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India Advanced Manufacturing - Industry - Market, Share and Trends 2023-2028

Report ID:

AMIND1AIND

|

Industry:

Summary of Advanced Manufacturing

The Indian manufacturing industry helped to aid 16-17 percent of India’s GDP pre-pandemic and is predicted to be one of the fastest growing sectors. The machine tool industry was literally the nuts and bolts of the manufacturing industry in India. Technology has promoted innovation with digital transformation a key aspect in gaining an edge in this highly competitive market.

According to our estimates – we can say that the advanced manufacturing industry in India is forecasted to be a $ 44.25 Billion industry in 2029 from $ 20.16 Billion in 2023 with a CAGR of 11 %.

India is fast developing into an advanced manufacturing destination through the ‘Make in India’ initiative launched in 2014. The program provides subsidies for high-tech industrial capabilities in fields like defense, aerospace, telecom and medical devices.

India boasts a vast pool of engineers along with cost advantages, supporting advanced manufacturing growth. However— scaling production with advanced technologies continues to be a major challenge. Lack of infrastructure and funding constraints also affect adoption.

Additionally— India’s vast domestic market provides a testing ground for locally-developed advanced manufacturing technologies and products, across areas like EVs, renewables equipment and medical devices. Successful pilots can then scale to export markets.

Recent Trends and Insights

The Indian government has introduced various production-linked incentive schemes to drive advanced manufacturing growth. This is catalyzing IoT adoption, factory automation and 3D printing, especially in electronics, telecom and lithium battery production. However— many factories still use outdated equipment. Scaling next-gen technologies while training workers on them is an ongoing challenge.

Leading Indian industrial conglomerates like: Reliance, Tata and Mahindra are also piloting their own Industry 4.0 transformation programs. Early successes in analytics applications for yield improvement and predictive maintenance showcase potential.

Academic partnerships around industrial AI research are also emerging. However— wider modernization requires significant capex and development of supporting technology ecosystems.

There is also a continuing shift in the focus of Indian industry to more automated and process driven manufacturing. Companies that were dependent on labor intensive practices are now looking towards increased automation to minimize vagueness and maximize productivity.

The “Make in India” policy of the Government of India is deemed to push this industry to increase the demand and consumption for machinery and equipment by the local manufacturing industry.  The Production-linked incentive (PLI) scheme – which was implemented from 2022 – was launched by the Government of India to develop 13 sectors on par with global manufacturing standards. 

Product Insights

India is actively piloting advanced manufacturing technologies including— industrial robotics, 3D printing and digital twin simulations in strategic sectors like: electric vehicles, lithium battery production, pharmaceuticals, medical equipment and defense. For example – Indian firm AlphaICs uses simulations and 3D modeling to design high-performance power electronics for EVs and renewables. Leading carmakers like Tata and Mahindra employ automation in early EV production.

However— widespread adoption of advanced techniques beyond these initial successes remains challenging. Production volumes utilizing technologies like 3D printing or machine learning for predictive maintenance are still minimal compared to potential.

Localization of key input components like – sensors and industrial IoT platforms – is also in early stages, restricting sophistication. But government incentives for priority sectors and strengthening startup ecosystems provide tailwinds.

Key companies

Some major players within this vast domain of industry are:

  • ABB
  • CNC India Tools & Services
  • Fiem Industries Ltd
  • Genus Power Infrastructures
  • GTL Infrastructure
  • HIL Limited
  • Isgec Heavy Engineering Ltd.
  • Napino Auto & Electronics
  • NIPER-GUWAHATI
  • Duosis Bio-innovations Pvt. Ltd.

Country Analysis

India provides strong fundamentals to establish itself as an advanced manufacturing destination with its vast pool of skilled engineers and competitive wages. Government initiatives like – Make in India – actively champion automation, data exchange and other Industry 4.0 technologies adoption across verticals. Digital literacy and AI-readiness are also rising rapidly.

