New Delhi: With the rapidly growing space ecosystem, India’s space launch segment is poised to reach $13 billion by 2025 growing at a CAGR of 6%, according to a report on Monday.
The space launch segment in the country is being boosted by growing private participation, adoption of latest technologies and low cost of launch services, according to the report by Indian Space Association (ISpA) and EY.
“I am happy that our Prime Minister Narendra Modi has encouraged us to move forward as the space domain has opened up to public-private participation, also preparing players and the result is that the sector is attracting today a growing number of startups,” the Union’s Minister of Earth Sciences said. , said Dr. Jitendra Singh.
“Globally, India has also become a very important player in geospatial technology. I am happy to know that the ISpA has lived up to its role of implementing the reform while articulating industry opinion, industry issues and also industry participation” , he added.
ISRO President S. Somnath said that India has reached a point where we have to take the space sector to the next level and that is where the whole idea of opening up space where the most important part is the knowledge base.
“The space sector can solve many problems and important questions of climate, cartography, Internet services. These are a few emerging markets that we will see develop,” he said.
ISpA is now a 50 member strong association, up from just seven members a year ago.
“We believe that as India looks forward to the new space policy, the role of private industry is poised to create a revolution in the current space economy value chain,” the President said. d’IspA, Jayant D. Patil.
Prashant Singhal, TMT Head of Emerging Markets, EY, said space communication will be one of the main mechanisms to bridge the digital divide in the country.
“The opening of the space economy to private participation in India heralds an era of growth and innovation,” he added.