“I know you as a private launch vehicle company from South Korea. I believe you have accumulated significant know-how in launch vehicle technology. You will be competitive in the market.”
These were the words of an international visitor at the large exhibition booth of INNOSPACE at the International Astronautical Congress 2024 (IAC2024), which kicked off its five-day run on October 14 (local time) at the MiCo Convention Centre in Milan, Italy. Last March, INNOSPACE became the first private South Korean company to successfully launch a space launch vehicle, the 'HANBIT-TLV'.
Kim Soojong, CEO of INNOSPACE, whom we met at the venue, said, “We came to IAC2024 with our largest-ever independent exhibition booth.” He added, “In the past, the link between the keywords ‘Korea’ and ‘space’ was weak in the global commercial space market, but I can now feel firsthand that many international officials are talking about Korea's potential.”
Making their largest-ever presence at IAC2024, South Korean space companies introduced their technologies and services to officials from space agencies and companies worldwide, highlighting the enhanced status of Korean companies on the global stage.
● Space Companies Listed as IAC2024 Sponsors, Signing MOUs with Europe's Top Firms
The IAC is the world's largest space conference and exhibition, hosted by the International Astronautical Federation (IAF), which has over 460 member organizations from 75 countries. Marking its 75th edition this year, the event has drawn over 6,000 officials from space agencies and companies worldwide.
On the afternoon of October 14, the opening day of IAC2024, Boryung—the only South Korean company participating as a 'Silver Sponsor' and hosting a large-scale booth for the first time—made its presence felt by signing a cooperation MOU on-site with Thales Alenia Space, Europe's largest satellite manufacturer.
The Silver Sponsor tier at IAC2024 ranks just below 'Platinum' and 'Gold.' Boryung entered the space industry by hosting the 'Humans In Space (HIS)' Challenge, a space startup program, for several years. It has established space as a long-term field for innovation, making a bold investment in the American space company Axiom Space, which aims to build a private space station.
CEO Kim Jung-kyun explained, “This collaboration came about as Thales Alenia Space came to recognize the value of the 'Humans In Space (HIS)' program, which Boryung has been diligently developing.” Thales Alenia Space is currently developing modules for Axiom Space's space station.
TelePIX, which secured its first independent booth at IAC2024 as a Bronze Sponsor (the tier below Silver), is set to hold around 20 business meetings with international clients. Established in 2019, TelePIX is a total satellite solutions company focusing on satellite payloads, satellite camera development, satellite image analysis, and data processing.
Cho Seong-ik, CEO of TelePIX, said, “This is our first time participating as a sponsor and having an independent booth at IAC2024.” He added, “We plan to discuss business with the Saudi Space Agency and Czech government officials, and it will be helpful that officials from the Korea AeroSpace Administration (KASA) will also be present.”
● Targeting Global Niche Markets Amid Calls to Focus on Practical Gains
INNOSPACE has participated in the IAC for four consecutive years. This year, it has over 60 business meetings scheduled. While past efforts focused on raising the company's profile, this time INNOSPACE has expanded its exhibition booth and has a packed schedule of business meetings.
CEO Kim Soojong explained, “While established space companies like SpaceX are already ahead, there are quite a few niche customers who need small launch vehicles. We plan to launch our 'HANBIT-NANO' vehicle about seven times next year alone, and we are meeting with clients for these launches here at IAC2024.”
NARA Space Technology, a microsatellite startup, also set up an independent booth. Oh Hyung-jik, COO of NARA Space Technology, whom we met at the venue, explained, “While our business has so far centered on domestic local governments and demand, we will now focus on international business. Countries in Southeast Asia and the Middle East are particularly interested in microsatellites, so we believe there is a strong chance of success.”
Amid these active moves by Korean companies, there are also calls to focus on securing practical gains. Satrec Initiative, considered a first-generation Korean space company, has had an exhibition booth for three consecutive years since 2022. Kim E-ul, CEO of Satrec Initiative, whom we met at the site, commented, “The IAC is an event led by space agencies from around the world and should be seen as an opportunity to grasp global space development trends and the overall atmosphere. In the space sector, the IAC is like a 'marketplace,' so it's important to carefully weigh the practical benefits.”
