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space tourism

Space Tourism Acts Like a Backbone to Commercial Spaceflight

The Growth of the Space Tourism Market

The nascent space tourism sector has demonstrated significant momentum in recent years and appears poised for further expansion. What was previously relegated to the realm of science fiction is increasingly becoming attainable, as industry players work to make space travel accessible to non-astronauts. The global space tourism market – valued at US$869 million in 2022 – is projected to reach US$3.9 billion by 2032 which is corresponding to a promising CAGR of 16.2% over the next decade.

Categories of Space Tourism

Space tourism is a new frontier for adventure and discovery, offering a unique opportunity to experience the wonders of outer space and see the Earth from a different perspective. It is a rapidly growing industry that is driven by several private companies with different visions and strategies for offering space tourism services to their customers. Space tourism is not only a lucrative business – but also a noble endeavour- that can inspire and benefit humanity in many ways.

There are three broad categories of space tourism offerings – orbital, suborbital and lunar. Orbital involves reaching and remaining in Earth’s orbit– typically aboard the ISS or a private station. Suborbital encompasses ascents to approximately 100km in altitude to experience brief periods of microgravity and terrestrial panoramas. Lunar tourism covers trips to and potentially extended stays on the Moon. Based on current trajectories it is safe to assume that the addressable market appears sizable. Continued capital injections and technological progress bode well for progressively democratizing access to space in the years ahead. This evolving landscape warrants ongoing assessment of commercial opportunities.

Source: BT Research

Pioneering Companies Driving the Boom

Several pioneering companies have helped drive the new space tourism boom. For example – SpaceX which is founded by Elon Musk in 2002 – has successfully launched numerous resupply missions and astronauts to the International Space Station. Their next goal is to take private citizens on brief trips beyond Earth’s atmosphere. Virgin Galactic which is founded by Richard Branson in 2004– has also made strides with their SpaceShipTwo spaceplane. After years of development and testing, they began commercial service in 2022. Blue Origin which was started by Jeff Bezos in 2000– launched their first crewed flight of the New Shepard rocket in 2021. These companies are attracting interest and investment from various sources, such as customers, investors, media, regulators and partners.

New entrants have attracted substantial private funding, with Virgin Galactic securing over US$1.5 billion and Blue Origin receiving strategic investments from Amazon’s founder. The growth of the space tourism industry was spurred in the 2000s, when high net worth individuals paid millions to visit the International Space Station via Russian rockets. Since then– dedicated firms have emerged to develop proprietary spacecraft and launch infrastructure, with the objective of delivering experiences to a more inclusive customer profile in a safer and a more affordable manner.

Creating Positive Impact Through Innovation

They are also creating a positive impact on this industry and society by advancing technology, creating jobs, inspiring education, promoting research and fostering cooperation. These leading companies are working to make space tourism accessible to more people through reduced costs and innovative technologies. SpaceX’s reusable rockets have helped drive down launch expenses while Virgin Galactic and Blue Origin are developing spacecraft specifically designed for space tourism missions. Their test flights and commercial operations are generating significant interest among would-be space travellers and investors alike. As the industry matures its more likely that many people from diverse backgrounds may have opportunities to experience the wonders of space.

While the industry evolves into its new era, we may see space travel transition from an extraordinary feat to an attainable experience for more adventurous travellers. The potential for growth in the decades to come remains vast if safety, affordability and reliability continue to improve. The dawn of the space tourism age is an exciting time that could fundamentally transform how humans engage with and experience the wonders of space.

sustainable space

Space Agenda- Balancing Growth and Sustainability

Space activity is growing very rapidly, and many more countries and companies want to be part of it. But there is even more potential. New technologies have made space more accessible– and this has led to new uses for space and ways it can help solve big global problems. Countries and industries have worked together in some areas, but the fast growth could cause problems as the international cooperation and rules may not keep up. Global politics are complicated too. If we want space to help as much as possible, countries will need to think about how to keep it a place where everyone works together.

