New Delhi

India’s aerospace industry is expected to grow twice at the pace of the global market, driven by state backed reforms, rising private capital and closer collaboration with the Indian Space Research Organisation (ISRO), a new report has said.

The report from Forbes cited Arkam Ventures as saying that the sector is currently valued at $13 billion and is forecast to over triple to $40 billion by 2030, with some estimates projecting a $44 billion space economy by 2033.

"To win the celestial race, India’s space startups need to strongly leverage the nation's unique attributes in software development to cater to the downstream market of data mining from satellites," the report said.

Private firms are expected to participate in up to 45 launches a year for international customers by 2030 and to manufacture one third of the world’s earth observation satellites, it added.

India is also likely to emerge as a major exporter of avionics, Global Navigation Satellite System (GNSS), Satellite Communication (SATCOM) and ground Radio Frequency (RF) systems.