ISRO Chairman Highlights Significant Role Of Startups In Space Sector

ISRO Chairman S Somanath highlighted the crucial role of the private sector and startups in India's space industry during his speech at the Huddle Global 2024, the country’s flagship startup festival, organized by Kerala Startup Mission. He noted that while India is recognized as a space power, its share of the global space market remains modest at just two per cent, valued at USD 386 billion. However, India has set ambitious goals to increase this share, aiming for USD 500 billion by 2030 and USD 1.5 trillion by 2047.

Somanath pointed out the significant growth potential for private companies in India's space sector. He revealed that India currently has only 15 operational space satellites, but given the country's expertise and the increasing number of satellite manufacturing companies, there is the potential for 500 satellites in orbit. He also noted the rise of private players capable of manufacturing and launching satellites, as well as the emergence of private launch pads.

From 2014, when there was only one space startup, the sector has seen tremendous growth, now boasting over 250 space startups by 2024. In 2023 alone, these startups attracted investments totalling Rs 1,000 crore. Over 450 MSMEs and more than 50 large companies are contributing to the space sector, according to Somanath.

Looking ahead, Somanath emphasized that future projects, such as the Gaganyaan human spaceflight program and the Indian Space Station, would involve collaboration between ISRO and the private sector. Private industry participation is expected to grow in areas like satellite manufacturing, geospatial solutions, communication systems, and orbital transfer vehicles.

Somanath also mentioned that ISRO had identified hundreds of sectors that could benefit from space research, and discussions have begun with various industries to transfer space technology to them. To date, India has launched 431 foreign satellites and collaborates with 61 countries on joint space missions. Some of these projects include the NISAR mission with NASA, the TRISHNA mission with CNES (France), the G20 satellite, and the Lunar Polar Exploration mission with JAXA (Japan).

Somanath expressed appreciation for Elon Musk's vision of interplanetary habitation, saying it aligns with the inherent human desire to explore. "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 concluded.

Also Read: SpaceX Launches ISRO's GSAT-20 Satellite, To Bring In-Flight Internet to Indian Skies