Sellbyville, DE -- (SBWire) -- 10/26/2018 --The rising deaths due to various instances of social unrest have increased the demand for the growth of the Indian aerospace & defense market. For instance, the conflicts between the Maoists in the central region of the country and the social unrest in the Kashmir valley & north-eastern states have disrupted the administration in these regions. The government has therefore undertaken various initiatives to modernize the national defense systems. For instance, with Initiatives such as Infantry Vision 2020, the government has introduced the F-INSAS scheme to enhance the situational capabilities of a soldier.
India Aerospace & Defense Market size is projected to exceed USD 23 billion by 2024. The increasing focus of the government of India to make the country's defense forces stable is projected to propel the Indian aerospace & defense market growth. The government is investing heavily in the sectors owing to the increasing border tensions with the neighboring nations including Pakistan and China. India has one of the largest defense budgets in the world, which is estimated at about USD 46.16 billion in 2017. The persistent terrorist attacks in the country have given an impetus to the industry growth. For instance, there have been around 50 fatalities in India due to terrorist activities since 2017.
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Advancements in commercial aerospace, growth in the passenger travel patterns, and accelerated development of aerospace equipment are the factors projected to fuel the growth of the Indian aerospace & defense market. The government has taken initiatives such as National Civil Aviation Policy (NCAP) to improve the civil aviation industry in the country. With this policy, the government aims to revive more than 100 non-functioning airports in the nation and improve the connectivity across various cities of the nation.
The lack of access to modern technology for the domestic players remains one of the biggest hindrances to the growth of the Indian aerospace & defense market. Additionally, slow and time-consuming tender-based contract processes for the private players hamper the entry of new players in the industry. Furthermore, the lack of proper infrastructure facilities for civil and military aviation hampers the growth of the India aerospace & defense market.
Border security segment is projected to grow at a high rate over the forecast timespan. Rising threats from the neighboring countries and attempts of infiltration by the terrorists and military of the neighboring are projected to drive the Indian aerospace & defense market demand. The civil aviation segment is projected to witness a high demand, owing to the rising usage of air services for the transport of people and goods alike, thereby driving the industry growth.
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Some of the key players in the India aerospace & defense market are Bharat Electronics Limited, Bharat Forge, Bharat Dynamics Limited, Reliance Defense, Tata Power Static Engineering Division, Mahindra Aerospace and Tata Advanced Systems Ltd. Additionally, the foreign players in the industry are Thales Group, Honeywell International, Northrop Grumman Corporation, Lockheed Martin Corporation, and BAE Systems Ltd. The rising investments in R&D to launch new products and partnerships and acquisitions will help expand the presence of these companies in the Indian aerospace & defense market.
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India Aerospace & Defense Market to Grow at 5% CAGR by 2024, by Key Vendors: Reliance Defense, Mahindra Aerospace, Tata Power SED and 19 Others
The lack of access to modern technology for the domestic players remains one of the biggest hindrances to the growth of the Indian aerospace & defense market.