|Air segment of the India aerospace & defense market is expected to witness significant growth. The Air Force is planning to increase its surveillance capabilities by acquiring airborne warning & control systems. The sector is anticipated to strengthen its transport fleet to improve its strategic and tactical lift capabilities. The force is also planning to acquire newer fighter platforms such as fifth-generation aircrafts and MMRCA.
India Aerospace & Defense Market is estimated to surpass USD 23 billion by 2024. Growing focus of the government in indigenous manufacturing of equipment with increasing budget is anticipated to be one of the major factors driving factors. Implementation of policy allowing the foreign companies to hold up to 49% share in joint ventures is expected to bode well for the industry. India is the third largest spender on defense in the world, after U.S. and China.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2113
Being the investment-intensive sector, defense is projected to have investments during the forecast timeframe. The capital expenditure by the Ministry of Defense increased approximately by 15-20% in the last five years and is projected to grow at an accelerated pace in the India aerospace & defense market.
Changing geopolitical situations on the country’s borders is necessitating continuous improvement in defense equipment. This is propelling new procurement to replace obsolete equipment to bring in readiness. Growing demand is attracting many local industry participants such as Larsen & Toubro, Tata, and Mahindra, in addition to global players including Boeing, BAE Systems, and Israel Aerospace Industries. The entry of newer players in the industry is anticipated to increase competition and drive innovation, thus driving the India aerospace & defense market over the next seven years.
Homeland security segment is expected to increase at a significant rate, due to growing social unrest in the country, thus propelling the India aerospace & defense market growth. The government intends to leverage the capacities of private engineering & design and IT sector in the country to meet homeland security demands. The government is undertaking several projects that include counter terrorism, border infiltration, maritime security, critical infrastructure security, intelligence, police modernization, and safe city surveillance.
Growing proliferation of visual devices to train aircrew and maintenance staff is expected to propel the modelling, training, and simulation (MTS) services growth. Regional technology players such as Tata Technologies are partnering with India aerospace & defense market players to deliver optimized solutions across modelling and simulation services.
Some of the players in the market include DRDO, ISRO, Mahindra, Tata Power SED, Hindustan Aeronautics Limited, Godrej, Reliance Defence & Engineering Limited, and Bharat Electronics Limited. Additionally, global players in the industry include Lockheed Martin, Raytheon Corporation, Northrop Grumman Corporation, and L-3 Communication Holdings. The industry ecosystem is witnessing the entry of regional players at all levels of the value chain. For instance, Bharat Forge has become one of the leading component suppliers in the India aerospace & defense market.
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:
Table of Content (TOC-)
Chapter 5 India Aerospace & Defense Market, By Service
5.1 India aerospace & defense market share, by service, 2016 & 2024
5.2 Aerospace & defense market share by service, 2013 – 2024
5.3.1 MRO services market size, 2013 – 2024
5.4.1 MTS services market size, 2013 – 2024
5.5.1 Logistics services market size, 2013 – 2024
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.