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1. MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
INDIA DEFENSE EQUIPMENT MARKET
FORECAST & OPPORTUNITIES
FY2016 – FY2026

2. 2
Scope of Report
Product of Interest (POI): Defense Equipment
Review Period
FY2016 – FY2019
Base Year
FY2020
Estimated Year
FY2021
Forecast Period
FY2022 – FY2026
Year Range
DEFENSE EQUIPMENT MARKET
ARMED FORCES
• Air Force
• Army
• Navy
Defense industry is one of the most important sectors in any country. India is among the world’s top
five countries based on spending on defense. The defense budget announced for the year 2020-
2021 in India is around USD65.86 billion, which is around 15.5 % of central government’s budget
and 2.1% of the country’s estimated GDP. India defense equipment market is expected to grow at
an impressive rate during the forecast period. The India defense equipment market is driven by the
increasing focus towards modernization, technological upgradation, while maintaining the homeland
security.
Market Segmentation
REGION
• North
• South
• East
• West

3. 3
S. No. Contents Page No.
1. Defense Equipment: An Introduction & Product Classification
2. Research Methodology
3. Impact of COVID-19 on India Defense Equipment Market
4. Executive Summary
5. Voice of Customer
6. Investments in Indian Defense Sector (Planned v/s Actual)
6.1. XIIth Plan Expenditure and Growth Plan
6.2. Planned Expenditure on Land Systems
6.3. Planned Expenditure on Naval Systems
6.4. Planned Expenditure on Aerospace Systems
6.5. Planned Expenditure on Technical Systems
6.6. Other Related Expenditures
7. Defense Industry Structure
7.1. Defense Industry Structure in India: An Overview
7.2. PSUs in Defense Sector & Value of Sales
7.3. Ordinance Factories in India
7.4. Key Private Players in India
7.5. Framework of Indian Defense Industry
8. India Defense Equipment Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Armed Forces (Air Force, Army, Navy)
8.2.2. By Company
8.2.3. By Region
8.3. Product Market Map
9. India Air Force Equipment Market Outlook
9.1. Market Size & Forecast
Table of Contents

4. 4
S. No. Contents Page No.
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Equipment Type (Training and Simulation, Communication Systems,
Weapons and Ammunitions, Manned and Unmanned Aerial Vehicles, Others)
10. India Army Equipment Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1.
By Equipment Type (Personal Training and Protection, Communication
Systems, Weapons and Ammunitions, Tanks & Fighting Vehicles, Manned
and Unmanned Aerial Vehicles, Others)
11. India Navy Equipment Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Equipment Type (Weapons and Ammunitions, Sea-based Manned and
Unmanned Vehicles, Communication Systems, Others)
12. Market Dynamics
12.1. Drivers/Opportunities
12.2. Challenges/Restraints
13. Market Trends & Developments
14. Policy & Regulatory Landscape
15. FDI in India Defense Equipment Market
16. Import-Export Analysis
17. India Economic Profile
18. Competitive Landscape
18.1. Company Profiles (Top 10 Companies)
19. Strategic Recommendations
20. About Us & Disclaimer
Table of Contents

5. RESEARCH
METHODOLOGY

6. 6
Research Methodology
 Identifying Key Opinion
Leaders
 Questionnaire Design
 In-depth Interviews
Data
Collection
Developing List
Of Respondents
Formulating
Questionnaire
Market
Profiling
Data
Validation
Data
Analysis
In-depth secondary
research was conducted to
determine top players in
the India defense
equipment market, overall
market size and segmental
market size.
In order to conduct
industry experts’
interviews, TechSci
formulated a detailed
discussion guide.
List of industry
players and industry
specialists was
developed.
TechSci conducted
interviews with
industry experts and
industry players for
data collection and
verification.
Data obtained as a
result of primary
and secondary
research was
validated through
rigorous
triangulation.
The data was scrutinized
using MS-Excel, statistical
tools and internal
proprietary database to
obtain qualitative and
quantitative insights about
the India defense
equipment market.
Data
Collection
Data Filter
& Analysis
Research &
Intelligence
Actionable
Insights
Business
Solution
Primary Research Desk Research Company Analysis
 Recent Developments
 Market Changing
Aspects/Dynamics
 Government Policies
 Conclusion
 Market Participants
 Key Strengths
 LinkedIn
 TechSci Internal
Database
 Factiva
 Hoovers
Paid Sources
 Company Websites
 Company Annual
Reports
 White Paper Study
 Financial Reports
 Investor
Presentations
 Regulatory Body
 Associations, etc.
Secondary
Research
Primary Research

7. 7
Research Methodology
Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of India defense equipment market. The team has
market, while considering the major influencing factors such as increasing technological advancements across the defense industry. The
enable our clients to take better decisions while planning their strategy to achieve sustainability in India defense equipment market.
Methodology Followed for Calculation of Market Size:
• Market Size by Value: Market size, in terms of value, for the year FY2020 was calculated based on information collected through
exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as defense equipment
partners, market influencers & end users, industry experts, and other industry participants.
• The team interviewed more than 15 – 20 defense equipment manufacturer, supplier and distributor companies, 100 – 120 end users,
chain stakeholders in India defense equipment market to obtain the overall market size from FY2016 to FY2020, which was validated
deviation into consideration, the market size was averaged out, to arrive at the market size data during FY2016-FY2020.
• Respondents were asked about the current and future market growth rates, market shares by armed forces, by each region.
growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue
various segments were further triangulated from other stakeholders.

8. 8
Research Methodology
Methodology Followed for Calculation of Market Shares:
Market shares by armed forces, by region and by company were calculated based on the responses received through primary surveys
were asked about the market shares or revenue generated from various type of defense equipment. The final shares were calculated by
gathered from key opinion leaders after eliminating the outliers.
Methodology Followed for Forecasting:
• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey
• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India
used various forecast techniques such as:
 Moving Average
 Time Series Analysis
 Regression Analysis
 Econometric and Judgmental Analysis

9. 9
Research Methodology
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during
short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market
including market share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD million.
Partial List of Companies Interviewed Key Secondary Sources
 Hindustan Aeronautics Limited (HAL)
 Defense Equipment Research and Development Organization
(DRDO)
 Ordinance 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
 World Bank
 TechSci Research Proprietary Database & Knowledge Repository
 Company Annual Reports
 Industry Magazines
 Industry Reports
 News Dailies
 Credible Paid Databases

10. 10
Industry Brief
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.
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.
“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.

11. 11
Sample Data - Snapshot
5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00
FY2016 FY2020 FY2021E FY2026F
By Value (USD Million)
CAGR BY VALUE: XX% CAGR BY VALUE: XX%
India Defense Equipment Market Size, By Value (USD Million), FY2016–FY2026F
India Defense Equipment Market Share, By Company, By Value, FY2020
100%
25%
20%
17%
12%
8%
7%
4%
7%
Total Company 1 Company 2 Company 3 Company 4 Company 5 Company 6 Company 7 Others
India Air Force Equipment Market Share, By Equipment Type, By Value, FY2016–FY2026F
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021E
FY2022F
FY2023F
FY2024F
FY2025F
FY2026F
Training and Simulation Communication Systems
Weapons and Ammunitions Manned and Unmanned Aerial Vehicles
Others

12. 12
Report Ordering
Report Name : INDIA DEFENSE EQUIPMENT MARKET
FORECAST & OPPORTUNITIES
FY2016 – FY2026
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13. About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality
analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global
company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.
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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely,
accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it
considers reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible
for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the
subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this
document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior
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