The Space Industry: Exploration and Opportunities

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In the present-day environment, the phenomenon of space travel as a commercial endeavor is becoming increasingly more probable. With a rise in access to space technology for customers not adjacent to science, the reasons to examine the issue at hand from a commercial perspective have emerged. However, in order to evaluate the likelihood of space travel within the next few years, a glimpse into the history thereof will be required. This paper will provide an accurate qualitative analysis of the core opportunities based on the systemic analysis of the history of space travel. Specifically, this research will employ the qualitative method of phenomenological study in order to explore the history and nature of space travel and identify core opportunities in regard to it.

Objectives and Aims

This paper aims to examine the space industry’s future, and the opportunities entrepreneurs can expect to pursue in the space industry context. Once being a distant dream and the subject of multiple science fiction novels, space travel is becoming an increasingly probable and quite lucrative reality. Therefore, setting premises for the future foray into space travel and development of services for space tourists represent an ample opportunity for entrepreneurship. For this reason, the goal of this paper is to explore the history of space travel for commercial customers and the further evolution of the specified industry, as well as the issues associated with food scarcity in relation to space travel. Furthermore, this research will evaluate the opportunity for space travel to evolve and expand as an industry, given its current dependence on private companies.

Background

Recently the concept of space travel, which used to be an idea thriving primarily in the science fiction realm, has become significantly more realistic. Due to a series of scientific breakthroughs made lately combined with a rapidly developing interest in space as a likely area of entertainment, the option of space travel has been actively promoted among general audiences (Dubiel and Hooper 1357). Organizations such as SpaceX, founded by Elon Musk, have galvanized the process of space tourism development by promoting the idea to a broader audience and supporting the endeavor of space exploration financially and technologically (Stojchevska 3; Veech 152). Therefore, the potential for space travel is relatively high, according to the changes observed in the specified context. However, the feasibility of space travel, both technologically and economically, is yet to be proven, particularly, in regard to the challenges associated with food scarcity and the toll that space travel will have on the current global food scarcity issue. The examination and assessment of space travel history will demonstrate the progress made, current options, and the likelihood of a breakthrough to be made in the nearest future.

Significance

This paper is expected to be of significance to the further exploration of the space industry and the associated opportunities, including both technological and economic ones. The detailed account of the space travel history that this paper will provide will help evaluate the extent of opportunities for engaging in the endeavors associated with the development of space travel technology and exploration of the related business opportunities, mainly regarding commercial flights (Hoque 366). Specifically, the reasonability of promoting space travel as an option that demands a wide range of resources, particularly, for stocking food, in the presence of global food scarcity in a number of countries. Since the technicalities of space travel are yet to be studied thoroughly to build the foundation for space tourism, the significance of this paper can be described as moderate.

Methods

This assessment of the history of space travel will be scrutinized with the help of the qualitative research method. Specifically, the phenomenology approach will be adopted in order to study the subject of space travel and the opportunities that it currently presents. The Interpretivist approach, coupled with the deductive perspective on the issue at hand, will allow examining the history of space travel in depth, therefore, providing a profound knowledge base for the further evaluation of the current state of space travel. The study will be conducted as archival research involving multi-method longitudinal data collection. The core information will be collected by consulting the available studies on the issue and official reports issued regarding the state of the space travel industry (Mihalache 136). The methodological approach described above is expected to assist in shaping the understanding of the current possibilities of space travel and the present limitations.

Sources

In order to conduct a thorough study of the core information available on the issue at hand, academic articles from peer-reviewed journals will be incorporated into the review. Additionally, the study will consider official reports and government websites addressing the phenomenon of space travel and its feasibility. For instance, the study by Howell examines the extent of the possibility of space travel becoming a more familiar and accessible form of entertainment (69). Similarly, news reports regarding the recent advancements in space travel, as well as the exploration of space and the development of relevant technology, will be incorporated into the range of resources to be used for this paper. The specified diversity in the type and nature of the information to be used to study space travel and its history will contribute to a robust assessment thereof. With the focus on an accurate and honest description of the current state of space travel and the related opportunities, a thorough analysis of the subject matter will be conducted.

Works Cited

Dubiel, Matthew, and Ryan J. Hooper. “Simulation of an Antimatter Beam Core Engine for Space Travel.” Journal of Modern Physics, vol. 10, no. 11, 2019, pp. 1353-1363.

Hoque, Ashikul. “Broadening Opportunities of Space Tourism: Billionaire Group Tour of Space Piloting Fiction into Reality.” Telematique, vol. 22, no. 1, 2023, pp. 364-368.

Howell, Michael, et al. “Is Technological Progress a Random Walk? Examining Data from Space Travel.” Journal of the Arkansas Academy of Science, vol. 75, no. 1, 2021, pp. 67-73.

Mihalache, Gabriela. “Heuristic Inquiry: Differentiated from Descriptive Phenomenology and Aligned with Transpersonal Research Methods.” The Humanistic Psychologist, vol. 47, no. 2, 2019, pp. 136-157.

Pallathadka, Harikumar, and Laxmi Kirana Pallathadka. “A Detailed Study of Space X Vs. Blue Origin Vs. Virgin Galactic and the Future of Space Travel.” Integrated Journal for Research in Arts and Humanities, vol. 2, no. 6, 2022, pp. 195-201.

Stojchevska, Stefani. “The Limitations of Extraterrestrial Migration: Theoretical Interstellar Space Travel toward Habitable Exoplanet Candidates and the Wait Calculation.” The Migration Conference 2022 Selected Papers, vol. 23. Transnational Press London, 2022.

Veech, Stephanie D. “To Infinity and beyond: The History of Space Travel and the Legal Implications of Privatized Space Flight through the Lens of SpaceX.” Loyola Maritime. Law Journal, vol.18, 2019, pp. 151-180.

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