India Defense Equipment Market is to be Dominated by the Arm Forces Segment through 2028
Increasing demand for advanced defense
machinery due to rising conflicts among nations can drive the growth of the
India defense equipment market through 2028.
According to TechSci
Research report, “India Defense
Equipment Market- Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018- 2028F”, the Indian defense equipment market is essential as
it protects the nation, confronts, and combats all potential threats and
hostility. Since a significant portion of the defense equipment market is
imported from other countries, the demand for defense equipment manufacturing
has grown exponentially, creating huge opportunities for the development of
existing as well as new entrants. The Indian defense equipment market is likely
to grow rapidly with the introduction of new technologies by more and more
companies. Moreover, it is expected to grow at a higher rate in coming years.
Furthermore, the government aims to achieve USD 25
billion in sales by 2025, including USD 5 billion from exports of aerospace and
defense products and services. The country has used the past decade to
continuously close operational gaps, develop a high degree of integration and
synergy among its armed forces, and carry out substantially limited
conventional warfare strategies against adversaries. Over the past five years,
India has become one of the top importers of defense equipment as to gain a
technological edge over rivals such as China and Pakistan. The government has
taken several steps to encourage the “Make in India” operation through
political support programs to modernize the armed forces and reduce reliance on
external sources for purchasing defense equipment. In addition, four positive
indigenization lists, including 411 domestically manufactured products for the
defense sector, were announced by the Ministry of Defense and the Military
affairs as part of the Atmanirbhar Bharat Initiative. Moreover, with advanced
technology and local manufacturers, the India defense equipment market to gain
more demand in coming years.
Many major players are collaborating and receiving
orders for defense equipment from Government of India and other countries. For
instance, a contract was signed between Hindustan Aeronautics Limited (HAL) and
the Argentine Air Force (AAF) to provide spare parts and engine repair for
vintage two-ton class helicopters. Overall, because of above-mentioned
developments, India defense equipment is anticipated to grow at higher rate
during forecast period.
Key
market players in the India defense equipment market include:
·
Hindustan
Aeronautics Limited (HAL)
·
Defense
Research and Development Organisation (DRDO)
·
Bharat
Electronics Limited (BEL)
·
Bharat
Forge
·
Electronics
Corporation of India (ECIL)
·
Mahindra
Defence System Ltd.
·
Larsen
& Toubro
·
Bharat
Dynamics
·
Tata
Advanced Systems
·
Boeing
India
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TOC on "India Defense Equipment Market"
The India defense equipment
market is segmented based on arm forces, mode, key sectors, company, and
region. Based on arm forces, the market is divided into army, navy, and air
force. Majority of market is capture by arm forces due large volume and
necessitity of advanced equipment in border areas. Based on mode type, it is
further segmented into domestic, import, and export. India defence equipment
market is import driven from countries such as Russia and France. Also,
domestic market is growing at higher rate due to increasing manufacturing
capabilities. Based on key sectors, the market is divided into military
fixed-wing aircrafts, missiles and missile defense systems, electronic warfare,
underwater warfare systems, military warheads (land vehicles, radar, UAV, UGV),
weapons & ammunition, and others. Further, the market is also divided into
regions, mainly into North, West, South, and East.
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“The ongoing
territorial conflicts between India and Pakistan and China’s control over the
northern state of Kashmir and the northeastern state of Arunachal Pradesh,
respectively, have boosted the demand for defense equipment market in India.
Additionally, with development in collaboration with major defense
manufacturers such as France and United States has increased the overall sales
of defense equipment in India.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“India Defense Equipment Market Segmented By Arm
Forces (Army, Navy, Air Force), By Mode Type (Domestic, Import, Export), By Key
Sectors (Military Fixed-Wing
Aircrafts, Missiles and Missile Defense Systems, Electronic Warfare, Underwater
Warfare Systems, Military Warheads (Land Vehicles, Radar, UAV, UGV), Weapons
& Ammunition, Others), By Region, Competition, Forecast and Opportunities, 2029”
has evaluated the future growth potential of India defense equipment market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the India defense equipment market.