Envisioning the future: Space sovereignty in the New Space era
For the majority of the space age, orbital domains were primarily the jurisdiction of governments and a select few agencies. This landscape is rapidly shifting. A burgeoning commercial space economy has emerged, focusing on Earth observation, communications, and navigation, all facilitated by satellites that are faster, more cost-effective, and increasingly precise. Consequently, governments and industries are now confronted with accelerated decision-making timelines concerning climate, supply chains, and national security. According to a projection from Morgan Stanley, the global space economy is expected to surpass $1 trillion by 2040.
Three significant developments underpin this projection. A privately-led “New Space” economy currently comprises nearly 80% of global space activities. Furthermore, launch costs to low Earth orbit have plummeted from approximately $24,000 per kilogram during the Space Shuttle era to around $2,000 per kilogram with today’s reusable commercial launch vehicles. Additionally, the low Earth orbit region, which accommodates most satellite constellations, has reached a level of congestion, prompting operators to explore very low Earth orbit (VLEO) alternatives below 400 kilometers.
Within this dynamic environment, Sun Kim, Head of Space Business Headquarters at Hanwha Group, offered his perspectives on the emergence of space sovereignty, the advancements in Earth observation technologies, and the strategic positioning of Hanwha for future endeavors within the New Space economy.
