What are Successful Engineering Business Ideas in 2020?
The engineering sector has witnessed a steady growth in India in recent years, which is evident from the 6.32% year on year rise in export of engineering goods reaching $81.02 billion in the financial year 2019. The construction industry further is expected to grow to $5 billion by the financial year 2020, up from $4.3 billion in the fiscal year 2018.
With the engineering industry booming and marking its presence globally, and the Indian government supporting the initiative of startups, more individuals are inclined towards starting their maiden engineering business.
But the success of such a business has a lot to do with the engineering business idea. Although there are many that can be cited, here are some highly prospective ideas with an eye towards the future.
Top engineering business ideas for 2020
- Machine building and designing
Individuals graduating from top engineering universities in the USA or anywhere else in the world can incorporate their knowledge and developed skills into use by starting up a machine-building unit. In today’s world where almost all products are manufactured on production lines, a customised machine for any one such production line can be a game-changer.
One can build small machines, parts of a larger unit, or large multi-utility machines depending upon their investment. In case of fund shortages, they should use a loan against property to start their business for the initial investment required.
- Auto repair shop
The manufacturing of commercial and personal use vehicles for the fiscal year 2019 was more than 3 crore with over 6.26% growth from the previous year. The number of cars on Indian roads is ever-increasing. This makes auto repairs one of the most profitable engineering startup ideas as the demand for repairs isn’t going to fall as long as vehicles are manufactured.
- Supply chain solutions
It is an important aspect of every product or service-based industry and has wide utilisation in every firm. Supply chain management is the process involved in managing the entire lifecycle of a product right from planning, gathering raw materials, and manufacturing to package and delivery. Engineering graduates proficient in supply chain management can extend services to different firms to brainstorm strategies that help them manufacture quality products within the speculated time.
With most businesses accepting it as an integral part of the business, this can become one of the most profitable engineering business ideas in 2020, to provide supply chain solutions as a service.
- PCB fabrication firm
A printed circuit board (PCB) is a widely used component that electrically connects and mechanically supports various electronic parts. The fabrication of PCB is a method of arranging PCB layers together using the assembly method that has a wide implementation in manufacturing electronic units. Individuals graduating from top universities in USA in study data science and engineering were among the first to get hands-on experience on such in-depth know-how since the 2000s. Today, PCBs are one of the basic requirements of the whole industry setup and a fabrication firm with the right clientele and investment can be a future-proof business idea.
- Waste management
With industries performing various experiments and operations, they dispose of solid, liquid, organic, recyclable, and hazardous wastes and cause a negative impact on the environmental equation. Here, engineers indulge in waste disposal, collection, and recycling facilities to manage waste.
While such engineering business ideas can help individuals make successful entrepreneurial decisions, investment is still the crucial factor that needs attention. In this regard, one can avail a loan against property to meet the necessary initial finances required to start up the venture.