We are now living in the era of 'New Space,' where private companies are leading the development of the aerospace industry and South Korea is catching up with the market trend.
To launch any kind of satellite to the space orbit, requires a means of transportation - projectiles.
However, as the projectiles can be used as weapons, countries don't share the technology.
That's why South Korea has been actively funding and developing technologies to launch its first homegrown rocket.
Rocket Nuri, developed by the Korea Aerospace Research Institute, is ready to launch this October.
If successful, it will make South Korea the seventh country in the world to have its own space rocket.
"South Korea's space industry is a little past the early stages. Satellite technology has improved and the projectile is in its infancy. But since our industrial technologies are developed, I think the pace will pick up. In the future, we'll be expanding our reach to the moon and extraterrestrial planets."
Earth observation satellites are also very important as they can provide information about natural disasters and even allow internet access from anywhere on the planet.
Satrec Initiative, the country's only private satellite company, is making small and medium-size satellites.
"We can launch many more smaller satellites. So, with the same price, we can send a lot more satellites, which has strong advantage in terms of revisit time. If you have more satellites, you can take pictures of the sites a lot more often."
Satellites with cameras attached to them can go where humans can't and take pictures of things like mountain fires or other large areas from above.
And thanks to the Korean government's support to help grow the domestic space industry as well as more interest from local conglomerates, South Korea's space industry is getting bigger.
Jang Tae-hyun, Arirang News.