Indian Aerospace and Defense Industry to expand $23bn by 2024

India aerospace & defense market for marine applications is expected to grow at a steady pace, owing to the plans of the government to build 200-ship navy over the duration of 10 years. Increasing interest of the People’s Liberation Army Navy of China in the Indian Ocean is encouraging the country to invest more in anti-submarine ship manufacture.

In September 2017, India deployed a submarine, two navy ships, and two long range maritime reconnaissance aircrafts in southern Indian Ocean and western Arabian Sea. India Aerospace & Defense Market size is set to exceed USD 23 billion by 2024; according to a new research report by Global Market Insights, Inc.

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India aerospace & defense market is expected to grow at a significant pace owing to growing need for the modernization of Indian armed forces. The modernization drive aims to leverage advanced military technology to improve the operational capabilities. Need for improvement in areas such as battlefield support systems, situational awareness, non-lethal weapons, and artificial intelligence is expected to drive the India aerospace & defense market over the next seven years.

The government is increasing defense budget and has undertaken several projects in line with the Make in India campaign. For instance, as a part of Infantry Vision 2020, the government has started Future Infantry Soldier as a System (F-INSAS) program to enhance the optical, electro, and situational capabilities of a soldier.

Increasing investments in research fields including nanotechnology, directed energy weapons, and NBC warfare are anticipated to fuel the India aerospace & defense market growth. The manufacturers are shifting their focus to this industry, owing to the initiatives taken by the government such as Offset policy. However, very slow and time-consuming tender processes may hinder the entry of private players.

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India Homeland security is expected to witness significant growth owing to the increasing internal unrest and terrorist threat. The budgetary allocation for the Ministry of Home Affairs is expected to reach about USD 20 billion by 2017-18. The recent violence in Punjab and Haryana states over the arrest of the Dera chief has thrown light on equipping internal security personnel with high quality equipment.

Initiative such as Safe City will propel the homeland security in the country by leveraging technology to reduce crime rates. Increasing focus on terrorism prevention & management, police modernization, critical infrastructure protection, and city surveillance & intelligence are expected to propel India aerospace & defense market growth.

Prominent local players in the India aerospace & defense market include Reliance Defence, Tata Advanced Systems Limited, Defence Research & Development Organization, ISRO, Bharat Earthmovers Limited, Bharat Dynamics Limited, Hindustan Aeronautics Limited, and Mahindra Group.

Global companies such as Lockheed Martin, Boeing, Thales Group, and BAE Systems have established their presence in the market. The industry is characterized by several joint ventures of local and global players. For instance, Hindustan Aeronautics Limited has established joint venture with Magellan Aerospace to develop wire strike protection systems.

Browse key industry insights spread across 154 pages with 30 market data tables & 43 figures & charts from the report, “India Aerospace & Defense Market Size By Security (Cybersecurity, Homeland Security, Border Security), By Service (Maintenance, Repair & Operations (MRO), Modeling, Training & Simulation (MTS), Logistics), By Application (Land [Small Arms, Tanks, Armored Fighting Vehicles, Artillery, Mine Warfare, Communication Equipment], Air [Aircraft, Helicopters, Missiles, Amphibious Warfare, Communication Equipment], Sea [Submarines, Destroyers, Frigates, Corvettes, Communication Equipment, Mine Warfare]), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/india-aerospace-defense-market

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