Mumbai, Jul 26 (FN Agency) India has the potential to claim a much larger share of the global space economy, amounting to a staggering USD 100 billion addressable opportunity by 2040, according to the findings of a research. The report, titled “India in Space: A USD 100 Billion Industry by 2040”, was announced on Wednesday by Arthur D Little, the renowned international strategy and management consulting firm, here. The report provides an in-depth analysis of the Indian space industry and identifies opportunities that could help the sector reach its maximum potential, said a press release. India’s space market is around USD eight billion today and has been growing at an annual growth rate of four per cent in recent years.
The Indian government aspires for the country’s space sector to account for nine per cent of the global industry by 2030. With its current trajectory, India’s space economy could reach USD 40 billion by 2040. Following establishment of the Indian Space Research Organisation (ISRO) in the calendar year 1969, India has made significant strides in the Space 4.0 era over the past two decades, launching a total of 381 international satellites for 34 countries. Commenting on the report, Barnik Chitran Maitra, managing partner, Arthur D Little, India & South Asia, said, “India presents a very lucrative market with many opportunities for private players, and the Indian Space Research Organisation is a great ambassador for India in space.”