Challenges in the growing use of space by the private sector
The global space market is projected to exceed 1 trillion dollars (about 150 trillion yen) by 2040, a 2.6-fold increase from current levels. This rapid growth has attracted many new players, including large companies from various industries not traditionally involved in aerospace and even start-ups. Their businesses range from satellite constellations and satellite data utilization to space tourism and transportation services. As private companies continue to innovate and utilize space, new value is being created, enriching society in unprecedented ways.
However, start-ups aiming to address various social challenges through space need support, such as consulting services for risk management, to navigate the complexities of entering the space sector. These start-ups often have highly specialized teams but lack the workforce to dedicate sufficient resources to this field. We at Sompo Japan believe that by providing consulting services that help evaluate and mitigate risks, we can steadily support the challenge of space exploration, especially in technical areas that require specialized knowledge such as design and manufacturing. We believe our work makes it easier even for start-ups to pursue space ventures with confidence.
My experience in the space business
I had been involved in promoting space development at a start-up, where our small team of around 10 people worked on the creation and operation of a small satellite. Overcoming numerous challenges, I will never forget the excitement when our satellite finally launched into space and transmitted clear images. I want to help many other start-ups experience that same joy of creating new value from space by providing the necessary support.
Why we should support the space industry
Why does Sompo Japan support the growing space industry? Because the development of the space business is closely linked to our daily lives. While space may seem distant, it already plays a crucial role in areas such as weather forecasting, GPS, satellite broadcasting, and communications. The continued growth of the space business is expected to further benefit society.
Sompo Group has a purpose to strive “for a future of health, wellbeing and financial protection,” aiming to fulfill people’s fundamental desire to live securely, safely, and healthily. By supporting the growth of the domestic space industry through risk consulting services, Sompo Japan contributes to realizing a society where people can lead more secure and fulfilling lives, in line with the group’s vision.
A leader and partner
Since the 1950s, Japan has accumulated substantial technical knowledge in space development, positioning itself to potentially lead the global space industry in the future. The utilization of space also brings dreams to life, such as space travel and space habitation. Through the promotion of space development projects, we aim to be a partner supporting companies venturing into space and to be the entity businesses turn to when they are in need.
