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Construction : Components Accessories Spares Hardware | December 2015 | Source : Equipment India

Light at the End of the Tunnel

Hydraulic cylinders have wide application area ranging primarily construction equipment, manufacturing machinery, civil engineering equipment etc. Manufacturing, construction, mining, agriculture, aerospace and defence are the major growth drivers of hydraulic cylinders in India. In infrastructure equipment segment, hydraulic cylinder industry majorly depends upon the growth of mobile hydraulic equipment such as backhoe loaders, excavators, mobile cranes, compaction equipment, wheeled loaders, forklifts and agricultural equipment.

The domestic market for hydraulic cylinders in the past 2-3 years was not favourable due to the downturn in construction, mining and other infrastructure segments. However, now with the government┬┤s increased focus and recent announcements of investments in infrastructure projects demand of capital equipment is set to grow, which in turn will increase the demand of hydraulic components in India. Especially, infrastructure projects such as roads, power plants, steel plants, cement plants, ports and railways are on a revival path and is expected to gain momentum in the coming years.

Excon 2015, the recently concluded mega event on construction and infrastructure equipment expo, brought a new energy in the components players as well as the OEMs. The event witnessed a large presence of SMEs in the component and aggregate manufacturing, showcasing India┬┤s potential as a preferred outsourcing destination for construction equipment manufacturing. There were a whole lot of new products and technologies showcased at the Excon 2015 from these players.

Majority of the component players whom we interacted during Excon 2015, showed some optimism on the industry outlook. Though at slower pace, the industry is looking at a revival in the years to come. Currently at a stable platform, it will take at least one year - second half of 2016 - to have a clear picture on the growth of the industry. Overall, the stakeholders of the industry are preparing for the turnaround that is expected in the near future.

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