Historically, human space exploration has focused on Low Earth orbit and unmanned missions. However, with increased private funding, technological advancements, and public sector interest, there’s a renewed push to explore beyond. Declining launch costs and rising public interest are propelling this industry to new heights, offering a galaxy of opportunities for investors.
Space Exploration Propelling a $1.8 Trillion Global Economic Surge by 2035, With Growth Surpassing 9% Annually
The Indian Space Sector, valued at $9.6 billion in 2020, contributes 2-3% to the global space economy. Projected to reach $13 billion by 2025, India aims to capture close to 10% of the global economy by 2030. Recognizing the pivotal role of the private sector, the Prime Minister emphasizes its importance in expanding India’s share in the global space industry. Currently, over 400 industrial firms, including conglomerates and SMEs, collaborate with ISRO to develop subsystems for space launch and ground infrastructure. India’s participation in the Artemis Accords and agreements with four countries for satellite launches between 2021 and 2023, signify its growing international collaboration. NSIL, mandated as the exclusive public sector aggregator for space assets/services, plans to invest $1.2 billion in the next five years to boost industry involvement.
The space startup ecosystem has flourished, with 189 startups in 2023, receiving $124.7 million in funding. With favorable policy changes, including the Space Policy 2023 and upcoming legislation, India is poised to emerge as a global leader in the space sector, offering new avenues for investments and technological advancements.
With a push from Prime Minister Narendra Modi, India has privatised space launches and is targeting a fivefold increase in its share of the global launch market, which some expect to be worth $47.3 billion by 2032. This increased private sector participation would help to generate employment, enable modern technology absorption and make the sector self-reliant. It is expected to integrate Indian companies into global value chains. With this, companies will be able to set-up their manufacturing facilities within the country duly encouraging ‘Make In India (MII)’ and ‘Atmanirbhar Bharat’ initiatives of the Government.
As a leader in the space technology domain, we understand the importance of staying at the forefront of innovation and collaboration. The Bengaluru Space Expo 2024 serves as a premier platform for industry leaders, innovators, and enthusiasts to come together, exchange ideas, and explore the latest advancements in space technology.
World space related companies in India.
Foreign satellites launched for 34 countries.
Revenue earned by India from launch of foreign satellites by ISRO.
With over 400 private space companies, India ranks fifth globally in no. of space companies.
ISRO, is the 6th largest space agency in the world and holds an exceptional success rate.
ISRO has signed six agreements with four countries for launching foreign satellites between 2021 and 2023. From a commercial standpoint, these launches hold a potential of $ 141 mn. to be earned in revenues.
The Indian space sector is recognised for building cost-effective satellites with launch of the Mars probes successfully at first attempt and taking hundreds of foreign satellites to space. India constitutes 2-3% of the global space economy and is expected to enhance its share to more than 10% by 2030.
Setelite ManufacturingThere are collaborations between government agencies and private parties for manufacturing parts of satellites and their launchers; for instance, PSLV-C53 is the first official public–private collaboration for a space launcher in India.
Satelite Launches:-The Indian Space Program under ISRO has achieved many considerable feats and has established India’s name in the global picture as a provider of reliable and cost-effective space solutions.
Satelite Launches Services:-ISRO provides launch facilities for private and foreign organisations. India has launched 381 foreign satellites for 34 countries on a commercial basis between 1999 and 2022, with 36 OneWeb Gen 1 communication satellites launched in one go on 23rd October 2022.
Satelite Applications:-i.e. remote sensing, space-based navigation, earth observation, disaster management, testing, data analysis and others. Privatisation will be the key to boost India’s presence and capabilities in space