Current State of Space

The space industry is experiencing unprecedented growth since Sputnik, with billions in private investment fuelling new startups in rocketry and satellites. SpaceX has significantly reduced launch costs to low Earth orbit through reusable rockets, lowering prices to $1,200 per pound of payload. This has enabled more satellite constellations like OneWeb’s planned fleet of 650 satellites and SpaceX’s Starlink network of over 2,000 satellites launched so far. Amazon plans to spend $10 billion on their Project Kuiper constellation of 3,200 satellites.

The increase in satellites is a concern as space debris grows, including defunct satellites and rocket stages. This debris could trigger a chain reaction of collisions called the Kessler Syndrome, eventually making some orbits difficult to use. Launches also raise sustainability issues through greenhouse gas emissions– though effects on the atmosphere are still unknown.

However, more satellites also enable cheaper environmental and human rights monitoring. Commercial imagery has revealed war crimes in Ukraine. Tensions grew from a near collision between Starlink satellites and China’s space station, highlighting the need for better communication as outer space resource extraction begins.

Key Developments and Challenges

  • Major space companies have pledged to advance diversity by annually reporting workforce diversity data and partnering with universities to increase underrepresented groups in technical fields.
  • The UN banned mercury as a satellite propellant by 2025 due to human health risks from mercury reentering the atmosphere. A whistleblower had revealed a mercury thruster was being developed in 2018. The ban occurred before any reached orbit.
  • Astroscale received ESA funding for a 2024 demo mission to remove a OneWeb satellite from orbit, testing debris removal. They plan to launch a commercial de-orbit service for satellite operators.

Ensuring a Sustainable Future

  1. By the aerospace companies:
    • Durable designs
    • Coordinated Operation
    • Sustainable Disposal
    • Continuous Assessment
  2. By the international agencies:
    • Space surveillance and tracking
    • Regulation and standards
    • International cooperation
sustainable space

The Space Industry- Poised for Sustainable Growth

The pre-eminent race for space first began in the 20th century between the USA and USSR which was an extension of the cold war between those countries. Both wanted to project their superiority onto the world and conquering space was a means to do so. The evolution of human civilization was just a pretext for the same.

For reference, NASA’s budget peaked in 1965 at almost $60 billion during the race against the Soviet Union. The race was expensive, with the Mercury, Gemini, and Apollo projects costing $25 billion at the time and more than $110 billion when adjusted for inflation. While the estimated budget for ISRO in 2023 is $1.6 Billion. The difference is just jaw-dropping.

After the Cold War the interest in space in the public domain waned as the world started focusing on other concerns. But the interest now has resurfaced, and the pioneers are no longer the government space agencies, rather it’s the private sector carrying the helm and the motivation behind the sector’s uprising is economic and social prosperity.

Space-Based Companies

The following table lists the leading space-based companies:

But it’s not just the big companies who are leading the way, there have been numerous start-ups around the world that are making their presence felt.

Space-Based Innovations

However a popular misconception exists within people that when we talk about space-based companies, it’s related to rocket launch and satellites. But these companies often develop application that utilise the existing network of satellites to develop solutions for various sectors. These application ranges from Energy and Mining to Finance. Multiple aspects within the domain of this industry mingle with each other to formulate a strategy of cohesive growth.

After knowing about the possibilities that the space-based industry holds, containing the excitement and hype is not possible. Even in India the momentum behind space-based activities is huge, with the success of Chandrayaan-3’s Moon landing, it is pertinent to acknowledge that many homegrown spacetech startups have emerged as silent knights.

Just until a few years ago, the amount of space missions were insignificant, and the private sector was effectively non-existent but 2022 witnessed the historic first private rocket launch by Skyroot and multiple other satellite launches, grabbing eyeballs the world over.

This has been made possible by the government’s push and support for the private sector in spacetech. In July, the GST Council set the launchpad for spacetech startups with a 0% GST regime. During the 50th meeting of the Council, Finance Minister Nirmala Sitharaman highlighted that the initiative was aimed at fostering emerging startups in the rapidly growing spacetech sector.

Another report by IN-SPACE-e, an autonomous body under the Department of Space, suggests that India’s space sector has the potential to grow from $8.4 billion currently to $44 billion in the next decade.

