India to earn more money as tensions rise in the world due to…., can become next US because…
It is sad but true that in trying times like these when the world is witnessing two wars, Russia-Ukraine and Iran Israel, India has a scope to be rich. It is said that US that during the Second World War earned a lot of money by selling weapons to the Axis countries and the Allies. Now India is also getting a similar opportunity.
In order to keep an eye on each other, countries need satellites and this need of theirs can be fulfilled by India’s private space companies which have started getting orders from many countries of the world including Australia, Norway, Hungary, Poland and countries of West Asia.
How can Indian companies benefit?
According to a report in Mint, many countries of the world are working together with Indian companies. These include Alpha Design, which has investment from Adani Defense and Aerospace. Most of these include countries that do not have their own satellite program. But due to rapidly changing geopolitical equations and global tensions, they need to keep an eye on enemy activities from space and as India has good relations with many countries, Indian companies are to be benefitted.
What is the worth of Indian contracts?
Experts say that the US giants Boeing, Lockheed Martin and Northorp Grumman, which make reconnaissance satellites, are focusing on big contracts. Indian companies are getting contracts worth 5 to 25 million dollars. Private sector participation in India’s space sector is increasing rapidly. Since the establishment of IN-SPACe in the year 2020, the role of private companies in space has increased significantly.
Who are getting orders?
Bengaluru’s Anant Technologies and Digantara have got contracts from Australia. These companies want to put their satellites in space and share the data obtained from them with other countries. Chennai-based company GalaxEye Space has announced the launch of its first surveillance satellite.In recent years, many startup companies have emerged in the space sector. These include Skyroot Aerospace, Agnikul Cosmos, Pixel Bellatrix Aerospace and Dhruvra Space. Skyroot Aerospace launched the country’s first private rocket Vikram-S. This company is developing launch vehicles of the Vikram series. The company’s target is to launch satellites at a very low cost.
How big is the market?
The space sector market is growing rapidly due to technological advancement and commercialization. It was $570 billion in 2023 and is expected to reach $1.8 trillion by 2035. India’s space economy is also growing rapidly. It is currently $8.4 billion and is expected to reach $44 billion by 2033. Out of this, exports worth $11 billion are expected. Currently, India’s share in the global market is less than two percent but it is expected to reach 7-8 percent by 2033.
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