Commercial space era to accelerate in S. Korea with Nuri launch
Updated: 2021-10-20 10:11:50 KST
Nuri's success is expected to generate an economic effect worth 2.5 billion U.S. dollars, and taking into account the broader impacts that follow, that amount goes up to 14 billion.
Part of that is the ability to launch satellites more cheaply.
South Korea is expected to send up more than a hundred satellites in the next decade, and until now, each launch has cost hundreds of millions of dollars.
But because Nuri can carry satellites weighing more than 1-and-a-half tons, its success would mean that South Korea can save a huge portion of those costs.
And whether it succeeds or not, it still presents a lot of opportunities for the industry to grow.
"It could lead to technological developments that can be used across industries and it could create jobs. Around 300 firms took part in Nuri, and we expect the project will lead to the subsequent growth of demand for space vehicles and satellites, which will lead to more economic effects."
Industry experts assume that this will encourage more businesses to enter the market, and accelerate the growth of commercial space flight a trend dubbed "New Space."
In fact, commercial space activity has grown so much that it's surpassed government spending, and accounts for almost 80 percent of the total space economy.
Overall, in 2020, the global space economy has expanded to around 4-hundred-47 billion U.S. dollars, and this growth is expected to reach one trillion U.S. dollars by 2040.
However, despite the rapid evolution of the commercial space sector, there's still an important role for governments in helping the industry get through its infancy.
"When the private market is still young, the government has to create public demand, like with projects that use satellite information or footage for social purposes. Companies can use these projects to improve."
The expert also added that next step is to create an environment conducive to business such as by building reliable space policies to make the industry sustainable.
Kim Sung-min, Arirang News.