India aerospace & defense market is estimated to gain sizable growth on account of increasing military funding and intensifying cross-border tensions. The Indian government is shifting its focus towards promoting the practice of indigenous manufacturing. Growing adoption of policies that enable foreign companies to buy 49% shares in local joint ventures and aerospace companies in India could positively impact business outlook.
The market could collate USD 23 billion by the year 2024. India is the third biggest defense spender in the world, followed by the United States and China. The aerospace and defense industry of the country is anticipated to witness significant investments over the forthcoming years. Reports claim that over the past five years, the capital expenditure of the Indian Ministry of Defense has risen by 15%-20%.
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The impact of strategic alliances on India aerospace & defense market size
- In the third quarter of 2014, Tata Power SED had collaborated with the Honeywell International Corporation to develop defense navigators for the Indian army. After a few days, Tata advanced systems declared its joint venture with Airbus to manufacture fifty-six aircrafts for the defense wing in India.
- In a major move witnessed across India aerospace & defense market, in year 2012, Reliance industries made inroads into the Indian defense sector through its collaboration with Boeing, a U.S. based multinational firm involved in the production and sale of rockets, aircrafts, & satellites, to develop P81 naval reconnaissance airplane for the naval forces.
- 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.
- Earlier in 2015, Bharat Forge, an India aerospace & defense market giant, had declared a strategic alliance with Rafael Advance Defense Systems Limited, a key participant involved in the production of defense equipment & technology in Israel. The 51:49 partnership, with the former holding a major share in the deal, was expected to manufacture spike anti-tank guided missiles for the Indian army. Bharat Forge had also decided to build USD 100 million defense manufacturing unit in Gujarat and discussed the production of artillery weapons and ultra-light arms with the Indian Army.
- The London based Hinduja Group, which manufactures Ashok Leyland trucks & buses, had been having cordial relations with aerospace & defense market in India over the past few decades. In 2015, the firm had entered into a strategic alliance with Larsen & Toubro Limited to develop mounted guns artillery for the Indian naval forces.
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Prominent industry players like ISRO, DRDO, Tata Power SED, Mahindra, Godrej, Hindustan Aeronautics Limited, Bharat Electronics Limited, Reliance Defence & Engineering Limited, Lockheed Martin, Northrop Grumman Corporation, L-3 Communication Holdings and Raytheon Corporation are forming strategic alliances with local players to enhance their product portfolio.
Major Key Points from Table of Content:
Chapter 4 India Aerospace & Defense Market, By Security
4.1 Market share, by security, 2016 & 2024
4.2 Aerospace & defense market share by security, 2013 - 2024
4.3 Cyber security
4.3.1 Cyber security market size, 2013 - 2024
4.4 Border security
4.4.1 Border security market size, 2013 - 2024
4.5 Homeland security
4.5.1 Homeland security market size, 2013 - 2024
Chapter 5 India Aerospace & Defense Market, By Service
5.1 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
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