DUBLIN--(BUSINESS WIRE)--The "Future of the India Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022" report has been added to Research and Markets' offering.
India was the world's top-most importer of military hardware over 2012-2016. The country's defense equipment imports, which accounted for 13% of global arms imports over 2012-2016, were three times larger than its closest rivals, China and Pakistan. The country mainly relies on imports to meet 70% of its defense requirements, with the remaining 30% being met by domestic companies. However, India is aiming to attain self-reliance by procuring the majority of its defense requirements domestically and programs such as Make in India have already been launched by the government.
Although Russia continues to dominate Indian defense equipment imports, India has lately sought to diversify its procurement sources, with a recent focus on the US. During the forecast period, the US, the UK, and Israel are expected to further strengthen their market positions, reducing the market share of other European suppliers such as Germany and France. For example, India signed a US$3 billion deal with the US for procuring 15 CH-47F Chinook heavy-lift helicopters and 22 AH-64E Apache attack helicopters. The Indian MoD also signed a contract of US$107.8 million with the US based Lockheed Martin for procuring pilot night vision sensor (PNVS) systems for Apache helicopters.
Between 2013 and 2017, the Indian defense budget increased at a CAGR of 7.73%, and is expected to increase significantly, at a CAGR of 10.49%, during the forecast period, to reach a value of US$69.1 billion by 2022. Prolonged unresolved border issues and rising tension with two neighboring nations, China and Pakistan, is expected to fuel the defense budget in the coming years; in addition to the country's need to replace its aging and outdated military hardware and technology.
Under the Make in India campaign, launched by the BJP Government and led by the country's Prime Minister, Narendra Modi, India's manufacturing capabilities are under process of being enhanced, presenting ample growth opportunities for Indian defense manufactures such as the Tata Group, Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BHEL), Mahindra Defence Systems (MDS),and Reliance Defence.
Key Topics Covered:
2. Executive Summary
3. Market Attractiveness and Emerging Opportunities
4. Defense Procurement Market Dynamics
5. Market Entry Strategy
6. Competitive landscape and Strategic Insights
7. Business Environment and Country Risk
- BAE Systems Plc.
- Bharat Dynamics Limited (BDL)
- Bharat Earth Movers Limited (BEML)
- Bharat Electronics Limited (BEL)
- Goa Shipyard Limited (GSL)
- Hindustan Aeronautics Limited (HAL)
- Lockheed Martin Corporation
- Mazagon Docks Limited
- Ordnance Factory Board
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