industry in 2021 was recorded at USD 75803.46 million and is projected to grow at a compound annual growth rate (CAGR) of 2.97 percent over the forecast period, ultimately reaching $ 90343.15 million by 2027. The manufacturing sector in India is experiencing a favourable outlook, characterised by a range of capital investments and expansion strategies. The Atmanirbhar Bharat (Self-Reliant India) initiative has stimulated investments and promoted expansions within the manufacturing sector.
The ‘Make in India’ campaign, along with policies facilitating foreign direct investment (FDI) in the manufacturing sector has garnered interest from both domestic and international companies to engage in equipment production within India. Upon examining the scope of expansion within the sector, numerous companies have emerged and established a presence within it. Established in 1988, Lakshmi Machine Works is a prominent firm in the sector, pioneering the first-of-its-kind plant in India that specialises in the production of CNC Turning Centres, Machining Centres, and Turnmill Centres.
Customers of machine tools industry often face several pain points such as complexity of operating intricate components, Downtime due to
machine breakdowns or maintenance, expenses can strain budgets, and primarily shortage of skilled CNC operators and programmers. “We address these issues with solutions like simplifying user interfaces, implementing predictive maintenance, offering financing options, providing customized tooled up and automation solution, creating training programs, and enhancing quality control processes. These measures can significantly alleviate the pain points experienced by machine tool customers”, speaks Indraneel Bhattacharya, Vice-President Sales & Marketing.
Lakshmi Machine Works is known for its wide range of services and products. “Our diverse product offerings cater to various industries. We provide products under different segments like Turning, Milling and Turnmill. For the high productivity demands of auto components, Pump and bearing industries, we provide productive and precision machining solutions. We are the first company in Indian machine tool manufacturer to introduce a new customer portal for online sales of spare parts (e-commerce) and mobile Apps for customer connection. We also provide customized solutions by offering tooled-up options to meet the unique requirements of our customers”, speaks Indraneel.
Lakshmi Machine Works has established partnerships with Mori Seiki Company from Japan and Mikron Switzerland in order to manufacture turning centers, machining centers, and produce high-precision universal milling machines for tool room applications, respectively. The company commenced its operations by manufacturing three computer numerical control (CNC) machines. Presently, the company boasts an extensive product range consisting of 55 distinct models and 88 variations across Turning Centers, Machining Centers, and Turnmill Centres. The company has successfully developed a comprehensive sales and service network that covers all major industrial cities across India.
“We at LMW, focus on major demanding factors in the market - Accuracy, Long lasting repeatability, Reliability, Reduction in cycle time, Low cost per component and High productivity. To sum it up, we termed it as the ‘4Ps’- Precision, Performance & Productivity attribute towards Prosperity and LMW believes in delivering prosperity to our customers through our products and solutions”, says Indraneel.
Future Roadmap
The Indian manufacturing industry is poised to experience growth in various sectors, including Electronics, Consumer Durables, Agriculture and precision Manufacturing, as well as Medical Devices, Die and mould, and Aerospace. The foremost emphasis of Lakshmi Machine Works lies in the development of inventive products and solutions that are customised to effectively address the distinct requirements of these industries. The primary objective of Lakshmi Machine Works is to enhance customer satisfaction by offering comprehensive and competitive solutions through technological expertise and exceptional manufacturing capabilities that effectively address the evolving demands of the market.
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