India Gaining Foothold In the $477 Billion Space Market

India is squeezing its way into the highly lucrative space market, capitalising on China and Russia's geopolitical isolation to position itself as a trustworthy alternative to SpaceX.

Last month, state-owned NewSpace India Ltd. launched three dozen communications satellites for OneWeb Ltd. from an island off India's eastern coast. The decision not only saved the UK satellite company's plan to build a worldwide broadband internet network in the sky, but it also highlighted India's intentions in the field.

Desire for high-speed internet offered from space has made satellite launch a profitable industry. According to Ernst & Young, the so-called space industry is expected to rise to $600 billion by 2025, up from $447 billion in 2020.

Given their long-running state space programmes, Russia and China, together with Elon Musk's SpaceX, have been the primary providers of satellite launches. Nevertheless, because to the Ukrainian conflict and Beijing's relations with the US, they are now off limits to many potential consumers. As Russia sabotaged the original launch last year, taking 36 of OneWeb's spacecraft prisoner, the company went to India.

Meanwhile, France's Arianespace has had difficulties in getting its newest rocket ready for service. Furthermore, following a launch failure in January, Virgin Orbit Holdings Inc., the satellite-launch business linked to British billionaire Richard Branson, said last week that it was suspending operations indefinitely.