In 2023, a scalled model of Vikram Chandra Lander of Chandrayaan -3 Mission of India, the country’s third mission for the moon. Pallav Bagla/Getty Images
All indications indicate a continuous increase in the global space field. Based on most of the US and Europe data, the Bank of America hopes that the global space economy will reach about 1.4 trillion in 2030 to grow at an annual rate of 10.6 percent. However, emerging players such as China, India, Saudi Arabia and the United Arab Emirates can fully estimate the global space economy at this time.
Traditionally, the boundaries between the space and non-internal activities we have thought are becoming increasingly blurred. Many of our day-to-day functions, such as phone service and downloading and processing speed, are managed and enhanced by satellites. The external location will soon serve as a tool to create other technologies and products.
For example, the country is eagerly taking action to increase its share of the market. India, especially, is actively establishing himself as a prominent player in space and has become the 27th nation to sign the Artemis Agreement. India currently ranks fifth globally with more than 400 space companies. The country’s space economy is expected to increase more than 10 percent within this decade, which is affected by the allocation of more than $ 137 billion by the Government of India for space -related industries this year.
Like most countries, India’s space sector was historically government-system. It is changing rapidly. The Indian Space Policy was amended last year to expand the role of private sector players in the commercial space sector. 10 And the bill of new space activities with policies, the regulatory structure and procedural guidelines required for private space activities and is subject to development, as well as new channels are open for technical assistance for investment and sector.
By 2025, the space launch will be the fastest growing segment in India’s space economy, followed by satellite manufacturing. Satellite services will become the largest part of the space economy, accounting for 36 percent, while the launch segment is quickly becoming a focus area for startups and small medium -sized businesses.
In the last five to 10 years, the global space ecosystem has seen significant growth and investment. However, the availability of talent has not increased at a proportional rate. Aerospace engineers and software engineers, in particular, have demanded opportunities in other areas due to competition from large technical employers. There is also a prevailing belief that it is difficult to enter the space industry, which prevents engineers from applying in space jobs with strong technical skills. As a result, it restrictions the recruitment pool.
It is important to note that one of India’s strongest wealth is its abundant young, technology-lover workforce that can contribute to the innovation necessary to create consumer-friendly space technologies. This advantage will provide more acceleration in four aspects of the space price chain:
- Primary space researchIndia’s rapid and innovative research capabilities allowed the first country to land on the lunar south pole in August 2023 and to create a successful soft landing on the fourth country Moon. India has also completed these missions at a very low cost -Chandrayaan 3 mission costs only $ 75 million, which is much cheaper than Russia’s Luna -25 mission, priced at $ 200 million. In fact, the production cost of Chris Nolan’s intersteller was doubled from that amount.
- Launch and logisticsThis includes obtaining a vehicle from the ground and operating in the space, driving designs for operation, maintaining satellite maintenance, and managing the flow of materials and services. More countries are looking at the benefits of launching satellites in India. More than 34 countries have worked to launch more than 380 satellites with India, and this number is only likely to grow as more companies and countries, which take advantage of innovation and cost benefits.
- Data and apps in the form of satellite services and cell phone towers. India has abandoned cellular phones and electronic payments tied to national identity numbers, crossing several other countries. With the rise of cellular use, obstacles in the development of terrestrial infrastructure were eliminated and highly affordable smartphones can be used in any regional language. All this will accelerate the use of all rapid space and Earth observation data, allowing more data and application businesses to flourish, especially in areas of supply chain management, real estate and infrastructure investment monitoring.
- Direct consumerToday, 1.6 billion growing population of India will use more data for declining data costs and elimination of language obstacles (mentioned in the previous point). An increase in other areas such as crop and farming support for internet-off-Things (IOT) equipment, smart devices and small individual farmers will allow this section to grow rapidly in India.
Elizabeth is the leader of human capital services for the Space Region of Varghese Deloite. She is a co-chairman of Entrepreneurship and Innovation Committee at Columbia Business School (Women’s Circle) and Council Advisor for SETI Institute. Varghese is the author of “Staller Singularity: Navigating the Spacefare Economy”.