Potential for Growth

According to a study published by IBEF in December 2022, India accounted for 2.1% of the global space economy in 2020, with a market share of $9.6 Bn, comprising 0.4% of the country’s total GDP. However, India’s space economy has the potential to grow significantly in the coming years. Plenty evidence suggest that India’s space economy could potentially touch $100 billion by 2040.

advanced manufacturing article

The Evolving Landscape of Advanced Manufacturing

The manufacturing industry has undergone tremendous changes over the past few decades with each new industrial revolution. We are now in the midst of Industry 4.0 – the fourth industrial revolution – which is bringing about a new wave of advancements with cutting-edge technologies like artificial intelligence, cloud computing, advanced robotics, 3D printing & more.

As a global management consulting firm, we have been closely tracking developments in the Industry 4.0 space through research and client engagements. Our findings indicate that Industry 4.0 will transform business operations across various sectors by driving productivity, efficiency, flexibility and sustainability.

The interconnected and data-driven nature of Industry 4.0 solutions is helping businesses gain real-time insights, optimize processes, boost output and reduce costs significantly.

Market Trajectory

Our market analysis reports indicate the global Industry 4.0 market size was valued at USD 100.32 billion in 2021. It is expected to witness tremendous growth and reach USD 352.27 billion by 2029, expanding at an impressive 16.6% CAGR during the forecast period.

This underscores the massive potential and widespread adoption of advanced manufacturing technologies worldwide. All major industrialized regions like North America, Europe, Asia-Pacific and Latin America are increasingly investing in Industry 4.0 upgrades.

The Internet of Things (IoT), cloud computing, analytics, artificial intelligence (AI) and machine learning are driving forces behind Industry 4.0– which is revolutionising the ways in which organisations manufacture, improve and disseminate their commodities.

Major forces driving the manufacturing sector forward include the rapid adoption of artificial intelligence and the internet of things by manufacturers, rising consumer interest in medicines and medical products made by robots, increased use of 3D printing and additive manufacturing and increasing government support for these technologies.

Key Enabling Technologies

Some of the key Industry 4.0 technologies gaining traction include industrial automation solutions, industrial internet of things (IIoT), industrial 3D printing, robotics, artificial intelligence, machine learning, digital twin, additive manufacturing and more.

The integration of these technologies is helping organizations drive higher productivity, better quality, reduced downtime and data-driven decision making. For instance–IoT connectivity allows real-time equipment monitoring and predictive maintenance.

Use of robotics and automation improves production throughput. Implementation of digital twins aids in virtual prototyping and simulation of processes.

Strategic and Operational Benefits

Beyond operational efficiencies, Industry 4.0 also brings strategic advantages such as launching new customized products and services faster.

The data generated can be leveraged for new revenue streams through analytics services. The flexibility of Industry 4.0 plants allows on-demand manufacturing and mass customization leading to an enhanced customer experience. Environmental benefits include reduced energy consumption and optimized resource usage.


While Industry 4.0 transformations do pose initial challenges, the long-term advantages far outweigh these. Early adopters will gain competitive differentiation and market position.

Those who delay integration also risk losing out to more agile competitors. We recommend leveraging Industry 4.0 technologies to optimize operations, unlock new revenue streams and future-proof organizations for tomorrow’s demands. A proactive strategy can help stay ahead of the curve in this dynamic environment.

aviation blog

The Emergence of Indian Aviation

The aviation industry is one of the most dynamic and competitive sectors in the world. It connects people, cultures, and economies across the globe. India, as the world’s third-largest civil aviation market, has a rich and fascinating history of aviation development. In this article, we will explore how India’s aviation industry has evolved over the decades, what are the current challenges and opportunities it faces, and what are the recent news and developments in this sector.

In 1946, Air India was originally established by JRD Tata as Tata Airlines and in 1953, the government nationalized the aviation industry and merged eight major airlines into two state-run airlines: Air India for international routes and Indian Airlines for domestic routes. These two airlines dominated the market for decades, facing challenges such as high costs, wars, and competition from foreign carriers. In 1994, the government liberalized the sector and allowed private players to enter. This led to the emergence of new airlines such as Jet Airways, SpiceJet, IndiGo, GoAir, and others. Air India remained a government-owned airline until 2021 when Tata Group acquired it again through privatization, returning the airline to its roots.

