India's Ascent in the Aerospace Industry: An Emerging Global Powerhouse

The global avionics and electronics systems market is set to nearly double by 2030, amplifying the aerospace industry's growth potential. India's strategic expansion in MRO services, manufacturing, and digital innovation positions it as a burgeoning aerospace leader. Rising air travel further fuels the demand, paving the way for India's emergence as an aerospace giant.

The global avionics, alongside advanced electronics systems, is anticipated to soar to USD 63.34 billion by 2030, almost doubling from its USD 34.9 billion valuation in 2020. This projection, as outlined by Anand Rathi, highlights the pivotal role of the Maintenance, Repair, and Overhaul (MRO) sector, expected to hit USD 110 billion globally by 2028.

Samir Bahl, CEO of Investment Banking at Anand Rathi Advisors Limited, emphasized India's potential as a global aerospace powerhouse. 'With the burgeoning global fleet, manufacturing advancements, and a thriving MRO sector, India's aerospace industry is primed for innovation and growth,' he stated. Bahl also underlined the influence of precision engineering, digital transformation, and automation in redefining India's skies.

Dominating the aerospace market, aerostructures constitute around 40% of total aircraft costs. Their position is predicted to remain strong through 2028, propelled by breakthroughs in materials science, aftermarket services, and new manufacturing techniques. Meanwhile, the global aircraft engine market, valued at over USD 100 billion, is buoyed by increasing passenger numbers, research investments, and emerging propulsion technologies.

(With inputs from agencies.)