Hyderabad: A lot of scope in the Space Tech Industry: ISRO Scientist
Dr. Seshagiri Rao Vellanki, a renowned ISRO Scientist, delivered an insightful guest lecture on ‘Innovative Trends in SpaceTech Industry’ at the Department of Mechanical Engineering, GITAM School of Technology, Hyderabad, on February 1, 2024. The lecture shed light on the vast scope and potential for growth within the space tech industry.
During the lecture, Dr. Rao emphasized the emergence of the term ‘new space’ in the early 2000s, which aimed to distinguish commercial activities and actors from traditional space activities and sector incumbents. He highlighted key innovation areas within the space tech industry, including Payloads/Satellites, Launchers/Landers, and Habitat/Transport in the Space Segments.
Dr. Rao also shared compelling statistics, forecasting India’s Space Tech market to grow to $77 billion at a 26% CAGR from 2023 to 2030. He noted the significant growth in space start-ups, with approximately 204 space ventures gaining traction in India, attracting a total financing of $8 billion in 2022.
The lecture also touched upon the technical trends and start-ups in the satellite industry, such as Small Satellites, Satellite IoT, Advanced Ground Systems, Artificial Intelligence, Spacecraft Propulsion, and more. Dr. Rao also discussed future avenues including Advanced Satellite Constellations, Next-Gen Satellite Communication Systems, Space Tourism, and Commercial Lunar Exploration Satellites.
Prof. Seshagiri Rao’s lecture provided valuable insights into the rapidly evolving space tech industry, addressing the potential for growth, innovation, and commercial opportunities.
Prior to Dr. Rao’s lecture, Prof. Eshwaraiah. P. introduced the esteemed guest and felicitated him for his contributions to the field of space technology.