Current Indian Aviation Market

The current situation of the Indian aviation industry is a result of various factors such as market demand, policy reforms, infrastructure development, technological innovation, and competition. India has witnessed a rapid growth in air passenger traffic over the years, driven by rising income levels, urbanization, tourism, and low-cost carriers. According to the International Air Transport Association (IATA), India is expected to become the world’s largest domestic aviation market by 2024.

However, the growth of the industry has also brought challenges such as high operating costs, regulatory hurdles, infrastructure constraints, environmental concerns, and safety issues. The industry has also faced shocks such as the global financial crisis in 2008-09, the grounding of Kingfisher Airlines in 2012-13, the collapse of Jet Airways in 2019-20, and the Covid-19 pandemic in 2020-21. These events have impacted the profitability and sustainability of many airlines and have led to consolidation and restructuring in the sector.

India’s domestic passenger traffic growth is estimated to grow between 8 and 13 percent in the current fiscal to reach 150 million, while international passenger traffic for Indian carriers is likely to grow between 10 and 15 percent, according to credit rating agency, ICRA. Yet, losses continue to haunt the industry, which was hit hard by the Covid-19 pandemic. In the ongoing fiscal, losses of India’s airlines are expected between Rs 5,000 crore and Rs 7,000 crore, according to ICRA.
Much of this is also because India’s airlines continue to grapple with structural issues, including the taxation on aviation turbine fuel (ATF), high airport charges, lack of secondary airports, and currency fluctuations. This is also why, India often sees airlines folding up after accumulating colossal debt. Between 2018 and 2023, one airline has shut down operations while another has announced voluntary insolvency.

Brace for Impact of Duopoly

One of the outcomes of the consolidation and restructuring in the Indian aviation industry is the emergence of a duopoly between IndiGo and Air India. These two airlines together account for 89% of the domestic market share and have significant presence on international routes as well. IndiGo is the country’s largest airline with a low-cost business model. Air India is the national carrier with a full-service business model.

According to the Airports Council International, India saw the highest increase?41 per cent?in airfares in the Asia-Pacific region in the first three months of 2023 over pre-Covid times. One reason is the impressive passenger growth. Domestic flyers increased by 43 per cent during January-March 2023, compared with the same period a year ago. Nine crore people flew till June from the beginning of the year. But there is another major reason?all other airline companies have become marginal or are facing existential challenges because of the market clout of Indigo and Air India.

Indigo carried 6.69 crore of about 9 crore domestic flyers in the first six months of 2023?a market share of 63.3 per cent, which is unheard of in any open aviation market. Air India came second with a market share of 9.8 per cent. Together, they accounted for 73.1 per cent of domestic passengers . The next three players? Vistara, Air India Express and SpiceJet?had market shares of 9.8 per cent, 7.1 per cent and 4.4 per cent respectively.

Indigo and Air India also have the largest fleets in the country, with 286 and 173 aircraft respectively as of June 2023. SpiceJet has 82 aircraft, GoAir has 55 and Vistara has 48. The fleet size determines the network coverage and frequency of flights, which are crucial factors for attracting customers.

The duopoly situation poses several risks for the Indian aviation sector. In a duopoly, there is a strong likelihood of relatively higher prices and fewer choices for consumers, and suboptimal innovation and market growth. If allowed to consolidate and strengthen, duopolies can also act as huge impediments for new entrants, which again means lower competition and choices for consumers on a sustained basis.

The Indian aviation sector needs more players to ensure a healthy and competitive environment that benefits all stakeholders. The government should create a level playing field for all airlines by rationalising taxes, reducing costs and easing regulations. The existing players should also diversify their product offerings and cater to different segments of customers, such as full-service carriers (FSCs) and low-cost carriers (LCCs).

The duopoly reduces competition, limits consumer choice, increases market power, and creates entry barriers for new entrants. The duopoly also poses regulatory challenges for ensuring fair play, consumer protection, and public interest.

Recent News and Developments

The Indian aviation industry is experiencing significant growth recently. Passenger traffic has been rebounding strongly since the easing of pandemic restrictions. Several airlines have placed large aircraft orders to support their expansion plans.

