>4 Most Profitable Small-Scale Mechanical Business Ideas for Engineers Posted by arwindsharma on April 12th Thiago Alcantara Spain Jersey , 2019
With the ease of doing business index in India witnessing a significant jump over the years, many mechanical engineers have embraced entrepreneurship. In 2018, India ranked 77th [1] in this index released by the World Bank and schemes such as Make in India and Startup India have prompted mechanical engineers to set up their venture. This article focuses on four potential profitable small-scale mechanical business ideas that can help you garner profits in the long run.
Video surveillance
The Indian video surveillance market has grown by leaps and bounds over the years and is projected to grow at a CAGR of 16.4% [2] during 2018-24. Owing to rising security concerns due to theft, natural disasters, terrorism Sergio Rico Spain Jersey , etc., law enforcement agencies have stepped up surveillance infrastructure across the nation.
Experts believe that the development of smart cities will further fuel the need for video surveillance in the coming days. Also, many municipal bodies are actively upgrading security within their respective jurisdictions by installing closed-circuit television cameras at important locations. Thus, venturing into video surveillance can be a profitable mechanical business idea using the concept of business intelligence.
Warehouse automation
The warehouse automation market in India is on the cusp of a rapid development, primarily due to the rise of e-commerce and organised retails sectors in the country. Also Sergio Ramos Spain Jersey , with the implementation of Goods and Services (GST) tax, companies are consolidating their smaller warehouses to create a bigger one to cater to a larger region.
Expected to reach USD 3.49 [3] billion by 2020, experts believe the warehouse automation market to grow and expand in the future with demand picking up from the manufacturing, logistics and automobile sectors. Embracing automation not only boosts efficiency but also reduces the chances of human errors.
Submersible water pump
Riding high on the expanding agriculture sector, the Indian submersible water pump market is projected to surpass USD 997 [4] million by 2023. Also Sergio Busquets Spain Jersey , with the Government formulating policies for offering subsidised power supply to farmers, along with growing industrial activities, the future of the submersible water pump market looks bright.
Experts also attribute the growing pump market to rapid urbanisation and a spurt in real estate activities in India. Planned townships and colonies have boosted demand for such pumps. Thus, getting into submersible water pump manufacturing can be a profitable business idea in the long run.
Mobile phone accessories
Increasing penetration of smartphones is anticipated to fuel the growth of the mobile phone accessories market in India, expected to reach USD 3.54 billion [5] by 2024 Santi Cazorla Spain Jersey , growing at a CAGR of 10.5% [6]. Also, the fact that different mobile phone accessories such as data cable, memory card, etc., are compatible with laptops and computer systems Pedro Rodriguez Spain Jersey , the same is expected to bolster the market further.
You can start manufacturing common accessories such as mobile phone cover, screen guard, memory card, data cable, power bank Paco Alcacer Spain Jersey , etc., initially and add more products as business picks up. Also, with global phone manufacturers looking to source accessories locally, this can be a lucrative business proposition in the coming days.
Just like every business needs funds to run efficiently, these ventures too require finance for smooth operations. Business Loan for Engineers gives you the funds necessary for the growth your business. This loan comes with a Flexi Loan facility which allows you to withdraw funds as and when required from the approved loan limit Oscar de Marcos Spain Jersey , with interest being charged only on the amount withdrawn. This brings down the monthly EMIs, thus ensuring easy repayment.
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