Stay ahead in the aerospace and defense market with an interactive, Excel-based country intelligence workbook from the analyst. This ready-to-use workbook features intuitive pivots and dashboards that allow users to analyze defense spending, procurement programs, platform inventories, and market trends across key segments within India. Easily slice and filter data, explore historical patterns and long-term forecasts, benchmark suppliers, and support strategic planning with transparent, analyst-curated insights through 2035.
In 2026, the Indian government allocated $89.8 billion to defense expenditure. This represents a compound annual growth rate (CAGR) of 5.4% from 2022 to 2026. Total defense expenditure, inclusive of pensions, is projected to grow at a CAGR of 8.7% over the forecast period, reaching $134.7 billion by 2031. The operational capability gaps revealed during Operation Sindoor in May 2025 have prompted the Indian government’s decision to significantly increase defense spending and expand investment in acquisition funding and R&D activities. With a large portion of the Indian Air Force’s combat fleet at risk of obsolescence, the long-pending procurement of 114 Rafale multirole fighter aircraft is anticipated to be approved on a priority basis. Additionally, the IAF is expected to acquire new transport aircraft to strengthen medium airlift capabilities, and the country could acquire as many as 60 aircraft to fulfill tactical airlift requirements in the 18-30-ton range. Other high-priority defense modernization programs include development of the LCA Mk-II multirole aircraft, the AMCA Mk-I for the Air Force, and procurement of six new conventional submarines, as well as mine sweepers and naval utility helicopters for the Indian Navy.
Defense Program Forecasts: The interactive Excel sheet allows the user to explore forecast spending across defense sectors and sub-sectors, with the ability to drill down to individual programs and suppliers. Interactive filters enable users to assess funding priorities, program pipelines, and supplier exposure within the country’s defense ecosystem.
Fleet Size: The interactive excel sheet allows the user to evaluate current and future equipment inventories by filtering data on equipment variants, acquisition timelines, current unit counts, annual fleet maintenance costs, manufacturers, and countries of origin. The workbook also provides forward-looking indicators such as projected retirement years, replacement probabilities, and service life extension likelihoods, offering clear visibility into modernization and replacement opportunities.
Two interactive visualization sheets with charts and graphs provide expert insights, enabling users to explore quantitative trends within the selected aerospace and defense market. The visualization sheets are supported by detailed underlying datasets covering Defense Budget Allocations, Fleet Size and Platform Analysis, and Defense Program Forecasts
In 2026, the Indian government allocated $89.8 billion to defense expenditure. This represents a compound annual growth rate (CAGR) of 5.4% from 2022 to 2026. Total defense expenditure, inclusive of pensions, is projected to grow at a CAGR of 8.7% over the forecast period, reaching $134.7 billion by 2031. The operational capability gaps revealed during Operation Sindoor in May 2025 have prompted the Indian government’s decision to significantly increase defense spending and expand investment in acquisition funding and R&D activities. With a large portion of the Indian Air Force’s combat fleet at risk of obsolescence, the long-pending procurement of 114 Rafale multirole fighter aircraft is anticipated to be approved on a priority basis. Additionally, the IAF is expected to acquire new transport aircraft to strengthen medium airlift capabilities, and the country could acquire as many as 60 aircraft to fulfill tactical airlift requirements in the 18-30-ton range. Other high-priority defense modernization programs include development of the LCA Mk-II multirole aircraft, the AMCA Mk-I for the Air Force, and procurement of six new conventional submarines, as well as mine sweepers and naval utility helicopters for the Indian Navy.
India Defense Market Data report provides:
Defense Budget Allocations: The interactive excel sheet allows the user to analyze total defense expenditure with flexible filters across major budget heads, including Acquisitions, RDT&E, Infrastructure, Personnel, Operations and Maintenance (O&M), and Other expenditures. Users can further enhance analysis by viewing contextual indicators such as exchange rates, real and nominal GDP, population, defense spending as a percentage of GDP, and defense budget per capita.Defense Program Forecasts: The interactive Excel sheet allows the user to explore forecast spending across defense sectors and sub-sectors, with the ability to drill down to individual programs and suppliers. Interactive filters enable users to assess funding priorities, program pipelines, and supplier exposure within the country’s defense ecosystem.
Fleet Size: The interactive excel sheet allows the user to evaluate current and future equipment inventories by filtering data on equipment variants, acquisition timelines, current unit counts, annual fleet maintenance costs, manufacturers, and countries of origin. The workbook also provides forward-looking indicators such as projected retirement years, replacement probabilities, and service life extension likelihoods, offering clear visibility into modernization and replacement opportunities.
