India's space industry is poised for significant growth, with projections indicating an expansion from its current valuation of approximately USD 13 billion to USD 77 billion by 2030 according to a report by DAM Capital. This remarkable transformation is driven by a compounded annual growth rate (CAGR) of 26% and is largely fuelled by satellite services, which are expected to contribute over USD 36 billion by the end of the decade.

1. Satellite Services: These services are expected to play a pivotal role in the sector's growth, driven by increasing demand for satellite-based data across industries such as banking, finance, retail, and logistics.

2. Private Sector Participation: The entry of private players has invigorated the market, driving innovation and investment. This shift from a government-dominated industry to one with significant private participation is crucial for future growth.

3. Technological Advancements: The cost of satellite production has decreased by nearly 90% over the past decade, and launch frequencies have doubled in the last three years. These advancements, combined with government support and favourable policies, are opening new opportunities for both start-ups and established companies.

4. Government Initiatives: The establishment of the Indian National Space Promotion and Authorization Centre (IN-SPACe) in 2020 has been instrumental in promoting private sector involvement in space activities. Additionally, initiatives like the Indian Space Policy 2023 and a 100% FDI allowance have further boosted the sector.

Solution-Driven Companies: These companies are expected to play a central role in the sector's expansion, focusing on satellite-based analytics and potentially establishing their own satellite constellations for commercial applications.

Global Market Share: India currently accounts for about 2% of the global space economy but aims to increase this share significantly by 2030. The government targets a five-fold increase to 10% by 2030.

India's space industry is on the cusp of a transformative journey, driven by technological innovation, private investment, and supportive government policies.

Agencies