Increasing technological advancements across the defense industry to drive India defense equipment market
According to TechSci Research report, “India Defense Equipment Market By Armed Forces (Air Force, Army, Navy), By Region, Forecast & Opportunities, 2025”, the India defense equipment market is expected to grow at an impressive rate during the forecast period on account of the increasing security concerns and increasing expenditure by the government on R&D activities in defense sector. Additionally, increasing terrorist activities, infiltration, among others has increased the need for border security, maritime security, police force modernization, among others. This in turn is expected to create lucrative opportunities for the market growth through 2025. Furthermore, growing investment by the country on UAVs, submarines, multirole aircraft, frigates, destroyers, corvettes, weapons & ammunition is expected to fuel the market growth over the next few years.
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The India defense equipment market is segmented based on armed force, company and region. Based on armed force, the market can be categorized into air force, army and navy. Among these, the army segment is expected to dominate the market on account of the ongoing modernization and capability development within the Indian army. For instance, in November 2019, Ministry of Defense, India, signed a contract worth USD2.8 billion with Ordnance Factory Board to license build 464 additional T-90s main battle tanks for the Indian army.
Hindustan Aeronautics Limited (HAL), Defense Equipment Research and Development Organization (DRDO), Ordnance Factory Board (OFB), Bharat Electronics Limited (BEL), Hinduja Group, Rafael Advanced Defense Equipment Systems Ltd., Rostec India, Lockheed Martin Corporation, The Boeing Company, Tata Sons Private Limited and others are some of the leading players operating in India defense equipment market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“India defense equipment market is expected to witness significant growth during the forecast period on account of growing FDI by major players like Airbus, Boeing, BAE Systems, among others in the country. Moreover, the ‘Make in India’ initiative is further expected to create opportunities for Indian players by making them self-reliant and self-sufficient. The concept of import substitution is being widely accepted by the stakeholders’, thereby creating opportunities for manufacturing & production of defense equipment in the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Defense Equipment Market By Armed Forces (Air Force, Army, Navy), By Region, Forecast & Opportunities, 2025”, 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 India defense equipment market.
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