Two interactive visualization sheets with charts and graphs provide expert insights, enabling users to explore quantitative trends within the selected aerospace and defense market. The visualization sheets are supported by detailed underlying datasets covering Defense Budget Allocations, Fleet Size and Platform Analysis, and Defense Program Forecasts
Key Highlights
- Drivers: The operational capability gaps revealed during Operation Sindoor in May 2025 have prompted the Indian government’s decision to significantly increase defense spending and expand investment in acquisition funding and R&D activities. With a large portion of the Indian Air Force’s combat fleet at risk of obsolescence, the long-pending procurement of 114 Rafale multirole fighter aircraft is anticipated to be approved on a priority basis. Additionally, the IAF is expected to acquire new transport aircraft to strengthen medium airlift capabilities, and the country could acquire as many as 60 aircraft to fulfill tactical airlift requirements in the 18-30-ton range. Other high-priority defense modernization programs include development of the LCA Mk-II multirole aircraft, the AMCA Mk-I for the Air Force, and procurement of six new conventional submarines, as well as mine sweepers and naval utility helicopters for the Indian Navy.
- Top 3 Sectors: Military Fixed Wing Aircraft, Missiles and Missile Defense Systems, Naval Vessels and Surface Combatant
- Top Country of Origin of Existing Fleet: Indigenous, Russia, Sweden, Poland
Report Scope
This Excel deliverable gives important, expert insight you won’t find in any other source. The interactive model illustrates qualitative and quantitative trends within the specified market. Various sections covered in the workbook are as follows:- Interactive Visualizations: Two interactive dashboard sheets featuring charts and graphs that enable rapid analysis of qualitative and quantitative trends across the selected aerospace and defense market.
- Defense Budget Allocations: Detailed coverage of total defense expenditure with breakdowns across acquisitions, RDT&E, infrastructure, personnel, operations and maintenance (O&M), and other spending categories, supported by key macroeconomic and contextual indicators.
- Defense Program Forecasts: Forecast analysis of defense spending by sector, sub-sector, program, and supplier, enabling evaluation of procurement priorities, funding pipelines, and competitive positioning within the country.
- Fleet Size and Platform Inventory: Comprehensive assessment of military equipment inventories, including platform variants, acquisition timelines, current unit counts, manufacturers, country of origin, maintenance costs, and projected retirement, replacement, and service life extension indicators.
- Sources: Data compiled from a wide range of authoritative public and proprietary sources, including government budgets, defense ministries, armed forces disclosures, international organizations, industry reports, and the analyst’s internal databases.
Reasons to Buy
- Identify high-growth investment and procurement opportunities by analyzing historical data and long-term trends in the India defense market across budget categories, sectors, and platforms through 2035.
- Track and benchmark defense budget allocations across acquisitions, RDT&E, personnel, infrastructure, and O&M, supported by macroeconomic indicators such as GDP, population, and defense spending as a percentage of GDP.
- Assess program-level funding priorities and pipelines by drilling down into defense programs by sector, sub-sector, and supplier, enabling evaluation of funding stability, growth potential, and competitive exposure.
- Evaluate fleet modernization and replacement opportunities using detailed platform-level data covering current inventories, acquisition timelines, maintenance costs, projected retirements, and replacement and service life extension probabilities.
- Strengthen competitive and supplier intelligence through comparative analysis of manufacturers, country of origin, and supplier participation across key defense programs and platforms.
- Save time and improve decision-making efficiency with a ready-to-use, interactive Excel workbook featuring intuitive pivots and dashboards that allow rapid filtering, customization, and scenario exploration without the need for additional modeling.
Table of Contents
- Home Page
- About the Analyst
- Methodology
- Data Vizualization (Defense Budget Sector, Fleet Size)
- Fleet Size
- Forecast (Defense Budget Allocations, Defense Program Forecasts)
- Sources
- Analyst Comments
- Glossary
- Contact the Publisher
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ACE Limited and JCB India Limited
- Adani Aerospace and Defence Ltd
- Adani Defence Systems and Technologies Ltd
- Adani Defence Systems and Technologies Ltd and Bharat Forge Ltd
- Advanced Weapons and Equipment India Ltd
- Aeronautical Development Agency
- Aeronautical Development Agency (ADA)
- Aeronautical Development Establishment
- Aeronautical Development Establishment (ADE)
- AeroVironment Inc
- Al Yah Satellite Communications Company P.J.S.C.
