The metal fabrication industry of India is considered as one of the shining examples in the global fabrication industry. A wide range of developments have taken place in this sector during the last decade. As far as the global scenario is concerned, the metal fabrication industry has been forecasted to grow at a CAGR of 5.5 percent during the tenure of 2020-2025. In 2015, net worth of this sector was valued at $16 Billion which is most likely to reach a net valuation of $24 Billion by 2024. India being a rapidly emerging player of this industry is set to contribute further value to the industry and significantly contribute to the GDP of the country.
A number of factors have influenced the growth of this industry in India. Recently, various government projects have been initiated in order to bring about developments in infrastructure and construction. Also, the growing adaptability of pre-engineering services has diversified the scope for metal fabricators.
Growth in Manufacturing
Led by the impact in the growth of the rapidly growing manufacturing sector
, the metal fabrication industry of the country is seeing new
light. It is not only discovering newer scopes for innovation, but also making existing services better by the integration of advanced and modern technologies. The manufacturing sector of India is poised to become a $1 Trillion industry by the year 2025, which means it will create a demand for expertise in metal fabrication, now more than ever.
is one of the aspects that have transformed the structure of several industries and the sector of metal fabrication is no exception. Major metal fabricators across India have put this technology to use in their manufacturing units thus increasing productivity with decreased manpower. This has immensely helped them in accelerating production and has also facilitated their supply chain management. The implementation of robotics has also automated the processes of cutting metal and bending sheet metal without any kind of human supervision.
The concept of 3D Printing has also been a major facilitator for the Indian metal fabrication industry. There are several steel detailing service companies which are making use of this technology in the pre-engineering sector to provide accurate virtual intelligence to metal fabricators. Early conventions of building a giant structure were to build it step by step. But, owing to the advantages provided by the 3D Printing technology, metal fabricators can now build complete steel structure and install it all at once. This saves valuable time and money. E.g, SpaceX relied completely on 3D printing of custom metal parts for the combustion chamber of the SpaceX SuperDraco engine.
Julio Bruno, CEO, Time Out Group plc, said about the Indian metal fabrication industry, "I believe that the country is growing very fast; it has a huge number of people that trust in their own capabilities and work hard. This situation could represent a problem for those companies that have to compete directly with Indian production. On the other hand, there are lots of opportunities for foreign companies to produce in India or incorporate some parts manufactured there."