India's Space Sector on Trajectory to Soar: From USD 13 Billion to 77 Billion by 2030

India's space sector is poised for significant growth, projected to expand from USD 13 billion to USD 77 billion by 2030. Satellite services are expected to contribute over USD 36 billion. The rapid growth is driven by increased satellite-based data applications across various industries and entry of private companies.

India's space industry is set to undergo a remarkable transformation, with a report from DAM Capital suggesting exponential growth from a current valuation of around USD 13 billion to USD 77 billion by 2030. Key in this upward trajectory are satellite services, expected to contribute over USD 36 billion by the decade's close.

The report projects the sector will grow at an impressive annual growth rate of 26 percent, led by satellite services. India's presence in the global space economy currently accounts for 2.1 percent, but this is anticipated to expand significantly, driven by rising applications of satellite-based data in areas such as banking, finance, retail, and logistics. In the past, India's space efforts were predominantly led by government agencies like ISRO, but a growing number of private players are now invigorating the market through innovation and investment.

Satellite production costs have plummeted by 90 percent over the past decade, while launch frequencies have doubled in the last three years. These changes, paired with government backing and supportive policies, are opening new avenues for startups and established firms alike. The report stresses the significance of solution-driven companies in this next phase of expansion, alongside predictions that major conglomerates will delve into satellite-based analytics and potentially establish their own constellations for commercial purposes.