New Delhi: India has the potential to develop a $40 to $100 billion space industry by 2040 on the back of rising space budget, increased number of launch services from the country, entry of private players and startups, and boom in India’s satellite internet market, consultancy firm Arthur D. Little said in its latest report.
“The Indian government aspires for the country’s space sector to account for 9% of the global industry by 2030. With its current trajectory, India’s space economy could reach $40 billion by 2040. However, India has the potential to claim a much larger share of the global space economy, amounting to $100 billion addressable opportunity by 2040,” Arthur D. Little said.
Currently, India’s space industry is valued at $8 billion with a 2% share in the global space economy. The government spending on space is around $2 billion and the country has launched 381 foreign satellites since 1999 for 34 countries clocking $279 million in revenues.
Indian Space Research Organisation, which is the world’s sixth largest national space agency, recently launched Chandrayaan-3 on 14 July. This is a follow-on mission to Chandrayaan-2 to demonstrate end-to-end capability in safe landing and roving on the lunar surface.
“India should develop capabilities in high-potential sectors such as space mining and in-space manufacturing, venture into new space activities like space tourism and space entertainment and innovate in the realm of green space,” Barnik Chitran Maitra, managing partner, Arthur D. Little, India & South Asia said.
Simultaneously, the consultancy firm said that the global space market is projected to reach $1 trillion by 2040 as per various analysts while India’s space market is growing at an annual growth rate of 4% in recent years.