Bangalore Space Expo
Bangalore Space Expo-2024: Pioneering India’s Space Future
The 8th edition of the CII Bengaluru Space Expo (BSX-2024), a biennial international exhibition hosted by the Confederation of Indian Industry (CII) and the Indian Space Research Organization (ISRO), has set new benchmarks in the global space industry. This year, the event attracted 800+ participants at the conferences, over 3500 attendees, and more than 170 exhibitors, making it the largest space industry gathering in India.
ISRO Chairman Dr. S Somanath visited the expo, interacting with participants and industry leaders, emphasizing India’s expanding role in the global space market.
The Global Space Market: A New Frontier
Historically, human space exploration has centred around Low Earth Orbit (LEO) and unmanned missions, but recent advancements in technology and increased private funding have sparked renewed interest in deep space exploration. With declining launch costs and rising public interest, the global space market is seeing a boom. The private sector’s involvement is driving new growth opportunities, making space exploration a promising investment arena.
The Indian Space Market: A Rising Power
The Indian Space Sector, valued at $9.6 billion in 2020, contributes about 2-3% to the global space economy. By 2025, it is projected to reach $13 billion, and by 2030, India aims to capture 10% of the global space market. India’s space sector is currently powered by over 400 firms, from conglomerates to SMEs, collaborating with ISRO to develop critical subsystems for space launches and infrastructure.
India’s participation in international projects like the Artemis Accords and agreements with several countries for satellite launches between 2021 and 2023 highlight its growing international presence. Moreover, NSIL (NewSpace India Limited) plans to invest $1.2 billion over the next five years, further boosting industry collaboration and private sector participation.
A Thriving Space Startup Ecosystem
India’s space startup ecosystem has flourished, with 189 startups receiving $124.7 million in funding in 2023 alone. With favorable policies such as the Space Policy 2023 and future legislation, India is on track to becoming a global leader in the space sector, offering immense opportunities for technological advancements and investments.
India’s Vision for the Future
With a push from Prime Minister Narendra Modi, India has privatized its space launches, aiming for a fivefold increase in its share of the global launch market, projected to reach $47.3 billion by 2032. This increased private sector participation will generate employment, integrate Indian companies into global value chains, and promote the ‘Make In India’ and ‘Atmanirbhar Bharat’ initiatives, making the sector self-reliant and globally competitive.
As a premier platform, Bengaluru Space Expo-2024 has reinforced India’s commitment to innovation and collaboration in space technology, bringing together industry leaders, innovators, and enthusiasts to exchange ideas and explore the latest advancements in space technology.
