India’s space economy is likely to be worth nearly USD 13 billion by 2025, with the satellite launch services segment set to witness the fastest growth spurred by increasing private participation, according to a report released on Monday. The growing demand for smaller satellites is set to boost satellite manufacturing in the country and will attract global start-ups in the sector to help incubate space tech companies here, said the report released by the Indian Space Association (ISpA) and Ernst and Young.
India’s space economy was pegged at USD 9.6 billion in 2020 and is expected to touch USD 12.8 billion by 2025, according to the report titled ‘Developing the Space Ecosystem in India: Focusing on Inclusive Growth’.
In dollar terms, the satellite services and applications segment would be the largest with a turnover of USD 4.6 billion by 2025, followed by ground segment at USD 4 billion, satellite manufacturing at USD 3.2 billion and launch services at USD 1 billion.
“Indian space launch is expected to get a boost due to the government’s positive step towards the inclusion of private players in the Indian space ecosystem,” the report said.
The launch services segment was pegged at USD 600 million in 2020 and is projected to grow at a compound annual growth rate of 13 per cent to reach USD 1 billion by 2025, the report said.
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