Speaking at Huddle Global 2024, the flagship startup festival hosted by Kerala Startup Mission, Somanath outlined the ambitious roadmap for India's space industry.
"Despite being a recognised space power, India accounts for only two per cent of the USD 386 billion global space market," he said, adding that the goal is to increase this share to USD 500 billion by 2030 and reach USD 1.5 trillion by 2047.
The ISRO chief further highlighted the untapped opportunities for privatesector engagement, citing India's modest 15 operational satellites. "With our expertise and the rising number of satellite manufacturers, India has the capacity to deploy at least 500 satellites in space,' he noted. The market, once dominated by ISRO, now sees the emergence of private players capable of manufacturing and launching satellites, with private launchpads also on the horizon.
" The rise of space startups underlines this shift. From a single startup in 2014 to over 250 in 2024, these companies attracted investments of Rs 1,000 crore last year. Additionally, more than 450 MSMEs and 50 large companies are now integral to the space sector's ecosystem.
In the Indian space sector, for every $1 of value added through direct impacts, $2.54 is generated through indirect and induced ones. The top contributing sectors include satcom (54 per cent), navigation (26 per cent) and launch (11 per cent).
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