India’s space economy is on the rise. A recent report from FICCI and EY highlights that it’s set to jump from $8.4 billion in 2022 to a remarkable $44 billion by 2033. This ambitious goal aims to make India a key player, capturing 8% of the global space market by then.
Globally, the space economy could surpass $1.8 trillion by 2035, driven by commercial satellite services, deep-space exploration, and advanced space infrastructure. The report notes how policy reforms, active private sector participation, and international collaboration are fostering this growth. Significant support comes from initiatives such as the Indian Space Policy 2023 and organizations like IN-SPACe and NSIL.
A transformative shift is happening in India’s space sector. It is moving from a government-led approach to a commercially driven, innovation-focused ecosystem. For instance, satellite communication (SATCOM) is projected to grow to $14.8 billion by 2033, significantly enhancing digital connectivity, especially in rural areas.
The adoption of Earth Observation (EO) technology is also noteworthy. It’s expected to contribute $8 billion to the space economy by 2033, impacting sectors like agriculture, disaster management, and climate resilience.
Dr. Pawan Goenka, Chair of IN-SPACe, emphasized that growth in the space sector hinges on several key areas: capacity, capability, infrastructure, partnerships, funding, and ongoing demand. He expressed confidence that these factors won’t hinder reaching the $44 billion goal.
The Earth Observation Preparatory Program (EOPP) is set to introduce new private satellites. Dr. Goenka mentioned that six companies are already shortlisted for the project, which will provide unique data not currently available in India.
In the SATCOM space, there’s a promising development where the first private company received approval to utilize previously unused frequency bands for launching their satellites. This marks a crucial step for private sector involvement.
Dr. AS Kiran Kumar, a former ISRO Chairman, reflected on the vast potential of space applications, including exciting prospects like space tourism and habitation. He noted that partnerships between organizations like NASA and ISRO are pivotal for future advancements.
Laxmesh BH, from FICCI, reaffirmed that under ISRO’s leadership, India’s journey in space showcases the nation’s determination and innovative spirit.
In summary, India’s space economy is gearing up for significant transformation. As the nation aims for the stars, the collaborative efforts of government and private sectors are essential. The future of India in space might just be brighter than ever, with opportunities that could reshape technology and connectivity worldwide. Learn more about India’s vision for the future of space from trusted sources like the FICCI and EY.
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Source linkeconomy,EY report,FICCI,India,space
