THE INDIAN SPACE SECTOR IS UNDERGOING A SIGNIFICANT transformation, evolving from being exclusively managed by ISRO to including a growing number of private companies and startups. This shift is driving economic growth, job creation, and technological advancements. In 2022, the Indian space market was valued at approximately $8.4 billion, accounting for about two per cent of the global space market. According to the decadal vision report by Indian National Space Promotion and Authorisation Centre (IN-SPACE) and Indian Space Research Organisation (ISRO), this market is poised to expand to $44 billion over the next decade, potentially capturing eight per cent of the global market and significantly boosting India's economy.
Globally, according to the recent World Economic Forum (WEF) report, the space economy is projected to reach $1.8 trillion by 2035, driven by its transition from a niche industry to one that offers solutions to some of the world's most pressing challenges. Space technologies are now integral to everyday life, impacting various industries. With over $70 billion invested in the sector in 2021 and 2022, space tourism is also on the horizon, led by high-net-worth individuals, projected to generate $4-6 billion by 2035. This growth is further supported by the increasing cultural interest in space and its potential to address global concerns such as climate monitoring, medical advances and improved humanitarian responses.
SCOPE OF THE SPACE ECONOMY
The space economy is often thought of as revolving around satellites, launchers, and services like broadcast TV and GPS.
This story is from the Issue 8, 2024 edition of SP’s Aviation.
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This story is from the Issue 8, 2024 edition of SP’s Aviation.
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KLM: THE WORLD'S OLDEST AIRLINE STILL GOING STRONG!
In 1930, KLM began scheduled passenger service between Amsterdam and Jakarta. The Fokker F.XII plane took 10 days to reach, including 81 hours of flying time. It was the world's longest scheduled flight before the Second World War.
SPICEJET'S $90 MILLION DEAL WITH CANADIAN Q400 PLANES
SpiceJet has successfully resolved a significant dispute with Bombardier over a fleet of Q400 turboprop planes in the form of a $90 million settlement, marking the end of a prolonged legal battle that also has broader implications for the Indian aviation sector
TAPPING THE UNCHARTED WATERS
Seaplane services are expected to transform regional connectivity in India, boost tourism, create jobs, and foster economic development, particularly in hard-to-reach coastal and inland regions
FLIGHT PLAN FOR NAVIGATING BUSINESS AIRCRAFT FINANCING
The business aircraft financing market has witnessed significant growth post-pandemic, driven by increased demand for private and chartered flights
TRUMP'S VICTORY: WHAT WILL IT UNFOLD FOR INDIA
For India, one of the most significant aspects of Trump's return will be his approach to China. There is a possibility that Trump will continue to view India through a transactional lens, prioritising trade deficits and economic returns. The role which the US plays as the global tech powerhouse is the model for future growth which cuts across economy to security. In all potential, there are mostly positive signs, rather another defining era for Indo-US relations could unfold if indicators are right. The convergence of mutual interest for both democracies is too obvious.
ANTARIKSHA ABHYAS-2024
The first ever tri-services Defence Space Exercise was a significant building block towards holistic capability in global space operations
INDIA'S GSAT-20 SATELLITE LAUNCHED
Symbolising growing technology, growth & collaboration, this mission highlights India's dedication to leveraging space technology for societal progress, expanding its role in commercial space ventures while underscoring the potential for India's heavy-lift launch vehicles to capture future opportunities
A LEGACY OF PRECISION, POWER, AND POISE IN THE SKIES
With a vision for comfort, excellence and sustainable aviation, Dassault's Falcon family embodies the peak of technological and environmental advancements
INDIA'S RICHEST BUYS BBJ
Private jets play a strategic role in allowing business magnates like Ambani to optimise time management, particularly critical given his global business commitments and a packed travel schedule.
PRIME MINISTER INAUGURATES AIRCRAFT COMPLEX FOR MANUFACTURING OF C295 AIRCRAFT
Prime Minister Narendra Modi and his Spanish counterpart Pedro Sanchez jointly inaugurated the TATA Aircraft Complex for manufacturing of C295 aircraft at TATA Advanced Systems Limited (TASL) Campus in Vadodara, Gujarat on October 28, 2024.
