India’s aerospace & defence market could reach $23 billion by 2024.
Bangalore: India has emerged as the most attractive destination for defence and aerospace technologies in the world. The country already has a large ecosystem—comprising defence, aerospace, avionics, hardware, technologies, equipment, services, products and tools--built by government bodies and private players. Interestingly, the country has over 3,000 micro, small and medium enterprises (MSMEs) that are exclusively focused on defence and aerospace related areas.
India’s aerospace and defence market is expected to reach $23 billion by 2024, as per a forecast by Global Market Insights, Inc. The market comprises of cyber security, homeland security, border security, MRO (maintenance, repair and operations), modelling, training and simulation, logistics, tanks, armoured fighting vehicles, artillery, mine warfare, communication equipment and technology, aircraft, helicopters, missiles, amphibious warfare, submarines, destroyers, frigates, corvettes etc.
There is increased demand for lightweight materials in order to reduce the weight and increase fuel efficiency of an aircraft. Several Indian startups are working in this space.
The global aerospace and defence materials market size is estimated to reach $27.44 billion by 2025, indicating a CAGR of 4.3 per cent, says Grand View Research Inc.
Edition after edition, the biannual defence exposition Aero India has been attracting hundreds of visitors and millions of dollars of investments from all around the world especially from US, UK, Germany, Israel, Russia and many European countries. Multi-million dollar business contracts and trade interactions are expected to emerge out of this edition of Aero India as well, as per industry observers.
“It’s truly a world display of India’s prowess in air defence and aerospace. The event opens opportunities for hundreds of Indian and international players to interact, exchange ideas, forge alliances and clinch business deals. The growing aerospace and defence industry in India presents many attractive opportunities. This is one of best Aero shows,’’ said an international defence analyst participating in the event.
The five-day extravaganza started in city on Wednesday has a significant representation from airplane manufacturers, fighter jet makers, aviation technology developers and defence equipment companies from round the globe. Around 500 Indian and international companies are participating in the event.
Kalyani Group and Cincinnati-based Belcan, LLC have entered into a partnership to provide highly advanced technological product and service offerings in Defence, Aerospace, and other technical segments in India. The companies will work together in the design and development of helicopter engines and transmission systems in Defence and Aerospace, as well as collaborate on Advanced Manufacturing practices and Digital Manufacturing & Internet of Things solutions.
“This collaboration allows Kalyani Group to dovetail the metallurgical and manufacturing excellence of its flagship company Bharat Forge with cutting edge design and engineering capabilities of Belcan, LLC to deliver high quality products and services to our customers,” said Mr. Rajinder Singh Bhatia, President & CEO (Defence & Aerospace), Bharat Forge.