LONDON–(BUSINESS WIRE)–#EntertainmentServices–Technavio’s latest report on the global
space tourism market provides an analysis of the most
important trends expected to impact the market outlook from 2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
space tourism market is still in its prototype phase, where the
vendors are trying to develop an optimal spaceflight that can take
passengers to outer space, the Moon, and the Mars. Despite the high
expectations and the innovations involved, vendors are expected to start
passenger flights only by 2019. Technavio expects the commercial space
tourism to be a huge success, with an increased number of passengers
signing up for space tourism and vendors increasing their investments
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The top three emerging trends driving the global space tourism market
according to Technavio media
and entertainment research analysts are:
- Increase in the number of next-generation engineers
- Decrease in the cost of space tourism
- Possibility of hypersonic travel
Increase in the number of next-generation engineers
“The scope of innovation and opportunity in the space tourism market is
going to increase, which will drive a wave of next generation engineers
toward the market. This could have the same ripple effect as businesses
in Silicon Valley. The workshops organized by XCOR Aerospace can be
compared with the assembling of a computer,” says Ujjwal Doshi, a lead
analyst at Technavio for research on media
and entertainment services.
The space tourism market is expected to inspire a new generation of
engineers. Unlike IT engineers, who spend most of the time in front of a
computer, space engineers get to work on space engines. Engineers are
expected to find huge opportunity and will not have to compromise with
their passion for building spaceships. Several small business divisions
are venturing into markets such as Mojave Air and Space Port.
Decrease in the cost of space tourism
“Virgin Galactic is expected to conduct space tours for passengers
for USD 0.25 million per person and institutes are expected to sign up
to fly experiments on these suborbital flights. The cost of getting into
space will decline rapidly if the next generation of space planes can
reach the orbit,” adds Ujjwal.
The cost of space tourism will decline during the forecast period. The
launch of a satellite will cost around USD 10 million plus the insurance
cost. These space rockets are not only a costly affair but also have
Possibility of hypersonic travel
The possibility of low-cost space travel is endless, and one of them is
hypersonic space travel. Air travel from one destination to another by
an aircraft takes a lot of time when compared to the travel time taken
by space rockets. These rockets can travel from one destination to
another through space in a reduced time frame.
The lowest cost of space travel is expected to be around USD 100,000.
However, with increased adoption of the technology, the prices are
expected to come down. Most technologies at the initial stages are
funded by the wealthier population. The market is currently in its first
generation, and by the 10th generation, space travel can be a reality.
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