Engineering R&D to be $42 billion mart by 2020

The engineering R&D market in India is expected to grow at  14 per cent CAGR from $14.7 billion in fiscal 2012 to $42 billion by 2020 and expected to outpace the IT growth rate in India, Zinnov said.

Zinnov Management Consulting, in its study — “Engineering R&D: Advantage India” , on the engineering R&D and product engineering services segment in India, said while Europe and North America are currently the leading markets in Aerospace, that is likely to change significantly by 2030, with countries outside these regions expected to own about half the commercial aircraft in service.

Even in the telecom sector for that matter, deregulation in India and China is fueling the future growth prospects of the industry.

“Automotive, healthcare and industrial verticals are hot sectors poised for growth globally and are correspondingly expected to drive future MNC captive centre growth in India. MNC Captive centres are also growing in maturity, with many companies starting their core research teams operating from India,” the study further added.