Indian space economy to soar abundantly with the growing interference of private companies
Reports claim that the Indian space economy will likely be worth around US$13billion by the end of 2025 as the satellite services segment is set to witness rapid growth due to the increasing participation of private companies. India is one of the ardent innovators of space exploration tools and technologies. With every exploration, Indian scientists have pushed the desire and intent to know more about space and drive the evolution of the research and development cycle. Now as the country’s space economy is getting a boost due to the rising number of contributions from private companies, we can only hope that the country will be able to uphold the promises of making the impossible possible.
The growing demand for small satellites is one of the major reasons why the Indian space economy will soar in the upcoming years. This phenomenon is supposed to garner the attention of global startups to help advance the growth of the tech companies here, based on reports released by the Indian Space Association and Ernst and Young. The report titled ‘Developing the Space Ecosystem in India: Focusing on Inclusive Growth’ claims that the satellite services and applications segment would have the largest turnover of around US$5 billion by 2025, followed by satellite manufacturing which will have a turnover of around US$3 billion and launch services will grow up to US$1 billion.
The report also mentioned that the availability of low-cost satellites powered by the mass production of launch technologies will help India get the attention of customers all around the world. Indian private companies are looking to disrupt the space industry with the help of innovative technologies. The key to advancing the future of the Indian space ecosystem will be to get more customers and researchers from all over the world. The launch domain is quickly becoming a crucial focus area for startups and small and medium businesses in India and will drive the innovation agendas to make use of the upcoming revenue opportunities.
Well, in a nutshell, it is safe to say that India should brace itself for a huge revolution in the space domain. This phenomenon will trigger new employment opportunities in the sector. Space and satellites are the backbones for predictions that help industries like agriculture, weather, communications, military, defense, banking, monitoring, and surveillance, and it has several other domains to understand the growth aspect of a country’s economy. For India, it seems like seeking growth & development is the next step ahead!