The global space economy is projected to reach approximately 1조8000억달러 by 2035, according to a forecast by the World Economic Forum, as commercial participation and cross-border partnerships reshape traditional aerospace markets. South Korea is moving to capture a larger share of this expansion by scaling its space budget and securing independent launch capabilities, according to policy outlines from the Korea AeroSpace Administration (KASA).
South Korea’s Space Economy Targets and the Fourth Basic Plan
According to the Fourth Space Development Promotion Basic Plan, South Korea aims to increase its share of the global space market from less than 1% in 2023 to 10% by 2045. Government policy designates the space sector as a primary engine for national economic growth following the successful second launch of the Nuriho rocket in June 2022. Traditional space value chains divide operations into upstream activities—such as rocket and satellite manufacturing and ground infrastructure research—and downstream services, which include satellite data management and orbital communication. The broader modern concept of the space economy encompasses both sectors alongside emerging commercial domains like orbital logistics and in-space manufacturing.
Expanding into Cislunar Space and the Artemis Accords
Space activities are moving beyond Earth's low Earth orbit (LEO) toward the cislunar region between Earth and the Moon, establishing what researchers call the orbital economy. South Korea's participation in the Artemis program provides a structural pathway to join international lunar exploration efforts rather than operating in isolation. Without sustained financial backing, international cooperative frameworks risk stalling before technology transfers materialize.
Balancing Government Procurement with Private Sector Growth
While private companies play a larger role in modern space initiatives, upstream sectors like launch vehicle production continue to rely heavily on public procurement and government-backed demand. According to KASA’s industrial strategy reports, policies such as the domestic launcher mandate—summarized by the policy directive “our satellites on our launch vehicles”—aim to guarantee initial flight demand for Nuriho and subsequent domestic rockets. Because global launch markets frequently operate within captive, state-supported frameworks rather than purely open commercial competition, state entities must maintain foundational research funding and high-risk technology development while commercial firms scale serial manufacturing and cost efficiencies.
Frequently Asked Questions
What is the projected size of the global space economy by 2035?
According to World Economic Forum estimates, the global space economy is expected to reach approximately 1조8000억달러 (약 2480조원) by 2035.
What is South Korea’s long-term market share goal?
Under the Fourth Space Development Promotion Basic Plan, South Korea targets expanding its share of the global space market from under 1% in 2023 to 10% by 2045.
Why is government involvement necessary in a commercializing space industry?
Upstream sectors like launch vehicles and national security satellites depend on state-led procurement, public research funding for high-risk technologies, and foundational infrastructure support that private markets cannot independently sustain at early stages.
Worth a look