According to Statista, the global space economy was valued at $ 446.9 billion in 2020, which comprised a variety of activities such as space research, exploration, and use. The global space market's commercial space goods and services sector accounted for about half of the industry's total revenue. According to IBEF estimates, India's space sector was worth $ 10.4 billion in 2020, accounting for a small fraction of 2-3 percent of the worldwide space market, indicating that India's performance is only the tip of the iceberg in contrast to the global market.

However, the space technology business in India is booming right now. According to a worldwide survey released in June 2021, the nation currently has 368 private Spacetech enterprises, up from 35 in February 2020. Today, India ranks fifth in terms of startups behind the United States, the United Kingdom, Canada, and Germany, outnumbering nations such as China (288), France (269), and Spain (269). According to Mr. K Sivan, the former Chairman of ISRO, private enterprise bids in the space industry have increased by 30% in sectors like launch vehicle development, building and operating satellites, and developing ground segments and research partnerships.

The SpaceTech startups of India are also introducing new technologies and innovations like – nanosatellites, reusable launch systems, cleaning space junk, and more. These innovations will change the total ecosystem of the SpaceTech industry in the near future, by exponentially cutting off the price while ensuring quicker turnaround time. That being, in this article let's take a look at the key innovations that Indian startups are investing on, that can shape the future of Space Journey.     

Nano Satellite technology

Miniaturized satellites, otherwise known as nano satellites, are less expensive to design and mass produce because of advances in industrial technology. Nano satellites are being developed by Indian startups today, allowing space businesses to carry out operations that huge satellites normally struggle with. Nano satellites are also well-suited for usage in private wireless communications networks, as well as scientific observation, data collection, and earth monitoring utilizing GPS.

Dhruva Space, a SpaceTech startup based in Hyderabad, provides modular application-agnostic satellite systems to provide quicker, more dependable, and cost-effective access to space. Dhruva Space, in addition to offering launch and ground station services, also offers clients integrated one-stop access to owning and running space-based assets.

The company works with civil and defense clients across the world in the space, launch, and ground segments.

Reusable Launch Systems

Reusable launch technologies for orbital vehicles are expected to drastically reduce the cost of exiting the Earth's atmosphere for space travel. It will ensure the success of ordinary space operations by launching satellites and resupplying the International Space Station using significantly more cost-effective techniques.

Bellatrix Aerospace, located in Bengaluru, has developed Garuda, a reusable launch mechanism. It is classified as a medium lift. It's a two-stage rocket that can be reused indefinitely. It will usher in a revolution in the world of rocket engineering by including a next-generation propulsion system as well as creative stage recovery technologies. More than 80% of Garuda's structure will be made of carbon composites.

Advanced Manufacturing Technique

Innovative technologies are being adopted by space manufacturing firms today to improve space products and services. Innovations in the space sector are also developing, thanks to sophisticated robotics, 3D printing, and light-based manufacturing. Because of breakthroughs in manufacturing techniques, large space constructions, reusable launch vehicles, space shuttles, and satellite sensors have become a possibility. For long-term space research and missions, automation is also critical, which is why companies are developing solutions specifically for the space sector.

Indian based startups are leading the world in this dimension as well. Chennai based startup Agnikul cosmos has developed the world's first single-piece 3D-printed engine that is fully designed and manufactured in India. The engine was also successfully test-fired in early 2021 by Agnikul. 

“Unveiling of Agnikul’s engine at a global stage such as IAC, allowed us to showcase the capabilities of Indian space tech startups to the international community and also allowed us to forge agreements with multiple commercial players such as NPC Spacemind and Precious Payload,” shared Moin SPM, co-founder & COO, Agnikul.

However, as far as India's SpaceTech startups are concerned, there are multiple ailments that are halting the growth of this sector in India.

Lack Of Funding 

Access to non-dilutive finance to begin creating prototypes and demonstrating proofs-of-concept, as well as access to investment to continue operations, has been a key source of frustration for most businesses. Despite the fact that the industry has attracted investors in recent years, there is still a large disparity in terms of demand and availability when it comes to the amount of financing required throughout the product development phase.

Building upstream hardware-intensive enterprises, according to Pixxel Founder and CEO Awais Ahmed, necessitates enormous sums of money, which can usually only be obtained through venture capital, which is in short supply in India.

The Roadmap Ahead

In the future, development of space-tech innovations will very certainly have a cascading effect on industries including communications, transportation, agriculture, and disaster management.

Satellite broadband (expected to account for 50% of global space industry growth by 2040) and mapping ecosystems that rely on reliable real-time information broadcast from satellites are just a few of the technologies that are destined to further transform human life. With the pace of investment activities picking up, Indian space tech attitude is optimistic about the future, with a 48 percent CAGR expected to reach 50 billion dollars by 2024.