When it comes to construction and mining machinery, hydraulics is the major source of power to the heavy-duty operations at extreme conditions. The hydraulics industry is making major strides in the efficiency and performance of its products. Hydraulics always has been the best choice for high power-density applications but new designs, materials and manufacturing technologies are extending that advantage like never before. These new components are destined to be a smaller piece reducing the footprint and enhancing the power density. The latest trends point to customers looking for the best usage of space, better power density, energy efficiency, accuracy and quicker responses. The marriage of hydraulics and electronics will deliver smarter products, combining the intelligence of electronics with power density of hydraulics to enable all of these applications and many more that have not ever been thought of yet. In the coming years, energy efficiency, fuel consumption and the life cycle of the machines will become the major deciding factor.
As the construction and infrastructure equipment sector is getting more and more competitive in the wake of the growth in construction and infrastructure activities and the new lease of life in logistics and warehousing market after positive policy initiatives by the government, the components market in India needs to pick up matching the demands from the market. Today, most of the critical components that go into the machines are being imported. Make in India has taken up in the country in a big way and many equipment OEMs have increased their presence in India by setting up their manufacturing base in the country and are slowly making this as the sourcing base for the export market. However, barring a few engine and hydraulic component companies, many critical component manufacturers are yet to start manufacturing here and supply to the global market. We see this is the right time for these players to start setting up manufacturing facilities here and produce components to the global quality standards as India is becoming an industry-friendly nation to start business. This is evident from the recent World Bank report on the rankings of Ease of Doing Business, as India ranked 23 places up from last year at 77th out of 190 countries globally. The years to come will be of quality and speed, and innovation is the only way forward to achieve this.