With the COVID-19 pandemic curtailing earthly travel, space tourism may seem like a far-fetched dream—but some companies are betting on high demand.
By Chris Daehnick and Jess Harrington – The space industry saw record-breaking growth in 2020 as investors, undeterred by the COVID-19 pandemic, poured almost $9 billion into private companies. While some of these businesses are simply providing parts and services to government agencies like NASA, others want to venture into space with their own crew and rockets. One ambitious goal, which several companies are now pursuing, involves space tourism for any private citizen willing to pay a hefty fee.
Having private companies lead space exploration ventures was the stuff of science fiction when the human spaceflight era dawned 60 years ago in April 1961. But such companies have now demonstrated the safety and performance of their systems for a full spectrum of operations. Plans to offer private flights are becoming reality, so what does the future hold? To answer this question, we look at industry trends, investment patterns, and the obstacles ahead.
Governments monopolized space exploration in its early days because of the staggering investment and high risks involved. Exhibit 1 shows some of the early milestones of space flight, as well as other important developments through 2000. National pride and the desire to be “first” were also powerful motivators, although many countries now appreciate the value of collaboration, as seen with the International Space Station. Private companies, with vastly fewer resources, had little reason to investigate crewed missions because the likelihood of getting government approval and seeing decent returns was dim. more>
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