Is Hong Kong ready for the ‘NewSpace’ race? As satellite firm eyes Greater Bay Area, experts say city needs plan or risks missing out on multibillion-dollar industry
- City’s first satellite manufacturer, Uspace Technology Group, expects half of the units it produces annually will go to the Greater Bay Area, to spur digital transformation
- Hong Kong can only take a giant step in NewSpace when the government comes up with a holistic development plan for the industry, aerospace specialists say
Hong Kong is racing to transform itself into a smart city where technology is used to improve urban services and the living environment – but flying under the radar is the “NewSpace” industry and one front runner is already making waves.
NewSpace is an emerging industry that includes private companies involved in satellite manufacturing, launch services, space law, tourism and other commercial ventures concentrated on low Earth orbit at an altitude of 2,000km (1,240 miles) or less.
While Uspace might be a leading company, aerospace specialists argue it is after a small piece of the action. They argue that Hong Kong can only take a giant step in the NewSpace business when the government offers a holistic development plan for the industry. Without proper policies in place, the city risks missing out on opportunities.
Existing industries with potential in the sector also have no idea how they fit into the bigger picture, they added.
The global space economy is estimated to be worth more than US$460 billion, with the potential to exceed US$1 trillion in the next decade or two.
