Indian space economy is set to reach $13 billion by 2025, according to a joint report prepared by EY and the Indian Space Association (ISpA), an apex industry association of space and satellite companies in the country.
The report also said the space launch segment would grow fastest at a CAGR of 13% spurred by growing private participation, latest technology adoption and low cost of launch services.
Satellite services and application segment would form the largest share of the space economy accounting for 36% of the space economy by 2025, as per the study.
There are over 100 space tech start-ups in the country and investments in space tech start-ups increased 196% y-o-y in 2021, the survey said.
On the country’s satellite manufacturing opportunity, it said in 2020 it was $2.1 billion and this would reach $3.2 billion by 2025.
Also, by 2025, satellite manufacturing would be the second fastest-growing segment in the Indian space economy. Space parks that are coming up across the country would give a fillip to companies operating across the space value chain, especially manufacturing, found the study.
“With the rapidly growing space ecosystem, India is all prepared to grow to $13 billion by 2025. We believe as India looks forward to the New Space Policy, the private industry’s role is set to create a revolution in the current value chain of the Indian space economy,’‘ said Jayant D Patil, Chairman, ISpA.