India is a significant name in the space segment as we have lately witnessed Chandrayan 3 landing on the moon. Well, now even startups are sharing responsibility of shinning in the world. With this, the Indian Space Research Organization (ISRO) will no longer be the only main player in space in the country. Homegrown startups like Skyroot Aerospace are leading the charge to commercialize India’s space sector.
Skyroot Aerospace was founded in 2018 by former ISRO scientist Pawan Chandana. The startup is preparing to launch India’s first privately launched satellites into orbit with its seven-story tall Vikram-1 rocket. This will be a major milestone as very few companies have been able to make it to orbit in the world.
The government is simultaneously pushing for pioneering national initiatives. It has plans to have its own space station by 2035. It has plans to put an Indian astronaut on the moon by 2040. Lately, Prime Minister Narendra Modi has made a major push to commercialize space activity and it to include private enterprise.
The global space economy is growing rapidly and much of the growth is due to small satellites market. Companies around the world are launching thousands of small satellites into low Earth orbit to form mega-constellations that beam broadband Internet to terrestrial users. The global space economy was worth $630 billion in 2023. It is expected to grow to $1.8 trillion by 2035.
It is learned that the Skyroot Aerospace startup is looking to capture a share of this market by offering customized launches for satellites which are less than 500 kilograms. Its model provides advantages over ridesharing missions as satellites can only go where the rocket is heading.
Overall, the space sector of India is poised for growth and innovation. It is believed that homegrown startups like Skyroot Aerospace to lead the way in commercializing space travel and exploration.
