The year 2014 witnessed the substantial growth in space technology and capabilities with the overall global space economy growing by nearly 9% and reaching a total of $330 billion worldwide up from USD 302.54 billion in 2013. As in previous years, the vast majority of this growth (almost 76%) was in the commercial sector, which now constitutes more than three-quarters of the space economy while the remainder was composed of government investments in space.
In 2014, launch operators attempted to place 296 spacecraft into orbit (including both satellites and other types of payloads), an increase of 38% from 215 spacecraft in 2013. The majority of spacecraft are launched to LEOâ€”in 2014, this was the destination for 79% of all spacecraft, or 60% when excluding nanosatellites, which have masses of less than 10 kilograms (22 pounds).
With over 50 countries already having an access to space and the improvement in the broader financial markets, the flow of capital into the space industry also increased considerably resulting in larger (double) number of mergers and acquisitions. This certainly indicates the higher number of investors interested in taking large stakes in the space industry and an urgent need for global vendors to meet the demand.
India has made major strides in space research, development and its application for the socio-economic upliftment. The focus of the GES 17 Space, is to showcase the latest technological advancements, related products and technical services. It will provide a platform for space agencies, specialists, entrepreneurs and space industry heavyweights to display their visions to the decision makers.
Ms Rachna Jindal