Indian SpaceTech sector has received $62 million funding in 2023 so far, registering 60% increase, compared to the same period last year, according to data research firm Tracxn.
It secured $28 million funding in 2020 which stood at $35 million between 2010 and 2019. The funding reached $96 million in 2021 and $112 million in 2022 (17% jump), the research firm said.
India ranks seventh in terms of funding within International SpaceTech landscape for the year, Tracxn added. It credited privatisation of SpaceTech sector in 2020 for this transformation.
“Private entities are now actively involved in crucial aspects of research, manufacturing, and fabrication of rockets and satellites, fostering a vibrant ecosystem of innovation,” Tracxn found.
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The Indian private sector has taken the lead in launching satellites for practical applications, including satellite-based communication services like phone signals, broadband, OTT, and 5G, said Tracxn.
Tracxn claims that government plans for a Production Linked Incentive (PLI) scheme for satellite manufacturing as well.
Recently, Indian Space Research Organisation (ISRO) successful landed Chandrayaan-3 on the moon’s south pole and became the first country to achieve this feat.
Small Payload-based Launch Vehicles have garnered significant attention, securing $75.6 million in funding over the last two years, noted Tracxn. Companies like Skyroot, for instance, has launched India’s first privately built rocket, Vikram-S, into space, with plans to revolutionize satellite launches.
Satellite-based Imaging Solutions have secured $84.2 million funding over the past two years. Companies like Pixxel have introduced technologies for earth observation, while Dhruva Space and Bellatrix Aerospace are contributing to the sector through their unique offerings.
Similarly, the global space industry is undergoing rapid innovation, spanning 3D-printed rocket components, commercial space tourism, reusable launch vehicles, asteroid mining, and novel propulsion technologies.
