These are India's fastest-growing space tech firms. Is it too late to get on board?

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Subscribe to enjoy similar stories. Dr. Vikram Ambalal Sarabhai, father of India’s space programme, once said, “We do not have the fantasy of competing with the economically advanced nations in the exploration of the moon or the planets or manned space flight.

But we are convinced that if we are to play a meaningful role nationally, and in the community of nations, we must be second to none in the application of advanced technologies to the real problems of man and society." India has made its mark in the global space industry with successful, cost-efficient missions such as Chandrayan and Mangalyaan. It now aims to expand its share of the global space economy from 2% to more than 10% by 2030. Instead of focusing solely on space exploration, it is eyeing growth potential in downstream space tech, where industries use satellites for real-time data to make decisions and manage resources.

Also read: Two small-cap PSU banks set for a leap? According to a Deloitte report, downstream space tech could be a $610 billion opportunity by 2031, with major growth expected in satellite communication, remote sensing and positioning, navigation, and timing (PNT). These are India’s areas of focus. In September 2024, Infosys invested in satellite imaging startup GalaxEye to tap the growing demand for precise, real-time satellite data that increase operational efficiency in critical sectors such as defence, logistics, insurance, utilities, infrastructure, agriculture, disaster management and mining.