US Collaboration Essential for India to Realize a $44 Billion Space Sector by 2035: IN-SPACe

New Delhi, Dec 2 (NationPress) The collaboration with the US is vital for India to reach a $44 billion space sector by 2035, asserted IN-SPACe Chairman Pawan Goenka on Monday.

This statement was made during the ongoing 4th India-US Space and Geospatial Business Summit in Hyderabad. The summit, organized by the Geospatial World Chamber of Commerce in partnership with Geospatial World, emphasized how joint investments in technology, policy alignment, and manufacturing can expedite global advancements.

The focus on India-US space cooperation has been increasing, particularly with joint space missions, satellite launches, and technological innovations.

"For space, data is the output, and for geospatial, data is the foundation," stated Pawan Goenka, Chairman of IN-SPACe, at the event.

"We have ambitious plans for the launch of Chandrayaan missions 4, 5, and 6 in the coming decade, aiming to achieve the milestone of a $44 billion space sector by 2035. The India-US partnership will be pivotal in making this vision a reality," he continued.

IN-SPACe serves as the single-window, autonomous, nodal agency under the Department of Space.

Additionally, Dr. Rajeev Jyoti, Director (Technical), IN-SPACe, mentioned that the bilateral trade in geospatial and space technologies between India and the US is anticipated to grow from $2.5 billion in 2024 to $10 billion by 2030.

He highlighted the NASA-ISRO SAR (NISAR) Mission as a collaboration showcasing the synergy between India and the US.

Jyoti remarked that India’s National Geospatial Policy (2022) and Space Policy (2023) are the key drivers for the growth of the geospatial and space industries in the country.

"The global Earth Observation (EO) industry, which is growing at a CAGR of 16 percent, is expected to reach $8 billion, and India is positioned to play a significant role in this expansion," he added.

Meanwhile, experts noted that India’s flourishing geospatial sector, valued at $1.92 billion, is a global hub for cost-effective geospatial services.

India’s capabilities in delivering high-quality, cost-efficient solutions align well with the US's leadership in advanced technology, forming a powerful partnership for advancing global geospatial progress.

"The partnership between India and the US transcends mere economic growth; it focuses on utilizing geospatial and space technologies to tackle global challenges, enhance lives, and promote sustainability," stated Jennifer Larson, US Consulate General in Hyderabad.

Larson also emphasized the integration of artificial intelligence (AI) and machine learning (ML) with geospatial data, facilitating sophisticated analyses to address global issues.

"By the next summit, I hope to see significant progress in areas such as visa facilitation and expanded space cooperation, contributing to our $10 billion trade goal," she added.

Discussions at the summit also revolved around actionable strategies to enhance collaboration, including technology transfer, advanced manufacturing for geospatial equipment, and strengthening India’s role as a solution provider.