Aerospace-Defence Industry seen at $70bn 2030
The Indian civil aviation Maintenance, Repair, Overhaul (MRO) market is anticipated to grow to US$4.33 billion by 2025, increasing at a CAGR of about 14-15%.
This outlook was given by Minister of State for Defence Shripad Naik at the 5th edition of the conference on Aerospace and Defence Manufacturing Technologies on 15 July 2020.
The MRO market, at present, stands at around US$900 million.
The Indian market is yet to catch up. The Indian MRO market is growing at about 8% annually against a 4% world average, he added.
The conference was jointly organised by Tamil Nadu Technology Development & Promotion Centre (TNTDPC), Society of Indian Defence Manufacturers (SIDM), and the Confederation of Indian Industry (CII).
He also highlighted the extensive growth in the defence sector, which has increased at a CAGR of 9.7% from 2008 to 2016, reaching current levels of US$42.83 billion in the year 2017-18.
The Aerospace and Defence industry in India is expected to reach around US$70 billion by 2030.
“India’s aerospace and defence market has tremendous growth potential and strong fundamentals to be globally competitive and further develop into a leading hub and net exporter for design, manufacturing, engineering, technology development and services,” said Naik. #MRO #aviation #defence #industry #manufacturing #investment /fiinews.com
