Defense Market Is Booming Worldwide by 2025 | Hindustan Aeronautics Limited (HAL), Ordnance Factory Board (OFB)
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The India defense market is anticipated to register a CAGR of over 4% during the forecast period 2020 - 2025.
- The geopolitical conflicts of India with neighboring nations and the threat due to terrorism have forced the country to further reinforce its perimeter security and the naval and airborne capabilities.
- The country is constantly increasing its defense expenditure and the budget for 2019, valued at USD 44.6 billion, is its largest ever. The increasing defense budget is expected to drive market growth during the forecast period.
- India is striving for self-sufficiency by promoting Make in India initiative in its defense through focused, sustained, and evolved indigenization programs. This may provide new opportunities for players for growth in the Indian market.
Top leading Manufacturers Profiled in Defense Market Report are: Hindustan Aeronautics Limited (HAL), Ordnance Factory Board (OFB), Rafael Advanced Defense Systems Ltd., Rostec, Lockheed Martin Corporation
Make In India Initiative Promoting Indigenous Manufacturing Capabilities in India.
Many initiatives are being taken by the Indian Department of Defense to promote Make in India in the defense manufacturing sector. The Department of Defense Production (DDP) has established wide-ranging production facilities for the production of various defense equipment through Defense Public Sector Undertakings (DPSUs) and the Ordnance Factories. The products manufactured include heavy vehicles, arms and ammunition, tanks, armored vehicles, helicopters, fighter aircraft, warships, submarines, missiles, electronic equipment, earth moving equipment, special alloys, and special purpose steels. IAF is working towards obtaining self-sufficiency by promoting Make in India through focused, sustained, and evolved Indigenization Programs. IAF currently focuses on reducing the dependency on the import of defense equipment. IAF has inducted Light Combat Aircraft, Akash Missile, Advance Light Helicopters (ALH) in the recent past. IAF also plans to induct more capable and potent LCA Mk-IA in the future. It is also actively supporting DoD of LCH, RPAs, Medium Power Radars, Low-Level Tracking Radars, and other systems and closely coordinating with DRDO for the development of various types of state-of-the-art weapons. Manufacturing of Ka-226 T helicopters, Close in Weapon System and Single Engine Fighter aircraft under the Strategic Partner model is also in line with the Make in India initiative. India is also working on HAL Advanced Medium Combat Aircraft (AMCA) programme to develop a fifth-generation fighter aircraft
Regional Analysis for Defense Market:
For a comprehensive understanding of market dynamics, the global Defense market is analyzed across key geographies namely the United States, Europe, China, Japan, Southeast Asia, India, Central & South America. Each of these regions is analyzed based on market findings across major countries in these regions for a macro-level understanding of the market.
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What is the Impact of Covid-19 Outbreak on the Defense?
- Optimistic Scenario: COVID-19 is contained by May or June, With Normalcy returning to global operations through the End of Q2.
- Conservative Scenario: COVID-19 Remains Prevalent, with Continued Impacts Lasting into Q4.
- Estimated Impact of the Coronavirus (COVID-19) Epidemic on the Global Defense.
- Defense Market Size in 2021
- Corporate Strategy the Manufacturers Should Be Thinking About Right Now.
Frequently Asked Questions about the Defense market:
- What are the recent developments and government policies?
- What are the top trends in the Defense market?
- What is the growth rate of the market?
- Which Is the Most potential market segment?
- Which are the top industry players in the Defense market?
- Which region would offer high growth for vendors in the market?
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The research includes historic data from 2015 to 2021 and forecasts until 2026 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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