The Indian space economy is set to reach $13 billion by 2025, according to a joint report prepared by EY and the Indian Space Association (ISpA).
- According to the report, the space-launch segment would grow at a CAGR of 13%, spurred by growing private participation, latest technology adoption and low cost of launch services.
- The satellite services and application segment would form the largest share of the space economy accounting for 36% of the ecosystem by 2025.
- On the country’s satellite-manufacturing opportunity, in 2020, it was $2.1 billion. This would reach $3.2 billion by the year 2025.
About the Indian Space Association (ISpA) –
- Indian Space Association (ISpA), established in December 2020, is the premier industry association of space and satellite companies. Prime Minister Narendra Modi launched the ISpA on October 11, 2021.
- The industry association will act as an independent and “single-window” agency for enabling the opening up of the space sector to start-ups and the private sector, according to the government agenda.