Indian T&M equipment mkt to grow 30pc in five years

Test and Measurement

Indian T&M equipment mkt to grow 30pc in five years

Increasing R&D activities across various industries are expected to further augment growth of Indian T&M market

Wednesday, November 26, 2008

BANGALORE, INDIA: India has indeed grown to be considered as a good destination for T&M R&D and many of the companies are investing in expanding their R&D operations in the country.

Also, in order to satiate the demand from customers for competitively priced products, T&M companies are exploring opportunities to start manufacturing in the country, as that will help in bringing down the cost of manufacturing, eliminate import duties, thus, aiding in lowering the prices of products.

Test and Measurement (T&M) equipment has, over the years, grown in significance, reflecting the critical position it holds in any industry, right from research and development to production and services.

Despite playing a pivotal role in most industrial segments, the T&M industry has remained the less glorified performer while the glamour and glitz have been enjoyed by core industry devices.

Niju.V, deputy director, automation and electronics, South Asia and Middle East, Frost & Sullivan, says, “Analysis of the Indian T&M equipment market shows a CAGR of 30 percent in the next five years. Interestingly, this is in stark contrast to the sub-10 percent growth rate anticipated in the global T&M market."

However, the growing emphasis on the quality of products/ services delivered as well as the need for accuracy and timely results have ushered the limelight on to T&M equipment in recent years.

Robust growth witnessed in emerging economies has been manifested in the T&M market enjoying rejuvenated growth. India, being one of the rising stars among emerging economies, is providing a strong growth impetus to the T&M market. In the last three-five years, the Indian T&M market has been witnessing growth rates, which are far higher than the global markets.

This has largely been due to the formidable growth registered by key industry segments like automotive, electronics, pharmaceuticals, life sciences, and telecommunications. Sectors like defence, backed by government investments, have also been instrumental in driving the growth.

Increasing R&D activities across various industries are expected to further augment the growth of the Indian T&M market.

"Superlative growth trends are anticipated in both the communications test equipment and laboratory analytical instruments market, while the general purpose test equipment market is also expected to have good growth,” Niju added.

This has resulted in renewed focus on India by global T&M suppliers, who aim to be at the core of the action unfurling in the Indian T&M market.

©CIOL Bureau