In what could be a shot in the arm for prospective investors and private players in India's space tech ecosystem, the Indian Space Promotion and Authorisation Centre (IN-SPACe), the country's space regulator, estimates the size of the Indian space economy to be around $44 billion, including $11 billion of exports over the next 10 years.
India's space economy as of now makes up 2 percent when compared to the global space market size. However, by 2023, IN-SPACe estimates the $44 billion market size to make up for 8 percent of the global market.
The regulator also estimates $22 bn of investments in the sector over the next 10 years.
Till now, India's space tech startups, which have been raising ample funds since last year, often have had to face enquiries from investors regarding the market size of India's space ecosystem. These figures by India's national space regulator represent the potential of the space tech ecosystem, and should help investors in getting an estimate of the market size.
In the presentation, IN-SPACe showed that it arrived at the $44bn-market-size figure by estimating investments in the earth observation (EO) sector for $8bn; navigation applications for $9.3 billion; SATCOM applications for $14.8 billion; ground network for $2.5 billion; satellite hubs for $4.6 billion; manufacturing of launch vehicles for $3.5 bn; space situational awareness applications for $1.3 billion.
As mentioned earlier, the $44 billion estimate also includes $11 billion of space exports from India.
On October 10, IN-SPACe chairman Pawan K Goenka released these figures in Bengaluru.
“As we unveil the decadal vision for the Indian Space Economy, we emphasize that the future of the Indian space sector is a shared endeavour... The decadal vision addresses creation of demand, local manufacturing capabilities, infrastructure and provides a clear and comprehensive regulatory framework that will encourage and facilitate NGE (non-governmental entities) participation in the growth of the space sector," Goenka said.
"At present, the Indian space economy is valued at around $8 billion with a 2 percent share in the global space economy. India’s space economy has the potential to reach $44 billion by 2033 with about 8 percent of the global share," Goenka added.
S Somanath, Secretary, Department of Space and Chairman, ISRO said, “The decadal vision defines a roadmap on how the Department of Space along with IN-SPACe and ISRO will drive the emergence of private players. We are already witnessing the early signs of success of this endeavour."
What the report says
The report says that the space ecosystem is broadly divided into three groups – Space-for-Earth, access-to-space and space-for-space. The $44 billion vision for the Indian Space Economy can be achieved through 10 key strategic and enabling capabilities —
· Demand generation
· Earth observation (EO) platform
· Communication platform
· Navigation platform
· Research and development
· Ecosystem
· Creation of a talent pool
· Access to finance
· International synergy and collaboration
· Policy and regulation
What can be exported?
IN-SPACe estimates that in the Indian Ocean region, companies can leverage earth observation and communication platforms; offer satellite and ground segment as a service and launch segment as a service.
In the global arena, for developing space-aspiring countries, companies can manufacture small satellites, small launch vehicles, export ground segment and so on.
For other matured space-faring countries, India can become a global hub for small satellite and launch vehicle manufacturing and provide launch segment as a service.
Space outreach and international cooperation wing
To realise this billion-dollar potential, IN-SPACe has recognised the need to generate demand in India's space economy.
For that, the body has proposed to establish a Space Outreach Wing within IN-SPACe, to undertake assessment of value propositions, impact estimation and prioritisation of various sectors.
The office will also help in creating demand by developing applications from space-based data for governments and consumers; and by enhancing awareness.
The regulator also plans to establish an international collaboration cell within IN-SPACe to give thrust to international cooperation and representation. Its responsibilities would include "demand generation and access to global markets for Made in India space products and services".
By AIHIK SUR
https://www.moneycontrol.com/news/business/indias-space-economy-to-touch-44-billion-by-2033-in-space-11509631.html
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