NEW DELHI: India's space economy is expected to be worth nearly USD 13 billion by 2025. According to a report that came out on Monday, the fastest growth will be in the satellite launch services segment, which is being driven by more private participation.
According to a report by the Indian Space Association (ISpA) and Ernst and Young, the growing need for smaller satellites will boost satellite manufacturing in the country. It will also bring in global start-ups in the sector to help grow space tech companies here. The report "Developing the Space Ecosystem in India: Focusing on Inclusive Growth" said that India's space economy would be worth USD 9.6 billion in 2020 and USD 12.8 billion by 2025.
With a revenue of USD 4.6 billion by 2025, the satellite services and applications segment would be the largest, followed by the ground segment at USD 4 billion, satellite manufacturing at USD 3.2 billion, and launch services at USD 1 billion. The report said, "Indian space launch is likely to get a boost from the government's positive step toward including private players in the Indian space ecosystem." The launch services segment was estimated to be worth USD 600 million in 2020, and the report said that it is expected to grow at a compound annual growth rate of 13% to reach USD 1 billion by 2025. "When low-cost satellite launch vehicles are available and they are made in large numbers, customers from all over the world will want to buy them.
Indian private companies want to use new technologies to take advantage of the space industry "it said. The report said that making space parks all over the country is likely to help companies in all parts of the space value chain, especially those that make things. It said, "It will be key to attracting global start-ups working in the space sector and will help India grow space tech companies." Several companies in India are using cutting-edge technologies to come up with new ways to launch satellites. They have a lot of experience with launching LEO, MEO, and GEO satellites and coming up with ways to manage their orbits.
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