India Aerospace & Defense Market Opportunities & Prominent Trends 2024

India Aerospace & Defense Market Opportunities & Prominent Trends 2024

The India aerospace & defense market research study is a detailed document that presents a gist of the global industry space in terms of numerous parameters. Some of these falls along the likes of the industry insights, growth drivers, industry segmentation, and trends worldwide. Also included in the research report is information pertaining to the companies partaking in the market share and the information pertaining to the regulatory norms that impact the commercialization landscape of this vertical.

India aerospace & defense market has been gaining substantial momentum in recent years, with the country becoming the largest importer of defense equipment in the world and achieving the sixth ranking globally in 2015, in terms of military spending. As per reliable sources, foreign direct investments across the military sector amounted to approximately USD 5.02 million from April 2000 till June 2015, while the defense budget of the country for 2016-2017 was estimated at USD 38.32 billion. It has been reported that India imports nearly 60% of its defense material from foreign countries while manufacturing the rest in the country itself. The government has been striving to ensure maximum defense equipment procurement from the country itself and has set a target to increase its percentage from 40 percent to 70 percent over the next decade – a fact which would have a massive impact on India aerospace & defense market in the ensuing years. With overall capital expenditure on the defense sector expected to reach USD 75.38 billion by 2020, market is anticipated to witness huge gains over 2017-2024.

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The military forces - navy, air force, and army are expected to make notable contributions toward India aerospace & defense market revenue in the ensuing years. The escalating requirement for effective & eco-friendly air jets to efficiently perform rescue operations & repairs in cases of emergency will impel the product penetration across the Indian air force. The robust requirement for homeland security will result in a massive demand for aerospace & defense supplies, which would commendably impel industry share.

The government has been supporting large-scale R&D activities to augment India aerospace & defense market. The ‘Make in India’ program, for instance, has attracted huge investments from public as well as private sectors in the country. The governmental efforts are expected to have favorable repercussions on the development of market in the near future. Based on the assessment of the current business scenario, experts have claimed that the business will garner the revenue of over USD 23 billion by 2024.

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After a year, Reliance Industries joined hands with Dassault Aviation SA, to further strengthen its position in India aerospace & defense market, for supplying aircraft parts to the latter. Dassault had earlier declared its plans to manufacture MRCA (medium multi-role combat aircrafts) for air force - a major wing of Indian defense & combat force. In 2015, Reliance Infrastructure, had acquired Pipavav Defense and Offshore Engineering Company, a largest firm in India producing ships for naval forces in India, for Rs 2,082 crores.

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