India Aerospace & Defense Market Size

India Aerospace & Defense Market Size

India Aerospace & Defense Market size was over USD 10 billion in 2016 and is predicted to grow at an estimated CAGR of over 5% from 2017 to 2024.

Initiatives undertaken by the government to make India self-reliant in terms of defense requirements is expected to drive the India aerospace & defense market over the forecast timeline. The country’s attractiveness to the global companies is increasing, owing to the increasing defense budget. For instance, according to a report by Nasscom and IESA, the total India aerospace & defense market opportunity for aerospace and defense electronics is estimated to be approximately USD 70 billion in next 10 years. Growing need to modernize the equipment is expected to further drive the industry.
 

The government announced the Long Term Integrated Perspective Plan, that undertakes the modernization of armed forces by 2027. Factors such as hostile neighborhood and unrest in North-East India & Kashmir are driving the modernization agenda, thus propelling the India aerospace & defense market growth. The industry has witnessed growing focus on the development of high-end technology and reduced reliance on exports.