However— India still faces structural impediments around sub-par physical infrastructure, complex bureaucratic policies and procedures, and financial constraints on industrial upgrading investments. Though pockets of excellence thrive, overall India remains an emerging region facing scaling and skill building challenges to fulfill its promise as a globally competitive, technology-driven manufacturing hub across sectors.

India is making headway toward Industry 4.0 with initiatives from the Indian government. The Ministry of Heavy Industries & Public Enterprises of the Government of India has launched a programme called SAMARTH Udyog Bharat 4.0 or Smart Advanced Manufacturing and Rapid Transformation Hubs, to increase competitiveness in the capital goods sector.

To educate Indian manufacturing enterprises about Industry 4.0, they have established demonstration centres or hubs. In India— additive manufacturing is still in its infancy but is gradually gaining ground. The goal of organisations like the Additive Manufacturing Society of India is to further this technology.

Market segmentation

By Type:

  • Additive manufacturing/3D printing
  • Automation/robotics
  • Industrial internet of things (IIoT) and industrial analytics
  • Plant asset management (PAM)
  • Manufacturing execution systems (MES)
  • Industrial controls

By End user:

  • Manufacturer and Retailer
  • Distinct industries like automotive, aerospace, electronics
  • Process industries like oil & gas, chemicals, pharmaceuticals
  • Energy and utilities
  • Food and beverage

By Enterprise Size:

  • Large Industries
  • Small & Medium Industries

Our Methodology

We have offered a well-founded review of India’s advanced manufacturing market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The India National value of the Advanced Manufacturing Industry is USD 2016 Billion in 2023 and is expected to grow to USD 4425 Billion by 2029

The CAGR of the Advanced Manufacturing Industry Market in India is 14%

Maharashtra accounts for 20% of the total market share of the Advanced Manufacturing Industry Market in India

The key players in India in Advanced Manufacturing Industry Market are Tata Group, Larsen & Toubro, Bharat Forge, Mahindra Group and Reliance Industries. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Advanced Manufacturing Industry Market in India are Efficient supply chains, Cost-effectiveness, Design-oriented approaches, Technological advancements and Infrastructure Investment. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

Summary of Advanced Manufacturing

The Indian manufacturing industry helped to aid 16-17 percent of India’s GDP pre-pandemic and is predicted to be one of the fastest growing sectors. The machine tool industry was literally the nuts and bolts of the manufacturing industry in India. Technology has promoted innovation with digital transformation a key aspect in gaining an edge in this highly competitive market.

According to our estimates – we can say that the advanced manufacturing industry in India is forecasted to be a $ 44.25 Billion industry in 2029 from $ 20.16 Billion in 2023 with a CAGR of 11 %.

India is fast developing into an advanced manufacturing destination through the ‘Make in India’ initiative launched in 2014. The program provides subsidies for high-tech industrial capabilities in fields like defense, aerospace, telecom and medical devices.

India boasts a vast pool of engineers along with cost advantages, supporting advanced manufacturing growth. However— scaling production with advanced technologies continues to be a major challenge. Lack of infrastructure and funding constraints also affect adoption.

Additionally— India’s vast domestic market provides a testing ground for locally-developed advanced manufacturing technologies and products, across areas like EVs, renewables equipment and medical devices. Successful pilots can then scale to export markets.

Recent Trends and Insights

The Indian government has introduced various production-linked incentive schemes to drive advanced manufacturing growth. This is catalyzing IoT adoption, factory automation and 3D printing, especially in electronics, telecom and lithium battery production. However— many factories still use outdated equipment. Scaling next-gen technologies while training workers on them is an ongoing challenge.

Leading Indian industrial conglomerates like: Reliance, Tata and Mahindra are also piloting their own Industry 4.0 transformation programs. Early successes in analytics applications for yield improvement and predictive maintenance showcase potential.

Academic partnerships around industrial AI research are also emerging. However— wider modernization requires significant capex and development of supporting technology ecosystems.

There is also a continuing shift in the focus of Indian industry to more automated and process driven manufacturing. Companies that were dependent on labor intensive practices are now looking towards increased automation to minimize vagueness and maximize productivity.

