The Indian Space Promotion and Authorisation Centre (IN-SPACe) has unveiled a positive outlook for the Indian Space Economy, forecasting it to reach $44 billion USD by 2033, a remarkable surge from the current $8.4 billion.
With India accounting for just two per cent of the global space market, INSPACe aims to significantly enhance its position, targeting eight per cent of the worldwide market share by 2033, including $ 11 billion USD in exports over the next decade.
What is Space Economy?
The term space economy covers the goods and services produced in space for use in space, Examples of such activities include mining the moon or asteroid materials, according to the OCED. The OECD defines it as any activity that involves “exploring, researching, understanding, managing, and utilising space.”
Indian Space Economy
India is an emerging space economy, and the government of India has decided to open up the space sector through the 2020 Space Sector reforms to enhance their participation in the end space activities
Pawan Goenka, chairman of the IN-SPACe, shared these insights during a recent presentation, emphasising the potential for India’s space ecosystem. These projections also align with the IN-SPACe goal to increase the domestic market share to $33 billion and the export share to $11 billion USD by 2033, requiring an estimated $22 billion USD in investments over the next ten years.
“Investments of 22 billion USD is envisioned in the next ten years Our aim for the next decade is to realise a $44bilion USD market potential in space for India, including $11 billion in exports and create an ecosystem where public and private sector and startups collaborate in a whole of nation approach. We want India to become a hub for small-scale vehicles,” Goenka said
Notably, IN-SPACe has initiated the process of transfer of the Small-Scale Launch Vehicles (SSLV) technology. This is the first-ever example of the space agency transferring a full design of a launch vehicle to the private sector. In September 2023, IN-SPACe transferred five crucial technologies developed by the Space Application Centre, ISRO, to private space companies.
Ten Strategic Capabilities
According to reports, to achieve this visionary target, the IN-SPACe comprehensive approach centres around ten key strategic capabilities, encompassing demand generation, earth observation, communication and navigation platforms, research and development and international collaboration, among others This multi-faceted strategy seeks to fortify India’s position in the global space economy while promoting participation from Non-Governmental Organisations (NGO).
The Grand Vision
Furthermore, the IN-SPACe has outlined its vision for a specialised launch centre dedicated to small satellites within the private sector, expected to become operation in Tuticorin within two years, Although ISRO rockets will not launch from this centre due to its small scale compared to the SDSC (Satish Dhawan Space Centre), it marks a significant step towards the private sector involvement in space activities.
IN-SPACe grand vision extends to strengthening the NavIC constellation and expanding its market reach in the Indian Ocean Region (IOR), It also focuses on nurturing talent and expertise.
The establishment of a space outreach wing will further assess value propositions, prioritise sectors and boost awareness within the space ecosystem. These space initiatives are a part of IN-Space’s comprehensive strategy to shape India’s space economy and solidify its standing on the global stage.