The commercial space industry is soon emerging as a profitable business, in particular the satellite launch sector. Many nations are scrambling for a share in this lucrative sector that has an estimated value of USD300 billion. Eight countries have already made a head-start into this industry, including the US, Russia, European Union, China, India, Switzerland, Japan and even Brazil.
Asian contenders are taking this business very seriously. China has already overtaken Europe in terms of space travel, and is only third behind Russia and US. It has also overtaken Europe in space research and travel sectors. Meanwhile, India entered a new era of space applications and communications by launching the first of seven satellites. These satellites will constitute an independent, regional satellite navigation system. Singapore is also eager to foray into space technology with a focus on satellites.
Will the satellite launch industry prove to be a sky-high phenomenon?
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