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THE INDIAN SPACE SECTOR IS UNDERGOING A SIGNIFICANT transformation, evolving from being exclusively managed by ISRO to including a growing number of private companies and startups. This shift is driving economic growth, job creation, and technological advancements. In 2022, the Indian space market was valued at approximately $8.4 billion, accounting for about two per cent of the global space market. According to the decadal vision report by Indian National Space Promotion and Authorisation Centre (IN-SPACE) and Indian Space Research Organisation (ISRO), this market is poised to expand to $44 billion over the next decade, potentially capturing eight per cent of the global market and significantly boosting India's economy.
Globally, according to the recent World Economic Forum (WEF) report, the space economy is projected to reach $1.8 trillion by 2035, driven by its transition from a niche industry to one that offers solutions to some of the world's most pressing challenges. Space technologies are now integral to everyday life, impacting various industries. With over $70 billion invested in the sector in 2021 and 2022, space tourism is also on the horizon, led by high-net-worth individuals, projected to generate $4-6 billion by 2035. This growth is further supported by the increasing cultural interest in space and its potential to address global concerns such as climate monitoring, medical advances and improved humanitarian responses.
SCOPE OF THE SPACE ECONOMY
The space economy is often thought of as revolving around satellites, launchers, and services like broadcast TV and GPS.
This story is from the Issue 8, 2024 edition of SP’s Aviation.
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This story is from the Issue 8, 2024 edition of SP’s Aviation.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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BOEING'S SERVICE SUPPORT FOR SELF-RELIANCE IN AEROSPACE AND DEFENCE
Boeing Defence India (BDI) remains committed to developing in-country capabilities and strengthening its support for India's defence ecosystem
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"WILL CONTINUE THE POLICY FOR DEFENCE REFORMS TO BOOST MANUFACTURING"
Furthering the country's defence production target of three lakh crore by 2029 and leading such initiatives is Sanjeev Kumar, Secretary, Department of Defence Production, Ministry of Defence. In an exclusive interaction, Consulting and Contributing Editor Manish Kumar Jha speaks with the Secretary, on his roadmap and policies for spurring defence manufacturing in India, for both public and private sectors.
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LESSONS FOR AIRPOWER
Learning from the Past and Ongoing Conflicts
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"OUR CURRENT R&D BUDGET IS WOEFULLY SHORT"
Air Chief Marshal A.P. Singh, Chief of the Air Staff believes that while concentrated efforts to increase the same are on-going, the private industry would also need to actively invest in this sector
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AW109 TREKKERM
Leonardo's state-of-the-art multi-role military light helicopter
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IAF'S CHALLENGES AND KEY SOLUTIONS
Major industry platforms like Aero India 2025, showcasing advanced aerospace and defence technology solutions, present a crucial opportunity for the Indian Air Force (IAF) to address its operational challenges
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CIRRUS SR22: CHOOSE CAPS FOR SAFETY!
Cirrus Aircraft and COPA set out to create a culture in which pilots who operated the CAPS system were celebrated - not criticised or even questioned - for their decision. This resulted in a steep drop in accident rates.
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SEARCH FOR A MEDIUM LIFT HELICOPTER
The Indian Multi-Role Helicopter (IMRH), offering diverse capabilities, is being developed to cater to both military and civilian applications
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INDIAN AEROSPACE INDUSTRY AT AN INFLECTION POINT
Aero India 2025 is a golden opportunity for all stakeholders, from policymakers to DRDO, PSUS and private industry, to come together and showcase their commitment to not only make India Atmanirbhar in Aerospace but also be a reliable and capable exporter of aerospace products
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"MIDDLE-EAST REGION IS A LAUNCH PAD, AND OUR AIRCRAFT ARE WELL-SUITED FOR MISSIONS OUT OF HERE"
The MEBAA show, held in Dubai every second year, witnesses a very regular participation of Gulfstream Aerospace. The 2024 edition held in December last year also witnessed a great and active participation of Gulfstream. Jayant Baranwal, Editorin-Chief, SP's Aviation, had an exclusive conversation at this occasion, with Michael Swift, Group Vice President - Sales, EMEA & APAC, Gulfstream Aerospace.