Commercial space missions boast vibrant industry

In 2016, China designated April 24 as its Space Day to commemorate its achievements in space exploration. The aerospace industry has boomed in recent years. China began its tryst with commercial space launches in November 2024, when it successfully launched a Long March 12 carrier rocket from the Hainan commercial spacecraft launch site in Wenchang, South China's Hainan province. That was a milestone as it established China's commercial spacecraft launch site's capability to execute launches.

Commercial space activities are market-driven, aimed at developing, manufacturing, launching, and applying space technology and services through profitable commercial activities. Technological breakthroughs, reduced costs and promotion by the government have led to the growth of the commercial space industry.

The United States is the leader in this sector with a growing market size. A report by the US-based Satellite Industry Association showed that "during 2023, the overall global space economy generated revenue of $400 billion. The commercial satellite industry continued to be dominant, increasing to $285 billion and accounting for 71 percent of the world's space business".