- Almaz-Antey Concern
- Alpha Design Technologies Pvt Ltd
- Anadrone Systems Pvt Ltd
- and Bharat Dynamics Limited
- and Bharat Electronics Limited
- and Collins Aerospace
- and CoreEL Technologies
- and EDGE Group PJSC
- and Elbit Systems Ltd
- and Garden Reach Shipbuilders & Engineers Ltd
- and Hindustan Aeronautics Ltd
- and Hindustan Aeronautics Ltd
- and Larsen & Toubro Limited
- and Larsen & Toubro Ltd
- and Naval Group
- and The US Air Force Research Laboratory
- Armoured Vehicles Nigam Ltd
- Arrobot
- Ashok Leyland Ltd
- Astrome Technologies Pvt. Ltd
- BAE Systems Inc
- BAE Systems Plc
- Barrett Communications Pty Ltd
- Becker Avionics GmbH
- BEML Ltd
- Bergen Engines AS
- Bhabha Atomic Research Centre
- Bhabha Atomic Research Centre (BARC) and Shipbuilding Center
- Bharat Dynamics Limited
- Bharat Dynamics Ltd
- Bharat Dynamics Ltd and MBDA Holdings SAS
- Bharat Dynamics Ltd and Thales SA
- Bharat Dynamics Ltd and Bharat Electronics Ltd
- Bharat Electronics Limited (BEL)
- Bharat Electronics Ltd
- Bharat Electronics Ltd and Adani Defence and Aerospace
- Bharat Electronics Ltd and Defence Electronics Application Laboratory
- Bharat Electronics Ltd and JSR Dynamics Private Limited
- Bharat Forge Ltd
- Bharat Forge Ltd and Tata Advanced Systems Ltd
- Boeing India Pvt Ltd
- Brahmos Aerospace Pvt Ltd
- BRP-Rotax GmbH & Co KG
- CAE Flight Training (India) Private Limited
- CAE Inc
- CAE USA Inc.
- Central Research Institute BUREVESTNIK
- CFM International Inc
- Chelton
- Chowgule & Company Pvt Ltd
- Cochin Shipyard Ltd
- Collins Aerospace
- Combat Vehicles Research and Development Establishment
- CSIR - National Aerospace Laboratories
- Dassault Aviation SA
- Data Link Solutions
- Data Link Solutions LLC
- Defence Avionics Research Establishment
- Defence Research and Development Organisation
- Defence Research and Development Organisation and Larsen & Toubro Ltd
- Defense Research and Development Organisation
- Defense Research and Development Organization and Bharat Electronics Ltd
- Dhaksha Unmanned Systems
- Digital Bit SRL
- Economic Explosives Limited
- Economic Explosives Limited and Munitions India Ltd
- Elbit Systems Ltd
- Electronics and Radar Development Establishment
- ELTA Systems Ltd
- Fakel Machine-Building Design Bureau
- Flight Simulation Technique Centre
- Force Motors Ltd
- Garden Reach Shipbuilders & Engineers Ltd
- Garuda Aerospace
- Gas Turbine Research Establishment
- GE Aerospace
- General Atomics Aeronautical Systems
- General Atomics Aeronautical Systems Inc
- General Dynamics United Kingdom Ltd
- General Electric Co and Hindustan Aeronautics Ltd
- General Robotics Ltd
- Goa Shipyard Ltd
- Goa Shipyard Ltd and Garden Reach Shipbuilders & Engineers Ltd
- Gridbots Technologies Pvt Ltd
- Heavy Vehicles Factory
- Hevi Optronics
- Hindustan Aeronautics Ltd
- Hindustan Aeronautics Ltd and Israel Aerospace Industries
- Hindustan Aeronautics Ltd. & UEC-Saturn PJSC
- Hindustan Shipyard Ltd
- Hindustan Shipyard Ltd and Larsen & Toubro Ltd
- Honeywell Aerospace
- Honeywell International Inc
- ideaForge Technology Pvt. Ltd.
- Indian Space Research Organisation
- Indra Sistemas SA
- Instruments Research and Development Establishment (IRDE)
- Israel Aerospace Industries Ltd
- ITI Ltd
- John Cockerill Group
- JSC Rosoboronexport
- JSC Sukhoi Company
- JSC V.V. Tikhomirov Scientific Research Institute of Instrument Design
- JSC Yantar Shipyard
- JSW Gecko Motors Pvt Ltd
- Kaluga Research Institute of Radio Engineering JSC
- Kalyani Rafael Advanced Systems
- Kalyani Strategic Systems Limited
- KB Mashinostroyeniya
- KNDS France S. A.
