Geospatial and Space Tech Trade to Jump from $2.5B to $10B by 2030 By CIOTechOutlook Team

Geospatial and Space Tech Trade to Jump from $2.5B to $10B by 2030

CIOTechOutlook Team | Wednesday, 04 December 2024, 02:19 IST

As bilateral trade in geospatial and space technologies is forecasted to grow from $2.5 billion in 2024 to $10 billion by 2030, the India-USA Space and Geospatial Business summit highlighted the potential for investments in technology, policy alignment, and manufacturing to drive global advancement.

The discussions at the summit focused on effective strategies for boosting collaboration, such as technology transfer, advanced manufacturing of geospatial equipment, and elevating India's position as a solution provider.

Rajeev Jyoti, the Technical Director at IN-SPACe, highlighted the NASA-ISRO SAR (NISAR) Mission as an illustration of the collaboration between India and the United States. He highlighted that India’s National Geospatial Policy (2022) and Space Policy (2023) have stimulated the development of geospatial and space sectors in India.

“The global Earth Observation (EO) industry, growing at a CAGR of 16%, is expected to reach $8 billion, and India is well-positioned to play a leading role in this growth,” he added.

Sanjay Kumar, CEO of Geospatial World, highlighted India’s rapidly growing geospatial sector, valued at $1.92 billion, positioning the country as a global leader in cost-effective geospatial services. He noted:

“The COVID-19 pandemic revealed the transformative potential of geospatial technologies, fostering innovation and collaboration across borders. The partnership between India and the US — the most comprehensive of India’s strategic alliances — spans sectors including trade, defence, education and healthcare, providing a strong foundation for innovation.”