The “Make in India” policy of the Government of India is deemed to push this industry to increase the demand and consumption for machinery and equipment by the local manufacturing industry.  The Production-linked incentive (PLI) scheme – which was implemented from 2022 – was launched by the Government of India to develop 13 sectors on par with global manufacturing standards. 

Product Insights

India is actively piloting advanced manufacturing technologies including— industrial robotics, 3D printing and digital twin simulations in strategic sectors like: electric vehicles, lithium battery production, pharmaceuticals, medical equipment and defense. For example – Indian firm AlphaICs uses simulations and 3D modeling to design high-performance power electronics for EVs and renewables. Leading carmakers like Tata and Mahindra employ automation in early EV production.

However— widespread adoption of advanced techniques beyond these initial successes remains challenging. Production volumes utilizing technologies like 3D printing or machine learning for predictive maintenance are still minimal compared to potential.

Localization of key input components like – sensors and industrial IoT platforms – is also in early stages, restricting sophistication. But government incentives for priority sectors and strengthening startup ecosystems provide tailwinds.

Key companies

Some major players within this vast domain of industry are:

  • ABB
  • CNC India Tools & Services
  • Fiem Industries Ltd
  • Genus Power Infrastructures
  • GTL Infrastructure
  • HIL Limited
  • Isgec Heavy Engineering Ltd.
  • Napino Auto & Electronics
  • NIPER-GUWAHATI
  • Duosis Bio-innovations Pvt. Ltd.

Country Analysis

India provides strong fundamentals to establish itself as an advanced manufacturing destination with its vast pool of skilled engineers and competitive wages. Government initiatives like – Make in India – actively champion automation, data exchange and other Industry 4.0 technologies adoption across verticals. Digital literacy and AI-readiness are also rising rapidly.

However— India still faces structural impediments around sub-par physical infrastructure, complex bureaucratic policies and procedures, and financial constraints on industrial upgrading investments. Though pockets of excellence thrive, overall India remains an emerging region facing scaling and skill building challenges to fulfill its promise as a globally competitive, technology-driven manufacturing hub across sectors.

India is making headway toward Industry 4.0 with initiatives from the Indian government. The Ministry of Heavy Industries & Public Enterprises of the Government of India has launched a programme called SAMARTH Udyog Bharat 4.0 or Smart Advanced Manufacturing and Rapid Transformation Hubs, to increase competitiveness in the capital goods sector.

To educate Indian manufacturing enterprises about Industry 4.0, they have established demonstration centres or hubs. In India— additive manufacturing is still in its infancy but is gradually gaining ground. The goal of organisations like the Additive Manufacturing Society of India is to further this technology.

Market segmentation

By Type:

  • Additive manufacturing/3D printing
  • Automation/robotics
  • Industrial internet of things (IIoT) and industrial analytics
  • Plant asset management (PAM)
  • Manufacturing execution systems (MES)
  • Industrial controls

By End user:

  • Manufacturer and Retailer
  • Distinct industries like automotive, aerospace, electronics
  • Process industries like oil & gas, chemicals, pharmaceuticals
  • Energy and utilities
  • Food and beverage

By Enterprise Size:

  • Large Industries
  • Small & Medium Industries

Our Methodology

We have offered a well-founded review of India’s advanced manufacturing market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The India National value of the Advanced Manufacturing Industry is USD 2016 Billion in 2023 and is expected to grow to USD 4425 Billion by 2029

The CAGR of the Advanced Manufacturing Industry Market in India is 14%

Maharashtra accounts for 20% of the total market share of the Advanced Manufacturing Industry Market in India

The key players in India in Advanced Manufacturing Industry Market are Tata Group, Larsen & Toubro, Bharat Forge, Mahindra Group and Reliance Industries. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Advanced Manufacturing Industry Market in India are Efficient supply chains, Cost-effectiveness, Design-oriented approaches, Technological advancements and Infrastructure Investment. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

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Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.