By 2040, the space sector might be worth a trillion dollars: Pawan Kumar Goenka

1 Jul 2022 , 12:19 PM

According to Pawan Kumar Goenka, chairman of IN-SPACe, the global space business is anticipated to generate $1 trillion in revenues annually by 2040 with the involvement of more private firms.

India accounts for less than two percent of the $450 billion global space industry, or $7 billion, and Goenka stated that “we need the private sector to come in and use the potential of the space economy.”

Regarding the C53-PSLV launch, he stated that it is unquestionably a significant event and “a starting point for IN-SPACe itself to approve their firms’ payloads into space.” To help the economy expand, he argued, more private firms should enter the market.

Goenka added that he believes the manufacturing sector of the Indian space industry has enormous potential and that India may eventually become the center for the production of spacecraft. “I think this [the launch] will open the path to that, even though it does not yet have the capability to do so.”

According to him, $100 million has been invested in India’s space industry overall, but “the entire yearly investment alone in the US is 20 times that of India.”

Investors are likely to put money into Indian start-ups, he added, as more space-tech businesses show that they can deliver. Investors who put money into a business must ultimately have faith in both the creator and the organization.