India’s counter drone market is set to grow 28% annually in the coming 5 years. This figure was highlighted by the financial service company of Motilal Oswald.
These days, the drone market is mainly being fueled by growing demand for systems, with an aim to deal with aerial attacks.
As per the report, the market opportunity for counter-drone systems is estimated to stand at Rs 120 billion in the coming 5 years.
These estimates are based on the need for 1,200 counter-drone systems, which are worth Rs 80 to 150 million each. Thus, this huge demand will likely create an annual market opportunity of Rs 24 million within next five years.
Moreover, in the drone market the counter-drone with a range exceeding 5 Km is witnessing huge growth compared to those with a range below 5 Km.
Furthermore, the report also revealed that in the period of 2016-2020, the defense electronics market cumulatively stood at USD 8.1 billion. Notably in this period, it grew at a yearly rate of 4.5 per cent.
In the future, the market will witness the growth by USD 7 billion by 2030. It will be accompanied with a yearly growth of 15.7 per cent from 2020 to 2030.
As for the simulators market, India is expected to register growth between Rs 140 and 150 billion in the coming 5 years.
Coming to the defense electronics segment, it is likely to witness huge boost in the efforts to manufacture the components in the next coming decade.
Thus, resulting in improved manufacturing standards and quality. Right now, around 60% of the electronic components are imported from foreign players. But in the future, a huge portion of electronic defense will be supplied domestically.
It is predicted that critical programs like new acquisitions of combat aircraft, submarine building and replacement of T 72 tanks are likely to increase the market value of this segment.
With evolving nature of the warfare in this time & age, the demand for recent warfare technologies like drone for spying & surveillance, anti-drone systems are now needed more than ever to protect national sites of India like military bases, airports, refineries etc. Because war is not fought in field nowadays, it is now being in each & every sector of the country.