MUMBAI, April 21 (Reuters) - India will become the largest direct-to-home (DTH) market in the world in terms of subscribers by 2012, overtaking the U.S., according to a study by Media Partners Asia (MPA).

The number of Indian DTH subscribers will reach 58 million by 2020, and 45 million by 2014 from a net installed base of 17 million in 2009, the report said.

Pay television industry sales in India are also seen growing to $12.1 billion by 2014 and 18.5 billion by 2010, it said.

Most direct-to-home (DTH) satellite pay-TV operators will start making money after 2013.

MPA projections indicate that Pay-TV penetration will grow to more than 90 percent in the long-term from 78 percent in 2009. Cable will retain 70 percent market share by 2014, falling to 64 percent by 2020, while DTH will scale up to almost 35 percent share long-term, the report said.

Total pay-TV subscription revenues in India will grow at an average annual rate of 14 percent over the next five years and 10 percent over the next decade, reaching $8 billion by 2014 and more than $12 billion by 2020.

MPA sees the total pay-TV advertising market reaching $3.2 billion in 2014 and $5.1 billion by 2020, helped by a resurgent economy, an expanded pay-TV market and growth of regional media. (Reporting by Neha Singh; Editing by Harish Nambiar)