Trend Tapestry Surviving Space: A 101 on the environment, the hardware and the opportunity

研报英文原文证据摘录

Trend Tapestry Surviving Space: A 101 on the environment, the hardware and the opportunity

J P M O R G A N Asia Pacific Equity Research

10 June 2026

Trend Tapestry

Surviving Space: A 101 on the environment,

the hardware and the opportunity

We hosted an expert call to discuss what makes operating in space so physically

demanding, and where the investment opportunities lie as a result. Prof. Loren

Chang, Department Chair and Distinguished Professor of Space Science and

Engineering at National Central University (NCU) in Taiwan, walked us through

the defining characteristics of the space environment from low earth orbit (LEO)

to deep space, and explained what it takes for components and materials to survive APAC Equity Thematic and

Sustainable Investing Researchin orbit (including power systems and propulsion). Key takeaways from the call are

below. Hannah L Lee AC

(852) 2800-8886

• Integration and test rework are the real schedule trap: Spacecraft are multi- hannah.l.lee@jpmorgan.com

domain systems (power, structures, thermal, flight software, ADCS, comms, J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

propulsion) where interface errors often surface only during full integration,

typically close to launch when time and resources are most constrained. Low

risk tolerance compounds this, since post-test disassembly and fixes can trigger

repeat environmental testing (including ‘penalty vibration test’ requirements),

adding cost and delay.

• Thermal vacuum turns ‘power’ into a hard limiter: On orbit there is no

convective cooling, so electrical energy consumed becomes heat that must be

moved internally by conduction and rejected through radiation. This is an

inefficient heat transfer path versus terrestrial cooling, so overheating risk