According to a report by DAM Capital, India’s space industry is on the path to rapid expansion, with the sector expected to grow from its current value of around $13 billion to $77 billion by 2030. The report highlighted that satellite services will play a major role in this growth, contributing over $36 billion by the end of the decade.
According to the report, the Indian space sector consists of three main segments, satellite manufacturing, launch services, and satellite services. Currently, India accounts for 2.1 per cent of the global space economy, but the sector is projected to expand at an annual growth rate of 26 per cent. This growth is fuelled by increasing applications of satellite-based data across industries such as banking, finance, retail, and logistics.
Meanwhile, a decade ago, India’s space industry was mainly dominated by government agencies. However, in recent years, private players have entered the market, driving innovation and investment. The cost of satellite production has dropped by nearly 90 per cent over the last ten years, and launch frequencies have doubled in the past three years. These factors, combined with government support and favourable policies, are creating new opportunities for both start-ups and established companies.
The report predicted that solution-driven companies will play a key role in the next phase of expansion. Large business conglomerates are also expected to invest in satellite-based analytics and even launch their own satellite constellations for various commercial applications. With a strong push from both the government and private enterprises, India’s space industry is set for exponential growth, making it a major player in the global space economy.
