Skyroot Aerospace CEO Pawan Kumar Chandana on Thursday projected that India could manage up to 50 per cent of global launches for vehicles weighing under 500 kg by 2030.
Speaking at the Bengaluru Space Expo, Chandana stressed the country’s growing prominence in the space launch sector and provided a detailed outlook on its future potential. Chandana’s forecast comes as the global space industry continues to expand, currently valued at approximately USD 400 billion. He noted that this sector is set to grow hugely, with projections suggesting it could reach USD 1 trillion by 2040 or USD 1.8 trillion by 2035.
Despite the global space economy’s size, the launch vehicle market remains relatively small, valued at around USD 12 billion, which constitutes just 2.5 per cent of the total space industry. However, this segment is attracting considerable investment and showing rapid growth.
“India is in a very good standing for the launch market,” Chandana said, mentioning the country’s advantageous geographic location near the equator. This positioning is ideal for launching satellites into low-inclination missions and enhances India’s cost-effective approach to space missions.
“The country’s unique geography, cost-effective space missions, and supportive government policies make it an ideal country to capture a significant share of the global launch market,” he added.
The space launch sector has seen decent global growth, with the number of active satellites increasing from approximately 1,500 in 2018 to nearly 10,000 today. Chandana said this was due to the growth of small satellites, which now comprise more than 90 per cent of all satellites and weigh under 600 kilograms.
Chandana’s added that his vision included India capturing 5-10 per cent of the global launch market, which could be valued at USD 1.5 billion to USD 3 billion by 2030.
“I predict that if all goes well and we have continued success from at least two major players in India, the country could handle up to 50 per cent of global launches for vehicles under 500 kg by 2030. This is a very attractive opportunity. Further, India could capture 5-10 per cent of the global launch market, potentially worth between USD 1.5 billion and USD 3 billion by 2030. This goal is entirely feasible, especially with IN-SPACe driving commercial demand and increasing capital flow. Additionally, defense agencies are consolidating their departments, which will further stimulate the capital market in India” – Skyroot Aerospace CEO Pawan Kumar Chandana
To support this goal, India is investing heavily in space infrastructure. The government has contributed Rs 950 crore towards a new launch pad in Kulasekharapattinam to support the country’s capabilities for sun-synchronous orbit (SSO) missions and reduce fuel loss during launches. Additionally, a Rs 1,000 crore space fund has been established in 2024 to support innovation and growth within the sector.
“With the new launch centre coming up in Kulasekharapattinam, I’m very optimistic that India will corner the market for small satellite launch technologies” – Dr Pawan Kumar Goenka, Chairman, IN-SPACe
Chandana also mentioned the achievements of Indian players in the space industry. Skyroot Aerospace, for example, successfully launched its first vehicle two years ago and plans to conduct another launch in a few months’ time. Other notable players include Agnikul, which has made strides with its 3D-printed rockets, and new entrants who are advancing their technologies and capabilities. They have collectively raised about USD 150 million in the launch segment of Indian spacetech startups.
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