India's space economy to touch $44 billion by 2033, says IN-SPACe Chairman Pawan Goenka
Space regulator Indian Space Promotion and Authorisation Centre also estimates $22 billion investments in the Indian space sector by 2033 and $11 billion exports.
IN-SPACe chairman Pawan K Goenka
In what could be a shot in the arm for prospective investors and private players in India's space tech ecosystem, the Indian Space Promotion and Authorisation Centre (IN-SPACe), the country's space regulator, estimates the size of the Indian space economy to be around $44 billion, including $11 billion of exports over the next 10 years.
India's space economy as of now makes up 2 percent when compared to the global space market size. However, by 2023, IN-SPACe estimates the $44 billion market size to make up for 8 percent of the global market.
The regulator also estimates $22 bn of investments in the sector over the next 10 years.
Till now, India's space tech startups, which have been raising ample funds since last year, often have had to face enquiries from investors regarding the market size of India's space ecosystem. These figures by India's national space regulator represent the potential of the space tech ecosystem, and should help investors in getting an estimate of the market size.
In the presentation, IN-SPACe showed that it arrived at the $44bn-market-size figure by estimating investments in the earth observation (EO) sector for $8bn; navigation applications for $9.3 billion; SATCOM applications for $14.8 billion; ground network for $2.5 billion; satellite hubs for $4.6 billion; manufacturing of launch vehicles for $3.5 bn; space situational awareness applications for $1.3 billion.
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