- Kongsberg Gruppen ASA
- Kongsberg Maritime AS
- L3Harris Technologies Inc
- Larsen & Toubro Limited
- Larsen & Toubro Ltd
- Larsen & Toubro Ltd & Hanwha Aerospace Co.
- Larsen & Toubro Ltd and BAE Systems Hagglunds AB
- Leonardo DRS Inc
- Leonardo SpA
- Lockheed Martin Corp
- Longbow LLC
- Ltd. and L3Harris Technologies Inc
- Machine Tool Prototype Factory and Ammunition Factory
- Machine Tool Prototype Factory and Ammunition Factory and Bharat Electronics Ltd
- Mahindra & Mahindra and Force Motors Ltd
- Mahindra & Mahindra Ltd
- Mahindra Defence Systems Ltd
- Mahindra Telephonics Integrated Systems Ltd
- MAN Energy Solutions SE
- Maruti Suzuki India Limited
- Mazagon Dock Shipbuilders Ltd
- Mazagon Dock Shipbuilders Ltd and Garden Reach Shipbuilders & Engineers Ltd
- MBDA Holdings SAS
- Milrem AS
- Mishra Dhatu Nigam Ltd
- MKU Ltd
- MKU Ltd and Medbit Technologies Pvt Ltd.
- Motor Sich JSC
- MTU Friedrichshafen GmbH
- Munitions India Ltd
- National Aerospace Laboratories
- Naval Science and Technology Laboratory
- NewSpace India Limited
- NewSpace Research and Technologies Pvt Ltd
- Nizhny Novgorod Machine-building Plant
- Nizhny Novgorod Research Institute of Radio Engineering
- Northrop Grumman Corp
- Northrop Grumman Innovation Systems Inc
- NPO Novator
- NPP Polet AO
- NPP Radar MMS
- OKBM Afrikantov
- Ordnance Factory Medak
- Ordnance Factory Trichy
- OshoCorp Global Private Limited
- Parallax Labs LLP
- Penza Industrial Corporation
- POSCO
- Pratt & Whitney Canada Corp
- Pratt & Whitney Co
- Qatar Emiri Air Force
- Rafael Advanced Defense Systems Ltd
- Raytheon Intelligence & Space
- Reliance Defence and Engineering Ltd
- Rheinmetall Air Defence AG
- Rolls-Royce Holdings Plc
- Rolls-Royce plc and Hindustan Aeronautics Ltd
- Rolls-Royce Turbomeca Ltd
- Rosoboronexport
- RTX Corp
- RTX Corp and Gulfstream Aerospace
- Russian Helicopters JSC
- Russian Navy
- Saab Avitronics
- Saab FFVO India Pvt Ltd
- Saab India Technologies Pvt. Ltd.
- Safran Aircraft Engines
- Safran Electronics & Defense
- Safran Helicopter Engines
- Safran Helicopter Engines & Hindustan Aeronautics Ltd
- Safran SA
- Sagar Defence Engineering Pvt Ltd
- Sagar Defence Engineering Pvt Ltd and Mazagon Dock Shipbuilders Ltd
- SECON Engineering Projects Pvt Ltd
- Selex Galileo Inc.
- Shipbuilding Center
- Shoft Shipyard Pvt Ltd
- Sierra Nevada Corp
- Sikorsky Aircraft Corp
- Sogitec Industries SA
- Solar Defence and Aerospace Limited
- Suryadipta Projects Pvt. Ltd.
- Tactical Missiles Corp
- Tardid Technologies Pvt Ltd
- Tata Advanced Systems Ltd
- Tata Advanced Systems Ltd and Airbus SE
- Tata Motors Ltd
- Tata Power Strategic Engineering Division
- Tecknotrove System (I) Pvt Ltd
- Telephonics Corp
- Terma AS
- Thales SA
- Thales SA and MBDA
- The Boeing Co
- ThyssenKrupp Marine Systems
- Titagarh Rail Systems Ltd
- Torus Robotics Pvt Ltd and BEML Limited
- Toyota Kirloskar Motor Pvt. Ltd.
- Tulamashzavod AK
- UEC-Saturn PJSC
- United Instrument Manufacturing Corp
- Urals Optical-Mechanical Plant
- Vaisala
- VEDA Defense Systems
- ViaSat Inc
- Williams International Co. LLC
- Zen Technologies Ltd
- Zorya-Mashproekt
