Aug. 21 (NBD) -- Chinese private launch vehicle maker Landscape is set to launch its first rocket named Zhuque-1 into orbit in the fourth quarter of 2018.

Landscape said to NBD that the final assembly of Zhuque-1 had been finished and the rocket was under overall test.

The rocket Zhuque-1 of Landscape will carry the China Central Television satellite into Sun synchronous orbit for space science experiments. This is the first "purely commercial" rocket launch project in China, in that the entire process of design, research and development, manufacturing is handled by the Chinese private company.

Dai Zheng, vice-general manager of R&D center at Landscape, introduced that when the product matures, the company can realize the delivery within 6 months after receiving the order and can get the rocket ready for launch in a week.

Landscape is not the only company which aspires to become "SpaceX of China". SpaceX is a U.S.-based upstart rocket company founded by Tesla CEO Elon Musk. Technological startups as well as investors have flocked into the aerospace sector which boasts vast market potential.

According to founding partner of Chunxiao Capital, approximately 20 startups have emerged in the satellite manufacturing and operation sector and 5-6 in the rocket domain.

Chinese private rocket firms, focusing on either sounding rockets or carrier rockets, are competing to meet the multilayered market requirements of space vehicles, by exploiting their proprietary intellectual property rights and producing commercial rockets on a large scale.

Reports released by Space Foundation, a Colorado, U.S.-based non-profit organization that advocates for all sectors of the global space industry, show that the global space economy totaled 329 billion U.S. dollars worldwide in 2016. Totaling 253 billion U.S. dollars, commercial space activities made up 76 percent of the global space economy. 

According to the Satellite Industry Association of the U.S., revenues from commercially-procured satellite launches that occurred in 2016 increased by two percent to 5.5 billion U.S. dollars after decreasing by 9 percent from 2014 to 2015. 

However, Landscape's CEO held a cautious view towards prospects of the commercial aerospace industry, saying to NBD that both the industry and startups would go through certain tests and reshuffle before the industry takes root.

Email: gaohan@nbd.com.cn