Jang Seob Yoon
Research expert covering South Korea
Space industry in South Korea - statistics & facts
South Korea is the seventh country in the world to launch a satellite weighing over one ton into orbit. In June 2022, the nation successfully launched the Nuri rocket into space, which was developed entirely domestically. This highlights the results of investments made by the South Korean space industry. Compared to leading countries like the United States or Russia, South Korea is a relative newcomer to the industry. Hence, a focus on research and development is evident when allocating funds.
Satellites are a core component of the industry
Much like the nation's export-oriented economy, international trade figures show that the space industry boasts a significant trade surplus. The major export sectors were satellite services, equipment, and manufacturing; these were also the leading import sectors of the industry. Satellites are critical for various modern businesses, including those operating in the television or telecommunications industry. Accordingly, satellites are a prominent aspect of the space industry, and the South Korean government has budgeted large sums toward satellite development and utilization. The share of satellite launches worldwide by SpaceX is often mentioned as something to aspire to, although it is generally accepted that the South Korean space industry is far from maturation.The South Korean space industry is set to take off
The budget for space development has fluctuated as projects and initiatives start and end over time. Nevertheless, the domestic space industry seems primed for growth in the years to come, with the number of relevant entities continuing to increase over time. Enterprises active in the aerospace industry, such as Korea Aerospace Industries, contribute to space technology development within the country alongside various research institutions and universities. With government spending pledged to increase in the future, it remains to be seen if the South Korean space industry can maintain its upward trajectory.
