At the 'International Space Summit 2025 (ISS 2025)', hosted by domestic corporation CONTEC and the city of Daejeon at the Daejeon Convention Center, more than 3,000 space industry officials gathered from over 40 countries worldwide. The event saw participation from more than 70 domestic and international corporations, indicating significant interest. In just three years since CONTEC first hosted the ISS, it has established itself as the representative event for private-led space development, known as New Space, in Korea.
Korea is a latecomer in New Space compared to the United States, Europe, and Japan. Government investment in the aerospace sector has been lacking, with the dedicated agency, the Korea Aerospace Administration, having been established only a year ago. Nonetheless, the reason why leading space corporations from around the world gathered not in Seoul but in Daejeon is noteworthy. Overseas entrepreneurs noted that the dynamism of Korea's space industry ecosystem shows its growth potential.
Sandy Tirtey, senior director of launch services at Rocket Lab, said in an interview that “two years ago, there was hardly a space market in Korea, but now it is growing explosively,” adding that it is “similar to what we saw in Japan in the past.”
Rocket Lab is a U.S. space corporation that has dominated the global small launch vehicle market with its small reusable rocket, Electron. Last year, it launched 'NeonSat-1', a ultralight satellite for Earth observation developed by the Korea Advanced Institute of Science and Technology (KAIST). It is preparing for the first launch of its new medium-class rocket, Neutron, in the second half of this year.
Director Tirtey said, “Rocket Lab began collaborating with Japan in 2019, and in just three years, it has grown into the second-largest space market after the U.S.,” adding, “We believe that Korea has the potential to grow its space market as quickly as Japan.” He forecasted that Korea has a sufficient pool of quality professionals and a robust manufacturing base in the electronics sector, making it easier for the country to transition into the space industry.
Sébastien Duménil, chief commercial officer of Exotrail, also noted the potential of the Korean space market. Exotrail is a space corporation developing orbital transportation vehicle (OTV) technology, which modifies or assists satellites in their orbits. It collaborates with several domestic space corporations, including Satrec Initiative.
Duménil CCO stated, “We collaborated with Satrec Initiative in 2023, and in addition to that, we are working with various Korean corporations and organizations,” adding, “Korea is creating a very dynamic space market by actively collaborating and sometimes competing with overseas corporations.” Duménil CCO had a busy schedule even to the point of stepping away for discussions with domestic corporations during the interview.
Overseas space entrepreneurs suggested that while the potential for the Korean space industry to develop is high, there are still numerous areas that require improvement. The most frequently pointed out area was internationalization.
Duménil CCO also mentioned, “Because France has a small domestic market, it was important to expand into foreign markets,” emphasizing that “Exotrail has about 200 employees, with diverse nationalities spanning 25 different countries.” He stated, “Creating an environment where diverse individuals can collaborate, regardless of nationality, is crucial.”
Director Tirtey noted that the Korea Aerospace Administration must continuously create jobs for startups. He stated, “When the government supports corporations, it should proceed in a way that involves actual contracts without giving projects or incentives,” adding, “Continuous job creation will allow corporations to set short-term and medium-to-long-term goals and enhance the health of the ecosystem.”
He also said that corporations' own efforts are important. Director Tirtey advised, “The small launch vehicle business is really difficult,” suggesting that “corporations should reduce expenditures and diversify their businesses, including satellite services.”