The Indian aerospace sector is a fast growing industry, with increasing investment and business opportunities. Aspiring to become a major player in the global space market, India is making significant strides in developing its space programme.
The Indian Space Research Organization (ISRO) was established in 1969 and launched India’s first satellite, Aryabhatta, in 1975. Since then, the Indian Space Research Organization (ISRO) has launched several successful missions, including the Mars Orbiter Mission and the Chandrayaan Mission to the Moon. , showcasing India’s capabilities in space technology.
The emerging trends in the Indian aerospace sector are:
- Increasing Commercialization: ISRO is actively promoting private participation in the space sector. Domestic private companies in the aerospace sector have collectively raised over $245.35 million in funding.
- Enhancing International Cooperation: ISRO has signed agreements and MoUs with several countries and international organizations for joint missions and technology transfer. Recently, Microsoft signed an MoU with ISRO to fuel space tech startups using technology tools and platforms. As part of this deal, they will provide cloud-based tools like MS Azure and other AI-powered tools.
- Focus on space exploration missions: It became the first Asian country and the first country in the world to do so in its maiden attempt with the Mangalyaan mission (Mars Orbiter Mission). Gaganyaan is the most important mission in the history of the Indian space program, and is set to be India’s first manned mission in space (in 2023). Chandrayaan-3 (India’s lunar exploration mission) is also slated for launch in the first quarter of 2023.
- Development of new technologies: ISRO is working on new technologies such as reusable launch vehicles and inflatable aerodynamic decelerators (IAD). Agnikul, a homegrown startup in the country has successfully completed test firing of a 3D-printed rocket engine.
- Expansion of satellite-based services: ISRO provides satellite-based services in areas such as remote sensing, satellite-based navigation and satellite-based meteorology and is looking to expand these services in the future. ISRO has decided to lend high-quality satellite-derived data at no/minimal cost to students, startups and technology companies to stimulate innovation.
Overall, with a focus on cost-effectiveness, self-reliance and international cooperation, the Indian aerospace sector is poised for growth in the coming years. India’s growing launch capacity allows companies to launch their satellites from Indian soil. With ISRO’s Polar Satellite Launch Vehicle (PSLV) and the upcoming Small Satellite Launch Vehicle (SSLV), the country is well positioned to offer competitive launch services to a wide range of customers. The growing demand for satellite-based remote sensing and earth observation services presents an opportunity for companies to develop and launch satellites for these applications. With increasing demand for accurate and real-time data, this sector is expected to grow rapidly in the coming years. The growth of the space sector in India has created opportunities for companies to manufacture space-related components and systems, including satellites, launch vehicles and ground systems.
Startups are playing an increasingly important role in the Indian space ecosystem and are contributing to the space sector by providing innovative solutions. They are bringing new ideas and technologies to the table, which are helping to drive the growth of the aerospace sector. Startups are working on various projects with ISRO, providing them with the technical and entrepreneurial skills needed to drive innovation. ISRO issued a request for qualification for startups, promising to transfer technology for lithium-ion batteries developed to power satellites. ISRO has lent its launch sites to Agnikul Cosmos and Skyroot Aerospace Pvt Ltd. (private players) to conduct trials of their respective launch vehicles. Startups are now filling ecosystem gaps by providing specialized services and products that complement the offerings of larger companies and organizations.
The future of the Indian aerospace sector looks promising, with several major initiatives and projects underway. With the continued support of public and private sector participation, India is poised to leave an indelible mark in space exploration and technology.
