Japan's mainstay next-generation H3 rocket, developed by Mitsubishi Heavy Industries Ltd. and the Japan Aerospace Exploration Agency (JAXA), is now in the final stages of preparation for its first launch, to be conducted by the end of March 2022.

By keeping the launch cost of each rocket at half the conventional price, at ¥5 billion, developers aim to attract a wide range of commercial demand, including launching satellites for organizations overseas.

But with foreign companies such as U.S.-based SpaceX ahead of the game in offering low-cost rocket transport, some are asking whether there are opportunities for Japanese rockets to compete against their overseas rivals.