Indian Space Economy Set To Reach $13 Bn by 2025: Report
The Indian space economy is expected to reach $13 billion by 2025, announced a joint report by Ernst and Young (EY) and the Indian Space Association (ISpA) on Monday. ISpA is an apex, non-profit industry body that works towards the development of private and public satellite companies in India. The report titled Developing the Space Ecosystem in India: Focusing on Inclusive Growth stated that the space launch segment would grow rapidly at a CAGR of 13%, spurred by growing private participation, low cost of launch services, and the latest adoption of technology. The growing demand for smaller satellites would also attract global start-ups to help incubate space tech companies in India. Jayant D Patil, chairman of ISpA, says, “With the rapidly growing space ecosystem, India is 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.” Satellite services and application segments will account for 36% of the space economy by 2025, forming the largest share of the space economy. The survey further stated that India is home to over 100 space tech start-ups, with investments rising up to 196% YoY in 2021. In 2020, the country’s satellite manufacturing opportunity was estimated at $2.1 billion and would reach $3.2 billion by 2025, said the report. Moreover, by 2025, the satellite manufacturing industry is expected to be the second fastest-growing segment in the Indian space economy. The study found that the upcoming space parks across the country would boost companies operating across the space value chain, especially manufacturing.
The report said that the space launch segment would grow rapidly at a CAGR of 13%, spurred by growing private participation, low cost of launch services, and the latest technology adoption
The report said that the space launch segment would grow rapidly at a CAGR of 13%, spurred by growing private participation, low cost of launch services, and the latest technology adoption
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["API", "R", "programming_languages:R", "AI"]
["AI", "R", "API", "programming_languages:R"]
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