Hanwha Group Launches 'Space Industry Integrated Control Room'... President Kim Dong-kwan Leads

[Asia Economy Reporter Lim Chun-han] Hanwha Group is launching a 'Space Hub' to oversee the group's space industry and is making a full-scale entry into the space industry.

On the 7th, Hanwha announced, "The 'Space Hub,' which will oversee the entire space industry, is being launched." Kim Dong-kwan, President of Hanwha Solutions, will serve as the team leader of the Space Hub and lead the organization. Kim was nominated as a registered executive of Hanwha Aerospace on the 26th of last month. The team leader position at the Space Hub is his first role.

Engineers from Hanwha Aerospace who participated in the development of the Korean launch vehicle 'Nuriho' will play a central role in the hub, along with communication and imaging equipment specialists from Hanwha Systems, experts in various weapon systems from Hanwha, and the private satellite company Satrec Initiative, recently acquired by Hanwha Aerospace, is also expected to participate in the future. Kim Dong-kwan said, "To compete with global companies, expertise and full support are necessary," adding, "Together with engineers, we will find the shortcut to space."

Hanwha Group explained, "The Space Hub is not an organization above each company but a comprehensive control room for the space sector with a strong sense of field presence." In the long term, Hanwha Group explained that the space industry could be promoted by loading Satrec Initiative's satellites on Hanwha Aerospace's launch vehicles and equipping them with Hanwha Systems' communication systems.

Through the Space Hub, Hanwha plans to monitor trends in overseas private space businesses and set research directions and business models. The Space Hub will focus on research and investment by dividing into manufacturing fields such as launch vehicles and satellites, and service fields such as communication, earth observation, and energy. They also plan to actively recruit talent in these fields.

They are also considering linking Hanwha Solutions' solar technology, the number one solar module company in the U.S., and the technology of Cimarron, a U.S. hydrogen and space tank specialist company acquired by Hanwha Solutions, with the space business. Kim Dong-kwan said, "Space industry is something someone has to do," adding, "We will proceed with development with the attitude of fulfilling our social responsibility."

Morgan Stanley forecasted that the space industry market size will grow to about $1.1 trillion (approximately 1,220 trillion KRW) by 2040, led by private companies.