India's space economy expected to be worth US$ 12.8 billion by 2025: Report

The Indian Space Association (ISpA) and Ernst & Young released a report estimating that India's space industry will be valued roughly at US$ 13 billion by 2025, with the satellite launch services market expected to develop at the quickest rate due to rising private engagement.

The rising demand for smaller satellites is expected to increase satellite manufacturing in the country and attract international start-ups to the sector to help incubate space tech start-ups in the sector.

By 2025, the ground segment is expected to have a turnover of US$ 4 billion, followed by satellite manufacturing at US$ 3.2 billion, and launch services at US$ 1 billion, making the satellite services and applications segment the largest in dollar terms.

A boost to Indian space launches is expected as a result of the government's encouraging move to include private firms in the Indian space ecosystem.

In India, a number of companies are utilising cutting-edge technology to create innovative launch solutions. These businesses have developed substantial competence in orbit management and the launch of LEO, MEO, and GEO satellites.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.