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 the 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. Additionally, supportive government policies such as the ‘’Make in India concept and Defense Procurement Procedure (DPP) are promoting indigenization, self-sufficiency and development & production of defense equipment. This has also increased the role of MSMEs in defense industry, which in turn is expected to positively influence the market growth through 2025. Furthermore, the entrance of foreign investors and companies has led to various partnerships between the foreign and Indian companies, thereby expected to create lucrative opportunities for the market growth. However, the sudden outbreak and spread of pandemic COVID-19 and nationwide lockdown has affected the defense industry in the country. All the manufacturing activities have been suspended due to lack of demand, especially the aircraft manufacturing segment, since there is no demand for aircrafts and fighter planes at the moment.

The India defense equipment market is segmented based on armed forces, company, and region. Based on armed forces, the market can be categorized into air force, army and navy. Among these, the army segment is expected to dominate the market since it holds the largest share in the defense budget segment.

Major players operating in the India defense equipment market include 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. The companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.

Years considered for this report:

Historical Years: 2015-2018

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2021–2025

Objective of the Study:

  • To analyze and estimate the market size of India defense equipment market from 2015 to 2018.
  • To estimate and forecast the market size of India defense equipment market from 2019 to 2025 and growth rate until 2025.
  • To classify and forecast India defense equipment market based on armed forces, company, and regional distribution.
  • To identify dominant region or segment in the India defense equipment market.
  • To identify drivers and challenges for India defense equipment market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India defense equipment market.
  • To identify and analyze the profile of leading players operating in India defense equipment market.
  • To identify key sustainable strategies adopted by market players in India defense equipment market.


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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the country.

TechSci Research calculated the market size of India defense equipment market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

  • Defense equipment manufacturers, suppliers, distributors and other stakeholders
  • Government bodies such as regulating authorities and policy makers
  • Organizations, forums and alliances related to defense equipment
  • Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India defense equipment market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • India Defense Equipment Market, By Armed Forces:
    • Air Force
      • Equipment Type
        • Training and Simulation
        • Communication Systems
        • Weapons and Ammunitions
        • Manned and Unmanned Aerial Vehicles
        • Others
    • Army
      • Equipment Type
        • Personal Training and Protection
        • Communication Systems
        • Weapons and Ammunitions
        • Tanks & Fighting Vehicles
        • Manned and Unmanned Aerial Vehicles
        • Others
    • Navy
      • Equipment Type
        • Weapons and Ammunitions
        • Sea-based Manned and Unmanned Vehicles
        • Communication Systems
        • Others
  • India Defense Equipment Market, By Region:
    • North
    • South
    • East
    • West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India defense equipment market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
India defense equipment market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at  

1.    Product Overview

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.  Others 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 (2019)

8.2.3.     By Region

8.3.  Product Market Map

9.    India Air Force Equipment Market Outlook

9.1.  Market Size & Forecast

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

12.2.              Challenges

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.              Hindustan Aeronautics Limited (HAL)

18.2.              Defense Equipment Research and Development Organization (DRDO)

18.3.              Ordnance Factory Board (OFB)

18.4.              Bharat Electronics Limited (BEL)

18.5.              Hinduja Group

18.6.              Rafael Advanced Defense Equipment Systems Ltd.

18.7.              Rostec India

18.8.              Lockheed Martin Corporation

18.9.              The Boeing Company

18.10.            Tata Sons Private Limited

19.  Strategic Recommendations

20.  About Us & Disclaimer