KoreaTech Today - Korea's Leading Tech and Startup Media Platform
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
No Result
View All Result
KoreaTech Today - Korea's Leading Tech and Startup Media Platform
No Result
View All Result
Home KAI

KAI’s $2bn worth investment is its next big project to enter the global space industry

 595 total views,  1 views today

KoreaTechToday Editor by KoreaTechToday Editor
PUBLISHED: October 29, 2021 UPDATED: October 29, 2021
in KAI, South Korea, Space program
0
KAI’s $2bn worth investment is its next big project to enter the global space industry

The South Korean jet maker KAI has declared its plans to expand the company’s operations with an investment of $1.87 billion in the space industry. The aircraft manufacturer aims to tie up with South Asian and Middle East nations who require support to send satellites into space and handle telecom operations. 

The President and CEO of Kai, Ahn Hyun-ho, spoke to the media on Wednesday, where he said, “In addition to focusing on private-sector demand, we’ll move forward with our outbound expansion to Southeast Asia.”

Despite the recent failed “Nuri” project by South Korea, the country will continue to invest in research and development in the space industry for further developments. Korea aims to bounce back with its second rocket being launched in May next year. 

According to reports, the rocket launch services sector in the space industry is likely to grow by $47.6 billion in the coming decade. It was 9.5 billion strong in 2019. KAI has been working on various projects to build a stronger international presence in the space industry. Although the company has invested in new projects, it has to make constant diligent efforts to compete with global tech giants. 

In July, KAI partnered with SpaceX to jointly launch a satellite. Owned and managed by automobile industrialist Elon Musk, SpaceX is working on the Next-Gen No.4 Satellite Projectile with the Korean manufacturer. 

Two days ago, KAI had a successful demonstration of a virtual test flight in Seoul. The company unveiled KF-21, an unmanned complex system that is based on helicopters. This MUM-T is expected to enhance mission performance and futuristic training through Metaverse. 

Besides, the company additionally plans to get into the flying taxis market in the coming months.  

“We already have the technology for vertical takeoff and landing, and plans to collaborate with other companies are in progress,” Ahn stated while speaking of the company’s upcoming collaborative projects.

Presently, the company’s primary source of business revenue comes from domestically developed rockets, and it is expected to grow regardless of other space investments. However, the growth of new projects is estimated to increase its overall sales, making it 3.5 times higher than the last decade. 

Professor at Chungnam National University in Daejeon Huh Hwan-il said in an interview, “South Korea is at a stage where it is finally building a foundation for space development.” 

The U.S. and other European counterparts of South Korea have launched around a hundred rockets until now. In contrast, the South Korean space industry is still at the foundational level to begin with. However, with Korea’s aggressive growth strategies and research projects, the country may enter international competition in the coming decades. 

What’s your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
Tags: South Korea newsspace industry

Related Posts

South Korea curbs tech leaks to foreign countries
South Korea

South Korea curbs tech leaks to foreign countries

February 8, 2022
Hyundai Rotem set to provide upgraded army tank variants to South Korea
South Korea

Hyundai Rotem set to provide upgraded army tank variants to South Korea

February 2, 2022
S.Korea will track COVID-19 cases with AI-powered facial recognition from January
South Korea

S.Korea will track COVID-19 cases with AI-powered facial recognition from January

December 14, 2021
South Korea sets site engineering standards for big tech firms
Google

South Korea sets site engineering standards for big tech firms

December 9, 2021
National AI complex project starts in South Korea: New AI hub in making
South Korea

National AI complex project starts in South Korea: New AI hub in making

November 25, 2021
Korea to expand bilateral ties with the U.S. to resolve semiconductor shortage
Semiconductor

Korea to expand bilateral ties with the U.S. to resolve semiconductor shortage

November 20, 2021
No Result
View All Result

FREE NEWSLETTER

PRODUCTS

Most Popular

  • 5 Best Korean to English Translation Apps

    0 shares
    Share 0 Tweet 0
  • Top South Korean Tech Products to Look Out for in 2021

    0 shares
    Share 0 Tweet 0
  • 5 All-Time Best Rom-Com K-Dramas to Watch

    0 shares
    Share 0 Tweet 0
  • Top Nine Mobile MMORPG in South Korea for 2020

    0 shares
    Share 0 Tweet 0
  • Top 8 South Korean Mobile MMORPG to Watch Out For in 2021

    0 shares
    Share 0 Tweet 0
  • SKT Popularizes Social VR with Ifland Metaverse Platform

    0 shares
    Share 0 Tweet 0
  • Best Korean Dramas To Watch This 2021

    0 shares
    Share 0 Tweet 0
  • Coway Changes Name After Netmarble’s Aquisition

    0 shares
    Share 0 Tweet 0
  • KT Continues to Accelerate Its ‘Digico’ Transformation

    0 shares
    Share 0 Tweet 0
  • World’s First 5G Robot Café has a Seoul Opening

    0 shares
    Share 0 Tweet 0
  • About Us
  • Account Page
  • application form
  • Cookie policy
  • Default Redirect Page
  • homepage
  • Login
  • login form
  • LogOut
  • Newsletter
  • Privacy Policy
  • Register
  • Reset Password
  • Sample Page
  • Subscription Plan
  • Terms of Use
  • test
  • test
  • testpage
  • TOS Page
  • Visitor Inside User Page

Copyright © 2021 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy|Contact : [email protected] |

No Result
View All Result
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government

Copyright © 2021 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy|Contact : [email protected] |