Hello Vivek,
For your later part of the query about 'Is there any method to integrate an Equipment with MM other than serialization?' the answer is Construction type field. Means if you must create these Materials as Equipments under some compulsion and still want maintain the Material code linked to the Equipment master, then a field is there in Equipment master, where you can put the Material code. i.e., Construction type.
KJogeswaraRao