Today, there are many companies engaged in the manufacturing of heavy equipment and many of them have succeeded in creating their unique niche in the competitive domestic market.
Construction Equipment (CE) Industry in India (FY2020-21) have turnover of US $6.5 BN, with 50+ manufacturers (OEM) & 3Million+ employment.
Heavy Machinery
- The government of India plans to develop terminals at major ports. The Ministry of Shipping in consultation with the state maritime boards and major port authorities will execute the contracts. Cruise tourism is expected to gain some traction as the Union government plans to develop terminals at major ports to facilitate tourism activity. A single entity will be entrusted with the job of executing the operation and maintenance contracts for the cruise terminals. Essentially, cruise terminals at 4-5 ports would be operated and maintained by one player. The Ministry of Shipping in consultation with the state maritime boards and major port authorities will execute the contracts. The first tender is expected to be executed by the Maritime and Port Authority of Singapore and the O&M tender would include JNPT, Kochi, Kandla, and Mangalore Port. The Union Shipping Minister said these terminals would be built by the government and tendered on O&M contracts to mainly international players who have the expertise to maintain them for a certain duration of time. One terminal at the Mumbai port is being built by the government at an investment of Rs 1.97 billion. This will be tendered for an O&M contract upon completion.
- Huge government investments in the construction sector for large public infrastructure projects such as roads, highways, schools, hospitals, and so on, are being seen in many parts of the world, including North America, Europe, and the Asia Pacific. Ongoing and planned smart city projects in several countries are also providing a big boost to spending on construction activity.
- As per an IBEF report, India’s spends outlay on infrastructure for the next five years i.e., 2020-2025 is approximately USD 1.4 trillion.
- All these indicators for an increase in big spending on construction and infrastructure projects will shore up demand and keep demand buoyant for the construction equipment market.
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