EDACafe Industry Predictions for 2024 – Logic Fruit

By Sanjeev Kumar, Co-Founder & Mentor of Logic Fruit Technologies

Sanjeev Kumar

Indian Prowess Soars – Predicting Aerospace and Defense Industry Dominance on the Global Stage: 2024 Outlook

In last few years we observed a notable surge in product demand within the Aerospace and Defense (A&D) sector. In the aerospace industry, we witnessed domestic commercial aviation revenue passenger kilometers surpassing prepandemic levels in most nations.

The growth in air travel led to a substantial increase in demand for new aircraft and aftermarket goods and services. Within the US defense industry, I noticed that fresh geopolitical challenges and a strong emphasis on modernizing the armed forces contributed to robust demand, especially for armaments and next-generation capabilities.

Looking ahead to 2024, it is clear that there will continue to be a significant need for A&D goods and services. Additionally, as geopolitical unrest intensifies, I predict a further rise in product demand within the defense industry.

In the twenty-first century, I recognize that the aerospace and military industry is undergoing a significant transition. Technological advancements, evolving customer needs, and global geopolitical shifts present opportunities and challenges for the sector.

This article offers valuable insights and essential information for industry participants and enthusiasts alike, particularly focusing on the anticipated developments in the Aerospace and Defense sector for the upcoming year.

Market Growth of Aerospace and Defense for 2024

Grand View Research estimates that the global market for aerospace and military materials will be worth USD 18.72 billion in 2022 and will increase at a compound annual growth rate (CAGR) of 5.3% between 2023 and 2030.

As the number of outdated aircraft being replaced increases, there is a corresponding rise in the need for aerospace and military materials as new aircraft are produced.

aerospace & defense

https://www.grandviewresearch.com/industry-analysis/aerospace-defense-materials-market

Aerospace and Defense Industry Transformation in India

The Indian aerospace and defense (D&A) industry is currently in a transformative process, signaling a significant shift towards self-reliance and global market competitiveness. The aerospace sector is emerging as a key contributor, presenting lucrative opportunities for established firms on the international stage. Simultaneously, domestic capabilities are being bolstered through strategic collaborations, joint ventures, and technology transfers.

A notable strength lies in the plethora of Small and Medium-sized Enterprises (SMEs) that have historically served as suppliers at sub-component and component levels for key players such as aerospace DPSUs, HAL, DRDO, and ISRO. This transformation reflects India’s commitment to becoming a major global aerospace and defense player.

India the world’s second-largest arms importer is now pushing for indigenous defense production, defense MSMEs/startups growth, and defense exporter goals through the ‘Make in India’ program. During the last three and a half years, the Indian government has taken several policy-based initiatives to boost indigenous defense production, technology upgradation, and defense export capabilities. Indian defense and aerospace market projections are exciting.

How FPGAs Enhance Security in Future Aerospace and Defense Systems

In my experience, FPGAs have been a cornerstone in avionics and military systems for over two decades. As these devices have evolved, design teams have increasingly entrusted them with larger and more crucial roles in system architecture.

In my exploration of the aerospace industry, I’ve found eFPGAs to be game-changers. Their customization, swift prototyping, and real-time processing significantly boost performance.

Additionally, features like space optimization and seamless legacy system integration enhance overall efficiency. In defense, eFPGAs are crucial for customization, real-time processing, hardware acceleration, secure communication, and SWaP optimization. These make eFPGAs indispensable, elevating functionality and adaptability in aerospace and defense applications.

2024 Outlook: AI’s Surge in Aerospace & Defense Markets

Market growth of Artificial Intelligence in Aviation industry:

As per Global Market Insights, the Artificial Intelligence in Aviation market reached USD 686.4 million in 2022, with a projected CAGR exceeding 20% from 2023 to 2032. AI’s capability to analyze extensive data enhances safety by identifying risks, predicting equipment failures, and facilitating proactive maintenance in aviation operations.

Market growth of Artificial Intelligence in Defense industry:

According to Precedence Research, The global AI in the military market exceeded USD 7.93 billion in 2022, expected to reach USD 22.62 billion by 2032, with a CAGR of 11.05% during 2023-2032. AI enhances military operations, providing superior data management and decision-making capabilities. It contributes to automated solutions for unmanned vehicles, emphasizing reduced human casualties and improved military efficiency

Summary

In 2024, the aerospace and defense industry will experience global growth, driven by a surge in demand for new aircraft and advanced military technology. India’s commitment to self-reliance will elevate its global presence. Changes in the workforce, robust supply chains, and digital upgrades will shape the industry landscape. The integration of AI is set to revolutionize aviation and defense operations. Anticipating a promising future, 2024 holds opportunities for significant growth and technological advancements in the sector.

Ref :

https://www.trade.gov/country-commercial-guides/india-aviation-and-defense
https://www.linkedin.com/pulse/aerospace-defense-market-global-outlook-forecast/
https://www2.deloitte.com/us/en/insights/industry/aerospace-defense/aerospace-and-defense-industry-outlook.html
https://www.investindia.gov.in/team-india-blogs/indias-aerospace-problem-and-proposed-response-strategy
https://www.gminsights.com/industry-analysis/artificial-intelligence-in-aviation-market

About Author:

Sanjeev Kumar, Co-Founder & Mentor of Logic Fruit Technologies

Sanjeev is a renowned technopreneur in the Aerospace & Defence industry. With more than 20+ years of experience, he is known for his enormous resilience and deep tech knowledge that sets him apart from others in the industry.

Sanjeev started his career as a hardware designer and then forayed into the FPGA domain. After acquiring a deep understanding of FPGA/DSP-based Product development, prototyping/validation and emulation of FPGAs, he joined hands with Anil Nikhra (Co-Founder) to start Logic Fruit Technologies.

Prior to starting his entrepreneurial journey in 2009, Sanjeev was associated with Agilent Technologies as an FPGA expert and NeoMagic as an FPGA/Board R&D Engineer. He is a B. Tech (EE) graduate from IIT Kanpur and is passionate about fitness. He is also an avid badminton player and cricketer.

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