As the global space race heats up, an increasing number of satellites is set to be launched into orbit by various companies working in the sector, according to the CEO of an Australia-based space start-up.

Much funding has gone into satellite activities that could benefit people on earth, and that includes new developments in areas such as satellite broadband internet, said Adam Gilmour from Gilmour Space Technologies.

"There's been billions and billions of dollars put into what's called 'new space' — and it's really about how space companies with satellites can benefit people on the planet: the farmers, the people with mobile phones, the miners, logistics companies, the list goes on and on," Gilmour told CNBC's "Capital Connection" on Friday.

Gilmour founded the start-up with his brother in 2013 to build low-cost small hybrid rockets that can carry satellites to space — the company expects its first orbital launch to happen in 2021.

Last year, it raised 19 million Australian dollars ($13.43 million) in Series B funding from local and international venture capital firms, including 500 Startups, private investors, and family offices. It also has operations in Singapore, according to its website.

The start-up also signed a Space Act agreement with the National Aeronatics and Space Administration (NASA) in February 2018 to work on various research, technology development and educational initiatives.

Under the agreement, Gilmour Space will pay the US space agency to work with them on rover testing at the Kennedy Space Center and potentially explore future activities in areas such as space transportation, propulsion, sustainability and life support systems.