Venturing into the Space Industry
Hanwha Group launched the “Space Hub" on March 7 to promote its space business in earnest.
The Space Hub is a group-wide organization dedicated to the space business. It is built around Hanwha Aerospace engineers who participated in the development of the Nuri (Korea Space Launch Vehicle-II).
Kim Dong-kwan, president of Hanwha Solutions and the eldest son of Hanwha Group chairman Kim Seung-yeon, will lead the Space Hub. He was recommended as a registered executive of Hanwha Aerospace on Feb. 26.
Through the launch of the Space Hub, Hanwha plans to examine the latest trends in the overseas private-led space business, set research directions and build business models. In the long run, Hanwha aims to launch satellites using Hanwha Aerospace’s launch vehicles, Satrec Initiative's satellites and Hanwha System's communication systems.
Hanwha Group is also planning to divide its space business into two sectors -- production and services. The production part will focus on manufacturing of launch vehicles and satellites, while the services part will provide services in the fields of telecommunication, global observation, and energy. It also plans to actively recruit talented engineers in each field.
Hanwha Group will also consider utilizing the solar technology of Hanwha Solutions, the No. 1 player in the U.S. solar module market, and the technology of Cimarron, a U.S. hydrogen and space tank company acquired by Hanwha Solutions.
The size of the space industry market is expected to grow to US$1.1 trillion in 2040, Morgan Stanley forecasts. Currently, SpaceX and Blue Origin of the United States are dominating the market.