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Materials
The global defence industry has witnessed a significant surge in exports, driven primarily by an increase in demand for explosives and ammunition. This trend is largely attributed to ongoing conflicts in regions like Europe and West Asia, which have heightened the need for military supplies globally. India, in particular, has seen a remarkable boost in its defence exports, reaching a record high of ₹23,622 crore (approximately US$2.76 billion) in the financial year 2024-25. This growth not only reflects India's rising status in the global defence market but also highlights the rapidly changing dynamics of international arms trade.
In recent years, India has transitioned from being a major importer of defence equipment to becoming an exporter of military hardware. This shift is part of India's broader strategy to boost indigenous production and reduce dependence on foreign suppliers. The country's Defence Public Sector Undertakings (DPSUs) and private sector companies have played a crucial role in this transformation.
This surge in exports is also driven by government policy reforms aimed at simplifying industrial licensing procedures and enhancing export opportunities. The number of defence exporters in India grew by 17.4% in FY 2024-25, further highlighting the country's growing presence in the global defence market[1][2].
The global arms trade is dominated by a few major players, with the United States leading the pack. According to the Stockholm International Peace Research Institute (SIPRI), the U.S. accounted for 43% of global arms exports between 2020 and 2024, marking a significant increase from previous years[3][5].
Key Global Trends:
The heightened demand for explosives and ammunition is largely driven by current geopolitical tensions. Conflicts in Europe, particularly in Ukraine, have increased the demand for artillery parts and ammunition. India's exports have capitalized on this trend, with state-owned units seeing a significant rise in exports related to these categories[2].
Global Hotspots:
The defence industry faces numerous challenges, including fluctuating market demands, technological advancements, and geopolitical uncertainties. However, these challenges also present opportunities for innovation and growth.
Industry Challenges:
Industry Opportunities:
As global demand for defence products continues to rise, driven by ongoing conflicts and geopolitical tensions, countries like India are poised to play a more significant role in the international arms trade. The focus on explosives and ammunition highlights the immediate needs of the market, but long-term growth will depend on innovation and strategic partnerships. The evolving landscape of global defence exports presents both challenges and opportunities for countries looking to enhance their position in the market.
With the U.S. maintaining its dominance and regional markets such as Europe experiencing significant growth, the future of defence exports will be shaped by geopolitical dynamics and technological advancements. As the world grapples with rising tensions and conflicts, the demand for defence products is likely to remain strong, providing a fertile ground for growth and innovation in the defence industry.
