After the Chandrayaan-3 success, the Indian space industry anticipates significant growth. Historically dominated by the Indian Space Research Organisation (ISRO), the private sector's role was limited. However, recent years have seen a surge in private space enterprises, notably after the pandemic attracted global investments. The Indian Space Policy 2023 further encourages private involvement in comprehensive space activities, but requires more defined regulations.
Around 140 space startups have emerged in India, with 2021 seeing a significant rise in investments. Startups like Skyroot Aerospace and Bellatrix Aerospace are becoming prominent players. The success of Chandrayaan-3 has heightened interest in these firms at a time when general startup funding is declining. India's current share in the global space market is 2-3%, but it's projected to grow to 8-10% in the next decade.
Domestic companies are innovating in satellite launches, orbit management, and more, with an emphasis on catering to growing connectivity needs and defense communication demands. The satellite services market in India is expanding, especially in media, retail, and defense sectors. The remote sensing area is also expected to grow significantly by 2025.
The "Make in India" initiative aims to boost satellite manufacturing, making it one of the fastest-growing sectors in the Indian space economy. Space parks being established will promote the growth of space tech companies and attract global startups.
Finally, international investors are actively investing in the Indian space sector. Significant investments include Alphabet's $36 million in Pixxel and Skyroot Aerospace raising $51 million. Several factors, including government support, technological advancements, and the potential for high returns, are driving investment in the Indian space sector.
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