Private enterprises and startups hold the key to propelling India’s space sector to claim a larger slice of the global market, Indian Space Research Organisation (ISRO) chairman S Somanath recently stated at a session titled “ISRO’s vision and the rise of India’s space Tech companies” held in Trivandrum, Kerala. 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 private-sector 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).
India’s future space missions, including the human spaceflight program Gaganyaan and the proposed Indian Space Station, will rely heavily on public-private collaboration. S Somanath outlined the vast scope for private-sector contributions in small satellite design, geospatial solutions, communication systems and orbital transfer vehicles.
ISRO is also transferring technology to industries across hundreds of identified sectors, leveraging research developed for space missions. Talks with select industries have already commenced.
India’s international footprint is expanding, with 431 foreign satellite launches and collaborations with 61 countries. Notable joint missions include NISAR with NASA, TRISHNA with France’s CNES, the G20 Satellite and the Lunar Polar Exploration mission with Japan’s JAXA.
Major space projects under Space Vision 2047
In a significant push toward India’s long-term space ambitions, ISRO has recently approved a series of high-impact projects under its Space Vision 2047 roadmap. These initiatives aim to solidify India’s position as a global space leader while advancing scientific exploration and technological innovation.
Key projects include:
Gaganyaan Follow-On Missions (Target: 2028): The Gaganyaan programme will expand with missions leading to the development of the first module of Bharatiya Antariksh Station (BAS-1). This will mark India’s entry into creating its orbital space station, enhancing its capabilities in human spaceflight and orbital research.
Chandrayaan-4 Lunar Sample Return Mission (Target: 2027): Following the success of Chandrayaan-3, ISRO aims to achieve a lunar sample return mission. This ambitious endeavour will provide crucial insights into the moon’s composition and its history. The mission will collect up to three kilogrammes of lunar regolith from near the moon’s south pole, where water ice is abundant.
Venus Orbiter Mission (Target: 2028): India’s maiden mission to Venus is set to explore the planet’s atmosphere, surface and potential signs of past habitability. The mission reflects ISRO’s growing focus on interplanetary exploration.
Next-Generation Launch Vehicle (Target: 2032): Aimed at providing heavy-lift capabilities with cost efficiency and reusability, the Next-Generation Launch Vehicle (NGLV) is poised to revolutionise satellite deployment and enhance India’s competitiveness in the global launch market.
The ISRO chairman also outlined the Indian Space Policy Framework at the summit, emphasising a structured approach to space exploration and innovation. The policy aims to align national principles with international obligations while fostering a thriving space ecosystem.
Government directives and legal framework: The policy is guided by the Indian Space Policy and the proposed Space Activities Law. These include norms, guidelines and rules to ensure regulatory stability and clarity for stakeholders.
Prime objectives:
Sustaining India’s space programme through continuous innovation and R&D.
Encouraging greater participation from non-governmental entities (NGEs).
Establishing a responsive and stable regulatory environment.
Positioning space as a catalyst for scientific growth and overall development.
Focus areas:
The framework highlights critical elements like satellite communication, navigation, remote sensing, space exploration, transportation, human spaceflight, situational awareness, technology transfer and Foreign Direct Investment (FDI) in the space sector.
International collaboration and accessibility:
The policy promotes free and open access to data, ease of data dissemination, global constellations and international collaboration.
When asked about Elon Musk’s vision of interplanetary habitation, S Somanath said that humanity has always been driven by exploration. “We started out from one place and spread to different continents. So, it has been human nature to travel and explore from the very beginning,” he commented.
The session concluded with optimism about India’s growing role in the global space economy and the transformative potential of private-sector innovation.