New Delhi, Mar 21 (KNN) India’s space sector is undergoing a transformative shift, aiming to expand its global market share from USD 8 billion to USD 44 billion by 2033.
With strong government backing and increasing private-sector participation, the sector is evolving from a state-driven initiative to a commercial powerhouse.
To fuel this growth, the Indian government has sanctioned a Rs 1,000 crore venture capital fund to support space startups. Speaking at the conclave on Adoption of Space Applications for Business Growth, Pawan Goenka, Chairman of IN-SPACe, emphasised the need for scalable business models to meet the rising demand for AI-powered analytics, remote sensing solutions, and next-generation connectivity applications.
Highlighting India’s unique approach to space exploration, Prakash Chauhan, Director of the National Remote Sensing Centre (NRSC), ISRO, noted that India’s space advancements have been rooted in societal benefits rather than military applications.
He reiterated the government’s goal of increasing India’s share of the global space economy to 8-10 per cent by 2040.
Currently valued at USD 440 billion, the global space economy is projected to reach USD 1 trillion by 2040, with broader economic impacts exceeding USD 2 trillion.
However, India has only tapped into 10 per cent of its space economy potential. S Somanath, former ISRO Chairman, stressed the need for a paradigm shift from government-led applications to commercial scalability.
Key opportunities in marine spatial planning, solar energy forecasting, and mineral exploration remain largely unexplored.
Chauhan emphasised that AI and machine learning must play a role in converting raw satellite data into actionable business insights.
With over 250 startups now operating in India’s space domain, experts believe that greater industry adoption of space applications could significantly enhance efficiency and profitability across various sectors.
Unlocking the commercial potential of space technology is now the primary focus for India’s ambitious space economy expansion.
(KNN Bureau)
