Space Sector Privatization: India has proven its potential in the field of space science by successfully completing the Chandrayaan-3 mission and the solar mission, signaling that the country is set to make significant advancements in the coming years. The world is now discussing India’s success in the space sector.
India has set ambitious goals, including establishing a space station by 2035 and sending astronauts to the Moon by 2040. With the rapid progress India is making in this field, it is poised to achieve these goals within the set time frame. One promising development is the growing contribution of the private sector to India’s space science.
Over 200 Space Startups in India
According to a report, there are currently over 200 space startups in India, a development that has occurred within just 10 years. The first private space company in India was launched in 2014. So far, the private sector in this field has received an investment of ₹1.66 trillion. Hyderabad-based Skyroot Aerospace is leading the initiative to make space travel more affordable. The company’s co-founder, Pawan Chandana, is a former scientist at ISRO.
What Does Skyroot Do?
Skyroot Aerospace is working on making rockets reusable and reducing costs by producing rockets in larger quantities. Their goal is to make space travel more affordable. In 2022, the company launched India’s first private-sector rocket. Now, Skyroot is working on the 7-story high Vikram-1 rocket and is also developing customized spacecraft. As India’s space market expands, the private sector’s role and demand will grow significantly.
The Growing Market for Small Satellites
According to an analytical firm, Bryce Tech, in 2022, 96% of all space crafts launched were small satellites, compared to just 61% in 2013. The market for small spacecraft is rapidly growing. The current market value of the space sector is ₹52.53 trillion, reflecting its expanding potential.
