Shin Hyun-woo, President: "Hanwha is the National Team of Space... Launch Vehicle Independence is Key to Competitiveness"

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Shin Hyun-woo, President of Hanwha Aerospace, said on the 13th, "Hanwha has a sense of mission to act as a national representative. Especially, we must become completely independent in launch vehicle development."

Shin Hyun-woo, President of Hanwha Aerospace, attended the '2024 HKEC CEO Jeju Summer Forum' held at Lotte Hotel Jeju on the 13th and gave a presentation on the theme "Challenge to Space, How Will Korea Compete?"
[Photo by HKEC]

On the same day, President Shin made these remarks during a lecture at the '2024 Korea Economic Association (KEA) CEO Jeju Summer Forum' held by the Korea Economic Association at Lotte Hotel Jeju in Seogwipo, Jeju Island.

The lecture topic was "Challenges Toward Space, How Will Korea Compete?" During the 50-minute lecture, President Shin stated that Hanwha is focusing its business investments on next-generation launch vehicles following Nuriho, as well as communication satellites.

President Shin explained that Hanwha has started a joint development project for next-generation launch vehicles with the Korea Aerospace Research Institute (KARI) and others. He said, "This is a project jointly developed from the design stage, marking the beginning of the 'New Space Era.'"

The project will continue until 2027. The launch vehicle will be about twice the size of the Nuriho rocket. It will be capable of carrying 10 tons of cargo into low Earth orbit at 500 km altitude and will be designed to send a lander to the Moon.

President Shin said, "One ton is enough to send a Mars probe into Mars orbit," adding, "Once this launch vehicle is developed, we should consider that we will have the capability to demonstrate meaningful abilities on the global stage."

President Shin emphasized that to make money in space, one must earn it through the 'satellite business.' According to Morgan Stanley, the global satellite business is expected to grow from 3.7 trillion KRW in 2020 to 214 trillion KRW by 2040, with a compound annual growth rate (CAGR) of 22%.

President Shin said, "If an object measuring 30 cm by 30 cm can be identified as a single pixel from space, it is recognized as a reconnaissance satellite, and Hanwha has that level of technology."

Communication satellites are also a critical area for Hanwha. Space internet and low Earth orbit satellite businesses have recently gained prominence. According to Morgan Stanley, the satellite communication industry is expected to reach 584 billion USD (approximately 805 trillion KRW) by 2040.

President Shin said, "Companies like Elon Musk's SpaceX and the UK's OneWeb are fiercely competing in this field, and Hanwha cannot afford not to work hard," adding, "Hanwha is collaborating with British and American companies to secure antenna technology."

President Shin stated that Hanwha's strategy is to build an integrated value chain for space solutions. The group has established a 'Space Hub' organization that handles launch vehicles, satellites, and transportation businesses. They dream of effectively transporting people and supplies to the Moon, Mars, and beyond.

President Shin said, "The space business value chain cannot be built by Hanwha alone," and added, "Hanwha will become a total solution provider for the space industry by forming a 'one team' with domestic academia, industry, and research institutes to compete globally."

This content was produced with the assistance of AI translation services.