South Korea Targets 10% Share of $1.8 Trillion Space Economy by 2045

The global space economy is anticipated to grow to $1.8 trillion by 2035, driven by commercial participation and international partnerships. South Korea's Fourth Space Development Promotion Basic Plan seeks to elevate the nation's market share from less than 1% in 2023 to 10% by 2045, with a focus on the space sector as a key economic growth driver.

Efforts include scaling the space budget and boosting independent launch capabilities, particularly through the Nuriho rocket. The shift towards cislunar space is highlighted by South Korea's involvement in the Artemis program, aiming for collaborative lunar exploration. Public procurement remains vital for upstream sectors, as the private sector's growth is dependent on government support and foundational research funding.