India’s space sector is poised for significant growth, and private companies and startups have an important role to play, according to ISRO Chairman S. Somanath. Speaking at the Huddle Global 2024, a leading startup festival organized by Kerala Startup Mission, he emphasized how startups can help India expand its space activities and capture a larger share of the global market.
Despite India being recognized as a major space power, Somanath pointed out that India’s current share of the global space business is only about two percent, valued at USD 386 billion. However, India aims to increase this to USD 500 billion by 2030, with an ambitious goal of reaching USD 1.5 trillion by 2047.
Somanath highlighted that the private sector has ample opportunity to contribute, especially since India currently operates just 15 space satellites. Given the country’s expertise in space technology and the increasing number of satellite manufacturing companies, India has the potential to deploy at least 500 satellites in space.
The rise of private players in the market, who can both manufacture and launch satellites, is already underway, with private launchpads also emerging. From having just one space-related startup in 2014, the number has skyrocketed to over 250 by 2024. In 2023 alone, space startups secured investments totaling Rs 1,000 crore. Additionally, over 450 MSMEs and more than 50 large companies are now contributing to India’s space sector.
Looking ahead, Somanath said that future projects, such as India’s Gaganyaan human spaceflight program and the Indian Space Station, will be collaborative efforts between ISRO and private companies. Private sector involvement will also be crucial in designing and launching small satellites, developing geospatial solutions, and creating communication systems and orbital transfer vehicles.
ISRO has already identified numerous sectors that stand to benefit from space research, and discussions are underway to transfer the technology to industries in these areas. Notably, India has launched 431 foreign satellites to date and collaborates with 61 countries on various space projects. Ongoing joint missions include NISAR with NASA, TRISHNA with CNES (France), the G20 Satellite, and the Lunar Polar Exploration mission with JAXA (Japan).
When asked about space exploration beyond Earth, Somanath expressed his admiration for Elon Musk’s vision of inter-planetary habitation. He explained that exploration is a fundamental aspect of human nature, citing humanity’s history of migrating across continents and exploring new frontiers.
