LONDON--(BUSINESS WIRE)--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.
The global 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 further.
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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 limited competition.
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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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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