Beijing, (ANTARA/PRNewswire)- By China Report ASEAN
The completion of the first launch service tower at the Hainan International Commercial Aerospace Launch Center on December 29, 2023, marked a significant milestone in advancing China’s first commercial aerospace launch site. The successful launch of a Hyperbola-2 methane-liquid oxygen reusable verification rocket on December 10 further solidified China’s position in the space industry as the first to recover reusable carrier rockets.
The continuous implementation of policies has propelled China’s commercial space industry into a rapid phase of development. Industry experts believe that China has already entered the first stage of commercialization in various areas of the space industry. Despite the achievements, challenges remain, urging the industry to strive for breakthroughs.
Private enterprises make up about 92 percent of China’s commercial space companies, showcasing the initial concentration of the space industry towards innovation and development. The State Council’s guidelines on social investment in the commercial space industry released on November 26, 2014, encouraged private capital to participate in the construction of national civil space infrastructure, leading to a decade of growth in the commercial space industry.
To capitalize on the opportunities presented by commercial space development, cities like Beijing, Xi’an, Shenzhen, and Shanghai have formulated action plans to promote the industry’s growth. The policy support and guidance have led to the establishment of commercial space industrial parks, fostering the concentration of the space industry.
Technological innovations have propelled China’s commercial space industry forward, with companies like Galactic Energy, LandSpace, iSpace, and Guodian Gaoke making significant strides in the sector. The industry has witnessed remarkable growth, with the commercial space market expected to exceed 2 trillion yuan by 2024.
The industrial chain of China’s commercial space industry has evolved, with satellite applications and ground equipment manufacturing leading the market. The industry’s value chain is gradually taking shape, with opportunities for investment in key components like engines and satellite applications.
Despite the promising prospects of the commercial space industry, challenges remain, including high costs, risks, and long development cycles. The industry is still in its early stages in China, requiring efforts to overcome obstacles and realize its full potential.
In conclusion, China’s commercial space industry is on a trajectory of growth and development, driven by technological advancements, policy support, and market opportunities. As the industry continues to evolve, overcoming challenges and capitalizing on opportunities will be essential for its long-term success.