New Delhi, Aug 26 (IANS): As the world acknowledges India's space dominance after the Chandrayaan-3 success, the spacetech sector in the country received $62 million in funding this year to date, reflecting a substantial 60 per cent increase compared to the same period last year.
India currently ranks seventh in terms of funding within the international spacetech landscape, firmly establishing its influence in this dynamic sector, according to a latest report by market intelligence firm Tracxn.
This exceptional growth trend is expected to continue in the upcoming months. The Indian SpaceTech sector's journey has been one of transformation, driven by the sector's privatisation in 2020.
From a modest $35 million funds raised between 2010 and 2019, the sector experienced a meteoric rise in 2020, securing a remarkable $28 million in funding.
This trend continued with exponential growth, reaching $96 million in 2021 and an impressive $112 million in 2022, marking a 17 per cent increase from the previous year.
This steady expansion in funding sets the Indian SpaceTech sector apart from other industries affected by funding challenges and macroeconomic fluctuations.
"Previously dominated by governmental players, the sector has witnessed a significant surge in private sector participation post-privatisation. Private entities are now actively involved in crucial aspects of research, manufacturing, and fabrication of rockets and satellites, fostering a vibrant ecosystem of innovation," the report noted.
India's emergence as a potent player in spacetech is further highlighted by its impressive satellite deployment.
With 381 satellites placed in low orbit, India has positioned itself as a key player in this arena.
Notably, the successful launch of 36 satellites into orbit by ISRO for UK-based OneWeb illustrates India's contribution to global satellite ownership.
The government's budget 2023 initiatives further support the private enterprises' role in this sector, from launching satellites and rockets to operating Earth stations with a zero per cent GST regime.
Plans for a Production Linked Incentive (PLI) scheme for satellite manufacturing are also in the pipeline.
Satellite-based Imaging Solutions have also witnessed substantial support, with $84.2 million in funding secured over the past two years. Companies like Pixxel have introduced pioneering technologies for earth observation, while Dhruva Space and Bellatrix Aerospace are contributing to the sector through their unique offerings.