{"id":552588,"date":"2022-09-14T13:22:23","date_gmt":"2022-09-14T13:22:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/how-new-space-is-paving-the-way-for-space-tourism-and-the-space-economy\/"},"modified":"2022-09-14T13:22:23","modified_gmt":"2022-09-14T13:22:23","slug":"how-new-space-is-paving-the-way-for-space-tourism-and-the-space-economy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/how-new-space-is-paving-the-way-for-space-tourism-and-the-space-economy\/","title":{"rendered":"How New Space is paving the way for space tourism and the space economy"},"content":{"rendered":"

<\/a> Fancy a trip to outer space? Soon, you might not have to be an astronaut (or<\/strong> Richard Branson) to journey to the cosmos.<\/strong> As the private sector increasingly looks to capitalize on the burgeoning New Space<\/a> industry, a casual voyage to the moon might become within the reach of the average person. One report<\/a> from Research and Markets estimates that the global orbital transportation and space tourism market will reach a whopping USD 2.58 bn by 2031, growing by 17.15% annually for the next decade.<\/p>\n

NASA\u2019s Commercial Crew Program is also paving the way for the private sector to make forays into the sector. <\/strong>The high-risk nature of space exploration and questions around NASA\u2019s safety culture following two high-profile accidents<\/a> \u2014 not to mention the high costs associated with building and launching spacecraft \u2014 paved the way for the Commercial Crew program<\/a>. Under the program, NASA awarded SpaceX USD 3.1 bn and Boeing around USD 4.8 bn to develop spacecraft that would replace the Space Shuttle \u2014 a move that NASA heads say will likely save the Agency between USD 20 and 30 bn, while providing NASA with two independent crew transport systems. The yet-to-launch Orion Space Launch System is designed as a successor to the Space Shuttle Program that helped build the International Space Station (ISS), which NASA retired<\/a> in 2011.<\/p>\n

Commercial space voyages have been around for a little under two years:<\/strong> SpaceX<\/a> was the first private company to launch NASA astronauts into space on a privately-owned vessel in November 2020, marking the first orbital crewed mission since NASA grounded the Space Shuttle in 2011 \u2014 though it likely won\u2019t be the last given the private sector\u2019s growing role in space exploration. In fact, SpaceX launched<\/a> 26 missions in 2020, averaging one launch every two weeks (in 2018, it launched 21). Government agencies like NASA are still the primary customers for private aerospace travel, although that is likely to change soon.<\/p>\n

It\u2019s been much of a bn\u2019aire space race: <\/strong>Richard Branson\u2019s Virgin Galactic<\/a>, which has a spaceflight reservation application on its website and accepts deposits of USD 200k, and Jeff Bezos\u2019 Blue Origin<\/a>, which auctioned off tickets on its maiden flight for a reported total of USD 100 mn<\/a>, both took flight for the first time within a week of each other in July 2021. The companies are looking to make orbital and suborbital space flights routine for paying customers. Blue Origin\u2018s latest journey in August of this year had 29-year-old Egyptian biomedical and mechanical engineer and founder of Deep Space Initiative<\/a> Sara Sabry<\/a> on board.<\/p>\n

And aerospace tech is advancing fast. <\/strong>Elon Musk\u2019s SpaceX, which was founded in 2002 with the aim<\/a> of making humanity a \u201cmulti-planetary species,\u201d introduced the first fully (functional) reusable multi-stage rocket system. Rather than discarding the first stage of the rocket that propels it into space, the reusable system lands the launcher back on Earth, where it can then be reused on other missions. Boeing\u2019s Starliner<\/a> will also have a reusable rocket system.<\/p>\n

The private space sector\u2019s risk appetite may accelerate development of the space economy \u2014 and make it more financially accessible to some:<\/strong> A report by Harvard Business Review<\/a> (HBR) notes that one of the biggest advantages to introducing the private sector to space is that private companies have a higher risk appetite and are more nimble than government agencies like NASA, allowing them to optimize turnaround time for developing new products and services for the sector.<\/p>\n

By the numbers: <\/strong>Axiom Space<\/a>, a company founded by a former NASA official-turned-contractor, charged customers<\/a> USD 55 mn each for an eight-day stay on board the ISS in April of this year. By comparison, tickets on board Virgin Galactic\u2019s suborbital flights are expected<\/a> to set spacefarers back USD 450k each.<\/p>\n

This comes as the space economy is booming. <\/strong>The space sector raked in revenues of USD 366 bn in 2019, with 95% of that going towards goods and services produced in space for use on Earth. This includes things like telecoms and internet infrastructure, earth observation capabilities, and national security satellites, among other things. Axiom Space\u2019s core business, for example, is real estate. The company is positioned to build the first privately-owned and managed space station, which will likely replace the soon-to-be decommissioned International Space Station (ISS). Even luxury items are finding their way to space: Argotec and Lavazza\u2019s ISSpresso machine<\/a>, which landed on board the ISS in 2015, allowed space voyagers to enjoy their favorite cuppa java served up in a pouch in zero-gravity.<\/p>\n

