Page 54 - MTW JANUARY 2022 Digital Magazine

MANUFACTURING INNOVATION 2022

trace capabilities, you can quickly resolve Product Innovation results in are an avenue for growth since we do not
problems. In addition, product quality will Continued improvements on product substantial market share globally.
improve all this resulting in more profits. features and benefits, as well as new Backed by the government’s initiatives,
We have also developed PreciProtect product lines. such as Make in India and Atmanirbhar
which is a collision protection technology Operational Innovation helps products Bharat and sector specific policies and
comes under Artificial intelligence (AI) to develop faster, with more consistency, incentives, Indian manufacturing industry
give extra edge to metal cutting process and often at a lower cost. has been on a high growth trajectory.
with a complete virtualisation of your This would translate into opportunities
machine environment. This would pre- Improved Productivity - Improved for the machine tool sector as it is one of
empt any collisions during operations Efficiency – Low cost of ownership the critical drivers of the manufacturing
resulting in saving precious down time – Improved Profitability – Increased industry. India stands out as one such
as well as protect your asset from major Competitiveness are the power points country: a potential manufacturing
damages. of value /benefit to the end user powerhouse that has yet to realize its
As technology keeps on evolving, smart promise. However, the key challenges
machine tools will likely handle a greater Future of machine tools industry. of adapting technology, getting skilled
proportion of the work in manufacturing. The COVID-19 pandemic has profoundly manpower and India Machine tool
To stay competitive and equip your affected numerous industries and the industry has shed its traditional business
production lines for the future, the time Machine Tools industry was no exception. model and is emerging in a new avatar
to think about the next stage of your Amid the COVID-19 crisis, the global courtesy the advent of Digitalization
Industry 4.0 journey is now. market for Machine Tools estimated at and Industry 4.0. In the coming years,
US$67. growing at a CAGR of 3.7% over digitalization will completely transform
Benefits of innovation to end user the analysis period 2020-2027. Global the Machine tool industry and the merger
industries Machine Tools Market to Reach $87. 4 of these dynamic elements will result
Innovation is a challenge no matter what billion by 2027 as per reports. in process efficiency and productivity.
industry you’re in. On the demand side, The Indian Machine Tools Industry is The industry is witnessing innovative
the rapid changing technology than ever estimated to have an annual turnover technological solutions in every aspect of
before is resulting in constantly changing of approx. Rs 7,000 crore, according to the processes.
customer expectations. IMTMA’s recent annual report, (FY 19- Thus, 2022 also shall bring in a wave
Innovation enables problem-solving 20). Domestic consumption is at least of newer trends and applications of such
and provides creative insight that allows twice as much, meaning that imports technologies and it is exciting to see what
you to look from a different perspective, account for at least 50% or more – lies ahead of us. We are ready to be part
with the customer’ pain being the sole showing great scope for growth in the of these exciting times for India and the
focus of attention. Indian machine tool industry. Exports too Indian machine tool industry.

50 MACHINE TOOLS WORLD JANUARY 2022 www.mtwmag.com