The successful test launch of a private space launch vehicle (rocket) independently developed by a domestic startup brought Korea one step closer to the era of private space development. The ‘Hanbit TLV’ developed by Innospace was launched from the Alcantara Space Center under the Brazilian Air Force the day before yesterday and completed its flight. With the successful launch of the Korean launch vehicle Nuri (KSLVII) in June last year, Korea became the seventh country in the world to secure satellite launch technology, and this is the first case of a successful launch vehicle in the private sector. Like SpaceX in the United States, it gives us a sense of foresight as we enter the ‘New Space’ era where companies lead space development, as well as hopes for a leap forward as a space powerhouse.
Hanbit TLV is a launch test vehicle for verifying the performance of a hybrid engine developed by Innospace within 5 years of the company’s founding. It is the only hybrid engine technology in Korea that combines the advantages of solid and liquid fuel engines, and is characterized by improved safety and efficiency. Innospace plans to complete the development of a private launch vehicle using a hybrid engine within this year and enter the small satellite launch service market in earnest from next year. According to the industry, 18,460 small satellites will be launched by 2031, and the market size is expected to be $28 billion. We expect our companies to occupy this market with excellent technology and competitiveness.
As the leadership in space development has been transferred to the private sector, the world is using the aerospace industry as a new growth engine. In November last year, the government also published a ‘future space economy roadmap’ with the aim of becoming one of the world’s top five space technology powerhouses. The role of the space agency is important to efficiently realize major policy directions such as fostering the space industry, fostering space talent, and realizing space security. A special law for the National Aeronautics and Space Administration has been announced with the aim of opening within this year, but opinion appears to be divided over its status, authority and location. We need to reach an agreement as soon as possible and use it as a control tower for aerospace industry policies.
