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SpaceX will be transporting people across the Atlantic in under 30 minutes using rocket flights by 2030, investors claim.
Elon Musk’s SpaceX Starship, which is currently working on rocket travel, could potentially make long-haul plane travel obsolete.
It would take just 29 minutes for a trip from London to New York and less than 60 minutes from London to Sydney.
Investors say the current market for flights which last more than 10 hours will likely end once the point-to-point rocket travel through outer-space is introduced.
The market of this newest mode of travel will be worth £15 billion ($19.7 billion) a year by 2030, according to Swiss investment firm UBS.
UBS also predicts that the space tourism industry will hover around £2.3 billion ($3 billion) by 2030.
The rockets will be launched in the upper atmosphere to traverse the long-distance journeys. They will move in the outer space with an incredible speed before returning to Earth.
According to financial experts, this sort of high-speed travel will be a lucrative market for space companies like Virgin Galactic and SpaceX, who are already engaged in a space tourism race.
‘Although some might view the potential to use space to service the long-haul travel market as science fiction, we think there is a large market,’ Myles Walton and Jarrod Castle, analysts with UBS, said.
‘While space tourism is still at a nascent phase, we think that as technology becomes proven, and the cost falls due to technology and competition, space tourism will become more mainstream.’
A rocket will transport people from London to Sydney in less than an hour, cutting almost 22 hours of the journey via an airplane.
Space tourism to nearby planets such as Mars will no longer be a dream, the firm said before adding how hotels are signing up to build their outposts in space.
The wider space industry will rise to £610 billion ($805 billion) by 2030 from its current worth of around £300 billion ($400 billion) today, analysts claim.
Three billionaires’ firms are currently competing to become the first space company to send passengers in space – Amazon CEO Jeff Bezos’ Blue Origin, Tesla founder Elon Musk’s SpaceX, and Sir Richard Branson’s Virgin Galactic.
UBS says the market is huge, even though a small number of passengers will likely use rocket travel to move around in Earth.
For instance, Virgin Galactic, which reached space for the first time in December last year, is charging £190,000 ($250,000) for a place on one of its commercial flights.
Spacecraft sizes will be a huge limiting factor in the potential new mode of travel.
Elon Musk’s Starship rockets will be able to carry just a 100 people and it’s unlikely that any rocket will carry more than 300 people in the near future, UBS says.
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