New Delhi [India], February 25 : India's space industry is on the path to rapid expansion, with the sector expected to grow from its current value of around USD 13 billion to USD 77 billion by 2030, according to a report by DAM Capital.
The report highlighted that satellite services will play a major role in this growth, contributing over USD 36 billion by the end of the decade.
It said, "India's space sector, is expected to grow at a CAGR of 26 per cent, reaching USD 77 billion by 2030. The largest share will be in Satellite Services, estimated to contribute over USD 36 billion by 2030".
The Indian space sector consists of three main segments, satellite manufacturing, Launch Services, and Satellite Services
Currently, India accounts for 2.1 per cent of the global space economy, but the sector is projected to expand at an annual growth rate of 26 per cent. This growth is fueled by increasing applications of satellite-based data across industries such as banking, finance, retail, and logistics.
A decade ago, India's space industry was mainly dominated by government agencies like ISRO. However, in recent years, private players have entered the market, driving innovation and investment.
The cost of satellite production has dropped by nearly 90 per cent over the last ten years, and launch frequencies have doubled in the past three years. These factors, combined with government support and favorable policies, are creating new opportunities for both startups and established companies.
The report predicts that solution-driven companies will play a key role in the next phase of expansion. Large business conglomerates are also expected to invest in satellite-based analytics and even launch their own satellite constellations for various commercial applications.
It said, "In the near to medium term, solution-driven companies will be central to the sector's expansion, while large conglomerates are expected to enter satellite-based analytics, with ambitions to establish their own satellite constellations"
With a strong push from both the government and private enterprises, India's space industry is set for exponential growth, making it a major player in the global space economy.