Top Business Opportunities for Mechanical Engineers
Almost everything surrounding us today is machine-oriented. Right from switches to household gadgets to cars, machines and mechanical engineering have the most important part to play.
With the Indian Government aiming to make the country a global manufacturing hub with the Make in India campaign, it’s an opportune time for mechanical engineers to undertake the entrepreneurial journey and ‘engineer’ a new future for themselves.
The opportunities are immense and lie in light engineering segments as well as in large-scale production lines. Let’s see the various business opportunities awaiting mechanical engineers.
A Favorable Climate for Business
Implementation of the Goods and Services Tax (GST) has resulted in the hassle-free supply of goods and restructuring of the supply chain. This is coupled with India’s highest ever jump in World Bank’s ease of doing business rankings. The platform is ideal today for mechanical engineers to kick start a career in the world of business.
- Automobile Components
The market size of the Indian automobile component industry has grown from USD 26.50 billion in 2007-08 to USD 39 billion in 2015-16. Growing at a CAGR of 2.26% from FY 06-16, the Indian auto-component industry anticipates a turnover of USD 100 billion by 2020.
A robust end-user market, improved customer sentiment and increasing purchasing power have fueled the growth of the Indian auto component industry.
“It is expected the market size and exports will grow by five times according to Automotive Mission Plan (AMP) 2026,” opines Arvind Balaji, ex-President of the Automotive Component Manufacturers Association of India (ACMA).
Cost-effective production supported by various industry-friendly policies is turning India into a major hub for sourcing automotive components. The challenge for original equipment manufacturers (OEMs) to deliver better quality products along with the government’s push to e-vehicles, provide ample scope of growth for those venturing into this segment.
- Solar Panel Production
According to a KPMG report, solar power can save India approximately USD 20 billion in fossil fuel imports per year by 2030. The report also says that domestic manufacturing can save USD 42 billion in equipment import by 2030.
The country’s solar power generation capacity has more than tripled in three years to over 12 GW with the government targeting to raise energy generation from renewable sources to 175 GW by 2022.
According to Vinay Rustagi, Managing Director of Bridge to India (BTI), a leading knowledge service provider in the Indian renewable market, “Indian solar market has grown by an average 72% in the last three years and is now worth approximately 8-9GW per annum.”
With India poised to become the third biggest solar market globally by 2017, according to the India Solar Handbook 2017, and install 10,000 small-scale-solar power grids in the next 5 years, mechanical engineers can harness the opportunity to build cost-effective and advanced panels to address the country’s renewable energy needs.
- 3D Printers
A study by 6Wresearch estimates the Indian 3D printer market to cross $79 million by 2021. Today, India mostly imports these printers from countries like the US, Germany, and China.
In India, the 3D printer market is still at a nascent stage. However, an increasing IT spending and a growing industrial and construction market will propel this segment in the days to come. With industrial and automotive end users increasingly opting for high-end 3D printers, the segment holds tremendous potential for manufacturers of the same.
Experts believe that 3D printing will revolutionise every industry. Right from space station to science to fashion, the 3D printing eco-system will throw up lucrative business opportunities in the coming days.
- CCTV Cameras
For the world’s second most populous country, deploying surveillance technology of the highest-order is of paramount importance. With IP video surveillance and CCTV becoming the norm in public and private spaces, the CCTV camera market is on the cusp of a major growth.
The India CCTV Camera Market Outlook 2021 estimates the Indian CCTV market to grow at a CAGR of about more than 27% from 2016-2021. Experts believe IP-based surveillance to gain traction in the next 5 years thanks to booming IP infrastructure and need for remote access.
Rapid urbanisation and demand for surveillance solutions from Tier II and Tier III cities will also catalyse the growth of this domain. With the world going digital, mechanical engineers can reap rich dividends by setting up operations in this segment.
Mechanical engineers can cash on these booming sectors and expand their business offerings and use collateral-free loans for engineers.