© Mynaric (illustration purposes only) Electronics Production | November 19, 2018
Mynaric opens site in China due to booming Asian aerospace market
Mynaric is opening a new site in Shanghai, China, as a consequence of the high demand for its products and the rapidly-expanding Asian aerospace communications market.
The numerous developments in the aerospace communications industry in Asia have driven Mynaric to physically place itself at the heart of one of the fastest growing aerospace markets in the world. The new site is designed to improve access to this burgeoning market in order for Mynaric to sell products in Asia. China is already one of the fastest growing space nations and is experiencing a boom in its aircraft industry, with several Asian companies and organizations announcing plans to pursue satellite networks in low Earth orbit (LEO) and with experts predicting the country will become the world’s second largest aerospace market in the coming years. Sustained growth in several Asian countries has triggered demand for connectivity solutions for those parts of the population that currently have no access to the internet. "One of the key pillars of our business strategy is internationalization, and today’s announcement concerning our move into Asian markets mirrors our actions in North America where we established a subsidiary in 2016. Operating regional offices in North America and Asia, in unison with our headquarters in Europe, allows us to capture the world’s most important aerospace markets and fully establish ourselves as a true global player", states Dr Wolfram Peschko, CEO of Mynaric, in a press release.