The private Chinese firm One Space will launch the country's first commercial rocket in the first half of this year. The start-up was established just three years ago. Can this for-profit venture into space succeed? Rory Coen brings us the story.

In an area that's not even a thousand square meters, engineers are working to assemble a new rocket. Headquartered in Beijing, the company One Space has just completed tests of this rocket and is confident in its upcoming launch. China has encouraged private ventures into space in recent years. Many believe private participation will change the industry's landscape.

SHU CHANG FOUNDER, ONE SPACE "We are not like the national aerospace authorities who have a lot of state-planned programs to work on. In the future, I think projects with high requirements for scientific research, such as deep space exploration, will be done by the national aerospace authorities. And for business development projects, they will be done by private companies who pay more attention to efficiency and cost."

By 2020, estimates show the international aerospace market will be worth 480 billion US dollars. China will account for about a quarter of the total. About two thousand satellites will be sent into orbit in the next decade. Two thirds of them will be use for commercial use. Commercial space flight is still in its infancy in China. Other countries have mature industries. The most prominent player is American firm SpaceX. Founded by billionaire Elon Musk, SpaceX is the only private company that's been able to bring back one of its space craft from low-earth orbit. The Chinese company One Space has its own advantages.

SHU CHANG FOUNDER, ONE SPACE "While SpaceX focuses on developing large rockets, we have a different strategy. We focus on small rockets that mainly carry satellites and we have more strengths on costs."

One Space has ambitious goals. The company is currently developing three types of rockets, and each has its own unique challenges.

SHU CHANG FOUNDER, ONE SPACE "The investment into space projects is heavy, and the duration is relatively long. With the launch of our first rocket, we expect that we can break-even in 2019. And this is only our first step. We need much more investment in the future for making bigger rockets."

More private money and manpower are being poured into space projects. The heights the industry can reach go much higher than the sky. Rory Coen, CGTN.