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Indian drone manufacturing sector to grow to Rs 9 bn by 2025; Nexgen Exhibitions
Industry News- May 22,24
Drones have demonstrated their utility in various sectors including border surveillance, disaster management, and COVID management, with further applications anticipated in logistics, data processing, and traffic management.
A recent report highlighted the imperative for the government to enhance the production-linked incentive (PLI) scheme and foster an ecosystem conducive to positioning India as a global drone hub. The PLI Scheme, initiated on September 30, 2021, provided an incentive of Rs 1.2 billion spread over three financial years to Indian manufacturers of drones and drone components.
According to projections by the Ministry of Civil Aviation and a study conducted by Nexgen Exhibitions, the Indian drone manufacturing industry is poised to grow from Rs 600 million in 2020-21 to Rs 9 billion by 2025. The study forecasts a robust 22.15% compounded annual growth rate (CAGR) for the Indian drone market during the 2024-2030 period, envisioning India as the global drone hub by 2030 through innovation and expansion of application portfolios.
The report highlights the necessity of boosting the domestic drone ecosystem to realise this vision, emphasising the expansion of the PLI scheme, government procurement, and the Make in India initiative. Drones have demonstrated their utility in various sectors including border surveillance, disaster management, and COVID management, with further applications anticipated in logistics, data processing, and traffic management.
"Innovations and technological advancements done by Indian Drone Companies have caught the attention of the global markets and growth in the Indian drone industry is attracting significant foreign investment," Aadhar Bansal, Director, Nexgen Exhibitions, said in the statement.
The survey conducted across 10 states and international outreach to companies from the Middle East, Europe, the UK, the US, and Australia, encompassed around 250 stakeholders including manufacturers, innovators, suppliers, service providers, and research institutes.
The International Drone Expo 2024, a premier platform for drones and unmanned systems, will focus on UAVs, drones, and anti-drone systems for diverse applications. Aadhar Bansal, attributed the industry's growth to the Make in India movement and the visionary PLI Scheme, highlighting Indian companies' innovations attracting global attention and foreign investment.
The statement acknowledges the Indian government's concerted efforts, including liberal policies and initiatives like Drone Shakti and increased airspace, in fostering market growth.
(Source: Economic Times)
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