The report identifies three key characteristics of leading global PVPE manufacturers - one, their leadership focuses of innovation and NPD in all its communication and strategy actions, two, they lay emphasis on R&D as their core competency & three, they are early adopters of advanced manufacturing trends such as Industrial Internet of Things (IIoT), additive manufacturing, advanced robotics, augmented reality etc.

As per the report, there are several challenges that the PVPE industry faces in adopting innovation and NPD in order to become suppliers of world class technology.

Some of the key challenges are lack of effective innovation and NPD process in Indian manufacturing firms, limited vendor capability and insufficient fiscal incentive for growth of R&D and indigenous technology. Lack of top management focus and culture of short term goals emerged as the most critical challenges.

The report spells out imperatives for the stakeholders and recommends collaborative approach for the industry to develop an ecosystem for innovation and NPD in India.

PVPE manufacturers need to establish processes within their firms and undertake more joint product development projects with their vendors & customers. Industry bodies have to focus on working with the government for allocation of sector specific funds & setting up facilities for R&D.

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