But with all this growth comes concerns, including space junk and environmental hazards: <\/strong>So far, the space economy is largely unregulated, leaving companies like SpaceX to build Starlink<\/a>, a satellite network built in low Earth orbit that aims to provide low-cost internet to remote locations. Astronomers and spaceflight safety experts have raised flags<\/a> about the hazards of the network, which will have as many as 42k satellites, noting that it might interfere with observations of the universe from earth and warning of collision hazards. Others worry that it might trigger changes to the Earth\u2019s climate. Environmentalists are also raising flags<\/a> about the as-yet unknown environmental impact that commercial spaceflight could have, which includes emissions from rockets in the upper atmosphere and potential problems arising from space debris<\/a>. The as-yet lack of regulation around rocket emissions compounds the problem.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fancy a trip to outer space? Soon, you might not have to be an astronaut (or Richard Branson) to journey to the cosmos. As the private sector increasingly looks to capitalize on the burgeoning New Space industry, a casual voyage to the moon might become within the reach of the average person. One report from […]<\/p>\n","protected":false},"author":1,"featured_media":552589,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9243],"tags":[1173,633,2891,2894,689],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-552588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-outer-space","tag-boeing","tag-enterprisepm","tag-outer-space","tag-space-travel","tag-spacex","wpautop","entry"],"acf":{"mongo_id":"e12efbcb-6829-4432-9af9-aa0affd5a1e5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/508.jpg","photo_position":"above","related_issue":[552578],"teaser":"","voice_url":""},"yoast_head":"\nHow New Space is paving the way for space tourism and the space economy - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/how-new-space-is-paving-the-way-for-space-tourism-and-the-space-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How New Space is paving the way for space tourism and the space economy\" \/>\n<meta property=\"og:description\" content=\"Fancy a trip to outer space? 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Shepard flight, becoming the first Egyptian in space: Egyptian engineer Sara Sabry (LinkedIn) will join five other crew members onboard the New Shepard rocket\u2019s 22nd space flight, Jeff Bezos\u2019 space tourism company Blue Origin \u2014 which operates the suborbital rocket\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/411.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580832,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/the-us-and-chinas-space-race-is-about-more-than-tech-dominance-how-much-can-social-media-platforms-moderate-content\/","url_meta":{"origin":552588,"position":1},"title":"The US and China\u2019s space race is about more than tech dominance + How much can social media platforms moderate content?","author":"enterpriseam admin","date":"22 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While the US and Soviet Union\u2019s space race was predominantly about technology\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/711.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598179,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/16\/space-tourism-is-it-finally-a-reality\/","url_meta":{"origin":552588,"position":2},"title":"Space tourism: Is it finally a reality?","author":"enterpriseam admin","date":"16 May 2019","format":false,"excerpt":"Space tourism: Is it finally a reality? Virgin Galactic could begin flying tourists into space as early as this year, following major engineering redesigns after the death of a test pilot in 2014, Bloomberg reports. Some 700 customers have already signed up for the ride, each paying USD 250k for\u2026","rel":"","context":"In "Image of the Day"","block_context":{"text":"Image of the Day","link":"https:\/\/enterpriseam.com\/egypt\/category\/image-of-the-day\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/2490.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543223,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/we-need-to-regulate-the-satellite-race-and-quick\/","url_meta":{"origin":552588,"position":3},"title":"We need to regulate the satellite race \u2014 and quick","author":"enterpriseam admin","date":"17 January 2022","format":false,"excerpt":"Competition and crowding in space is becoming a growing concern as one of the biggest threats to humanity\u2019s future: The World Economic Forum (WEF) dedicated a chapter to outer space in its Global Risks Report 2022 (pdf) as more governments and private sector companies rush to take advantage of new\u2026","rel":"","context":"In "WHAT\u2019S NEXT"","block_context":{"text":"WHAT\u2019S NEXT","link":"https:\/\/enterpriseam.com\/egypt\/category\/whats-next-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/463.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544284,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/space-tourism-is-here-but-the-price-tag-is-hefty-crypto-is-slowly-integrating-itself-into-the-regulated-derivatives-market\/","url_meta":{"origin":552588,"position":4},"title":"Space tourism is here, but the price tag is hefty + Crypto is slowly integrating itself into the regulated derivatives market","author":"enterpriseam admin","date":"23 February 2022","format":false,"excerpt":"Space tourism is here for the general (but rich) public: Virgin Galactic has reopened online registration for its first commercial flights to space that will start in late 2022, reports AFAR. Following successful test flights last year, these 90-minute, four-passenger journeys mark the beginning of citizen space tourism. Bookings for\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552507,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/theres-a-new-age-space-race\/","url_meta":{"origin":552588,"position":5},"title":"There\u2019s a new-age space race","author":"enterpriseam admin","date":"8 September 2022","format":false,"excerpt":"NASA\u2019s latest moon missions mark our first return to our lunar neighbor in 50 years. NASA has been back in the global headlines in recent days albeit not for the reasons it was hoping. Two attempts to launch Artemis 1 both ended in failure last week as technical issues scuppered\u2026","rel":"","context":"In "OUTER SPACE"","block_context":{"text":"OUTER SPACE","link":"https:\/\/enterpriseam.com\/egypt\/category\/outer-space\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/478.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/552588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=552588"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/552588\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/552578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/552589"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=552588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=552588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=552588"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=552588"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=552588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}