With India’s ease of doing business index witnessing a significant improvement, several mechanical engineers have embraced entrepreneurship. Today, there are many small-scale mechanical business ideas for engineers, such as video surveillance, warehouse automation, submersible water pumps and mobile phone accessories, which have the potential to generate a positive return on investment (ROI).
Owing to growing security concerns amidst theft, natural disasters and terrorism, the demand for video surveillance solutions has gone up manifold over the years. In the coming days, with development of smart cities, the video surveillance market is likely to clock an impressive growth rate.
Warehouse automation is another profitable mechanical business idea. Projected to reach USD 3.49 billion by 2020, the warehouse automation market is expected to grow and expand in the future with demand coming from the manufacturing, logistics and automobile sectors. Embracing automation reduces human errors and enhances operations by several notches.
Another potential profitable mechanical business idea is that of submersible water pumps. Thanks to the expanding agriculture sector coupled with the Government formulating policies for offering subsidised power supply to farmers, submersible water pump market is expected to register a healthy growth in the future. Rapid urbanisation and a spurt in real estate activities are likely to contribute to the growth of the sector.
India is one of the fastest growing smartphone markets in the world and the same is expected to fuel the growth of mobile phone accessories. Also, with most phone accessories compatible with laptops and desktops, experts believe the market to register a healthy growth in the coming days. Getting into manufacturing mobile phone covers, power banks, screen guards, etc.can be a profitable bet in the long run.