An Indian Aerospace Industry Expected to be Worth US $23.52 Billion by 2016
According to Lucintel’s review “Indian Aerospace and MRO Market” the Indian aerospace market and industry has knowledgeable considerably developed during the last 5 decades and is predicted to achieve at US $23.52 billion dollars with a CAGR of 15% over the next 5 decades by 2016.
The Indian maintenance, repair and overhaul (MRO) industry is growing at a stable rate and is likely to believe further significance in the future. Due to increase in traveler traffic in addition to increasing fleet sizes, maintenance, repair and overhaul services industry will be further supported. Cost competitiveness of the Indian maintenance, repair and overhaul also contributes to the positive position of the Indian maintenance, repair and overhaul (MRO) market.
The Indian country aerospace market significant drivers include of high domestic demand, price advantage and IT competition. In Indian, the need for commercial jets is improving due to development in passenger visitors. Domestic price advantages are provided opportunities to Native Indian aerospace producer, resulting in the development of JVs with aerospace leaders such as Boeing and Airbus. Major difficulties facing Native Indian aerospace consist of access to technology, raw material growth abilities and the certification procedure.