Satellite Services to Fuel India’s $77 Bln Space Industry by 2030
India's space sector is projected to soar from its current valuation of approximately $13 billion to $77 billion by 2030. This growth trajectory is largely driven by the rising demand for satellite services, which are expected to contribute over $36 billion by 2030, according to a recent report by DAM Capital.
SputnikIndia’s space sector will grow at a compound annual growth rate (CAGR) of 26%, with satellite services accounting for the largest share of this growth.
Among the three main segments of
India’s space industry—satellite manufacturing, launch services, and satellite services—the latter is poised to dominate, underscoring
India's potential as a global leader in space technology and innovation.
Factors Driving Growth in Satellite Services
Nikhitha C, co-founder and director of Genex Space, told Sputnik India that the increasing demand for satellites and their evolving capabilities are key drivers of this growth.
"Traditionally, satellites focused on communication and navigation, but now they’re tackling critical challenges like climate monitoring, disaster response, and urban planning. India’s strength lies in its ability to harness satellite data for problem-solving. For instance, addressing urbanisation and climate-related issues requires advanced Earth observation tools, and that’s where satellites come in", Nikhitha said.
“With space emerging as a strategic domain for national defence, there’s a growing focus on enhancing our capabilities in this area, which is also driving the sector forward”, Nikhitha added.
Innovations in Satellite Technology
When asked about the innovations in satellite technology that could significantly impact the industry, Nikhitha highlighted several key areas.
"One major breakthrough is in-orbit servicing, where satellites can be repaired or upgraded in space. This extends their lifespan and reduces the need for replacements, making operations more sustainable", she said.
Nikhitha also pointed to the integration of space technology with medicine and biotechnology.
“Satellites and space-based experiments are enabling breakthroughs in remote healthcare delivery, drug development, and even organ printing under microgravity conditions. These advancements are opening new frontiers for improving life on Earth and beyond”, she explained.
Nikhitha emphasised the importance of debris management, noting that Indian startups like Digantara and OrbitAid are actively working on innovative solutions to tackle this issue.
"Multi-functional satellites designed for diverse applications, such as environmental monitoring, urban development, and advancing healthcare solutions, are also transforming the industry by making missions more versatile and impactful", she stated.
Competing on Global Scale
As India positions itself in the global satellite services market, Nikhitha believes the country has carved a niche for itself with its innovative and cost-efficient solutions.
"What truly sets us apart is the way we translate technology into practical applications, such as improving agricultural practices and disaster management", she noted.
Moreover, the Indian government is playing a pivotal role in driving this growth by encouraging innovation and supporting startups. Initiatives like In-SPACe have opened up the sector to private players, creating a thriving ecosystem for space entrepreneurship.
"This has led to startups working on cutting-edge technologies, from small satellite manufacturing to space debris management", Nikhitha said.
India’s proactive approach in defense space and its strong
collaborations between public and private sectors further enhance its global competitiveness.
"By fostering innovation and focusing on scalable, real-world applications, India is well-positioned to be a leader in the satellite services industry", she concluded.