The Privatization of Space and Aerospace Companies

Advanced robotics and nanotechnologies brought about a revolution in the aerospace industry. Governments and businesses from across the globe ventured into outer space to explore a new frontier. Now, we’re witnessing a transition as private sector partners enter into the industry and pave the way for an independent aerospace market. This is because privatization of space and aerospace companies has the possibility to create a win-win scenario for all involved parties. Below, we clarify more about the privatization that aerospace companies are undergoing.

How Aerospace Privatization Looks Around the Globe

Space is one of the next great frontiers for humankind to explore. Think of it like an untapped market: from new tourism opportunities to endless natural resources, everyone wants to see how space can improve their specific sector. This includes more than conventional space and aerospace technologies. For example, Orbital Technologies – a private Russian company – is working on plans to launch an astronomical space hotel nestled amongst the stars. Such concepts may have sounded overly romanticized a decade ago, but privatization is bringing them closer to fruition.

The Future of Aerospace

As a whole, the aerospace industry is adopting a startup mentality. What that means is that space and aerospace companies are being driven by agile, independent, and entrepreneurial initiatives. Besides providing better services to governments at affordable costs, the aerospace industry is also offering new innovations and unbelievable life changes to the general public. As privatization creeps more and more into aerospace companies, we expect to see a more agile future for aerospace manufacturing.

Private aerospace companies have been making remarkable strides in their collaborations with NASA to continue exploring this new frontier. Aerospace brands such as SpaceX and Blue Origin are household names now. Besides aiding NASA on design, production, and testing, they are also commercializing space travel and offering unprecedented opportunities to the general public. Plus, other international competitors are making similar strides to privatize their aerospace companies. For the benefits detailed above, it is no wonder why our industry is pivoting in this direction.