As the global aerospace sector encounters significant supply chain challenges, prominent firms such as Airbus, Collins Aerospace, Pratt & Whitney, and Rolls-Royce are increasingly looking to India for component sourcing, thereby enhancing the growth of the nation’s aerospace industry, as reported by Reuters. Indian enterprises like Hical Technologies and JJG Aero are reaping the benefits of this trend. Hical, located in Bengaluru and supplying to major players like Raytheon Technologies and Boeing, has set an ambitious goal to increase its aerospace revenue to $57.57 million over the next three years, according to information from Reuters. Meanwhile, JJG Aero, which took 12 years to achieve $2 million in revenue, has remarkably expanded to $20 million in just six years, as reported by Reuters.
This transition is indicative of a broader growth trajectory within the Asia-Pacific aerospace market, projected to expand by 54% in 2024 compared to 2019, while growth in North America and Europe remains sluggish, according to Accenture Research, as noted by Reuters. In light of production delays, labor shortages, and supply chain issues, India has emerged as a vital partner to address the increasing demand for air travel. Huw Morgan, senior vice president for aerospace procurement at Rolls-Royce, stated, “India is the best solution to supply chain challenges,” highlighting that the company’s engine volumes are growing at approximately 20%, outpacing traditional supply chains. Rolls-Royce intends to double its sourcing from India within the next five years, as reported by Reuters. The Aerospace India Association anticipates that India’s aerospace sector will secure 10% of the global supply chain market within the next decade, with the global market projected to reach $250 billion annually by 2033. Despite facing obstacles such as geographical distance from key markets and protracted certification processes, experts now contend that India is strategically positioned to emerge as a global leader in the aerospace domain.
