As per the Space Report 2025 Q2, the global space economy reached an unprecedented USD 613 billion in 2024- reflecting strong 7.8% year-over-year growth. The milestone underscores the vital role space plays in driving economic growth, ensuring national security, and enhancing public safety.
A World Economic Forum and McKinsey report estimates that by 2035 the global space economy could reach around USD 1.8 trillion.
India’s space sector has witnessed a transformative shift in recent years, evolving from a government-dominated domain to a dynamic ecosystem that increasingly welcomes private players and startups. Spearheaded by the ISRO, India has established itself as a cost-effective and reliable player in space exploration and satellite launches. With the liberalisation of the space sector in 2020, Indian Government introduced several enabling reforms and institutional mechanisms, including the formation of IN-SPACe, release of the Indian Space Policy 2023 and liberalisation of FDI. These steps aimed to create a conducive environment for Indian private sector, facilitate ease of doing business, and unlock the commercial potential of space assets.
The space sector, currently valued at USD 8.4 billion, holds a modest 2-3% share of the global space economy. However, projections suggest that by 2033, India’s space industry could expand to USD 44 billion, with exports contributing USD 11 billion- further positioning India as a key player in the global arena (Source: ‘Decadal Vision and Strategy for the Development of the Indian Space Economy' report published by IN-SPACe in September 2023). The sector is driven by satellite manufacturing, launch services, ground segment infrastructure, and satellite-based services across sectors such as agriculture, communication, disaster management, urban planning, and defence.
India’s startup ecosystem in the space domain is rapidly growing, with more than 200 space-tech startups registered as of 2024. These startups are engaged in areas such as satellite manufacturing, launch vehicle development, Earth observation, data analytics, and space-based services.
On the global front, India has expanded its commercial space footprint through space diplomacy and attracted global investment, totalling approximately USD 300 million in the past three years. Collaborating with over 40 countries and participating in platforms such as the US-India Civil Space Joint Working Group and the Quad Commercial Space Cooperation, India is forging new frontiers. Partnerships with countries like the United States, exemplified by the NASA-ISRO Synthetic Aperture Radar (NISAR) and astronaut training for the Gaganyaan mission, further elevate India’s standing.
Launch Missions of 34 Countries
Foreign Satellites launched by ISRO
Spacecraft/Satellites realised so far
Satellites realised by Private Players or Students
Private Sector Space Companies
Private Spacetech Startups in India
FDI Allowance in Ground segment and support services
FDI Allowance for satellite manufacturing and launch vehicles respectively
Approved VC fund under INSPACe
Technology Adoption Fund by IN-SPACe
VC Funding Raised
By Govt, supporting for Projects, Funding, etc
Source: IN-SPACe and ISRO
| Segment | 2022 (In USD Bn) | 2033 (In USD Bn) |
|---|---|---|
| Upstream | 1.3 | 9.40 |
| Midstream | 0.1 | 2.50 |
| Downstream | 7.0 | 32.1 |
| Total | 8.4 | 44 |
| Segment | 2022 (In USD Bn) | 2033 (In USD Bn) |
|---|---|---|
| Domestic Market | 8.1 | 33 |
| Exports | 0.3 | 11 |
| Total | 8.4 | 44 |
Source: Decadal Vision and Strategy for the Development of the Indian Space Economy' report published by IN-SPACe, September 2023.