The Indian aviation market has witnessed a lot of changes in the first half of 2023, with IndiGo and Akasa Air emerging as the dominant players. While IndiGo has consolidated its position with record-breaking orders and a high market share, Akasa Air has surprised many with its rapid growth and innovation. However, not all airlines have been successful, as some have struggled with financial and operational issues. The future of the market will depend on how the airlines cope with the increasing competition, both domestic and international, and how the government and the industry ensure the safety and benefits of aviation.

Aerospace Supplies Government Agency Avaiation

Comprehensive B-Plan & Strategy Report- 305 Aero Supplies

305 Aero Supplies partnered with Ruskin Felix Consulting LLC where in RFC consulted them to be prepared on how to position them in the current landscape of the US markets. They are a small and growing business providing all sorts of solutions for engineering and IT projects, especially when it comes to aviation and electronics systems. Basically, 305 Aero Supplies offer products and services to help out the US defense industry – things like aircraft maintenance support, communications system support and project management.

305 Aero Supplies catered primarily to government agencies working in aerospace and defence industries which included the U.S. Department of Defence (DoD), U.S. Air Force (USAF), U.S. Navy (USN), U.S. Army (USA), and other federal agencies. RFC formulated their business model and strategy tailored to cater the needs of these agencies in form of sub-contracting agencies for tenders released by them. 305 Aero Supplies came under the special category of being a Service-Disabled & Veteran Owned Small Business which allowed them greater access to government contracts and tenders.

Leveraging the special status that 305 Aero Supplies holds we gave measures to optimize financing and tender opportunities through SBA (small business administration) programs. Through diligent market research and capability building mechanisms which will lead them to sustain their operations while being in competition with local players who operate in similar jurisdiction.

RFC recognized the unique expertise of 305 Aero Supplies in delivering highly complex services like aircraft services support, communication systems support services, electronic systems support services, field service representative (FSR) support, logistics support services, procurement services, project management, and quality assurance support to federal agencies and departments. We formulated the business strategy to build upon their expertise to cater the commercial sector with an objective to diversify and expand their customer base such that they do not become dependent on a restricted source of revenue.     

To initiate the expansion into the corporate sector and B2C opportunities, we designed an effective marketing strategy with an optimized sale funnel to generate leads, conversion and their retention. As a small and growing enterprise, developing strong connections in the B2B space is super important for 305 Aero Supplies. RFC helped in creating valuable strategies which led to upscale their functionability in the domain they wanted to cater in. RFC also helped them understand key account management strategies for longer retention policies which helped 305 aerospace focus on and establish important partnerships.

In conclusion, 305 Aero Supplies is an ideal partner for the aerospace and defence industries because to our extensive background in avionics and electronics and our many relevant certifications. Furthermore, as they expand, they will be able to take on increasingly difficult tasks.

Airline RFC Airplane

Company Analysis – Wizz Air

Ruskin Felix Consulting (RFC) collaborated with Wizz Air Holdings, a prominent low-cost airline operating across Central and Eastern Europe, to provide strategic leadership consulting. The comprehensive report prepared by RFC included a thorough analysis of the company’s financial health and risk assessment, aimed at identifying opportunities for growth and risk mitigation.

RFC conducted a detailed computation of the gearing ratio for Wizz Air over the years, highlighting a notable increase in debt levels in 2021, mainly attributed to increased leverage and leasing costs, fleet expansion, working capital requirements, and the impact of COVID-19 on revenue generation. The report delved into the debt analysis, revealing an alarming negative Interest Coverage Ratio and an exceptionally high Debt-to-Equity ratio, raising concerns about the company’s financial stability and going concern aspect.

To address these risks, RFC presented risk mitigation strategies for Wizz Air. The company can optimize its gearing ratio by paying off debts through various means, including increasing shareholder equity, converting loans into stock, minimizing operating costs, and maximizing revenue through profit-maximizing plans. The report recommended attaining full normalcy of operations once COVID restrictions are lifted and seeking strategic partners for funding and investment partnerships.

Additionally, RFC formulated a fleet plan strategy for Wizz Air aimed at reducing unit costs to compete with main rival Ryanair in the Central/Eastern Europe market. The fleet plan involved rapid capacity growth over several years, which may also exert downward pressure on unit revenue. However, the strategy’s underlying premise was that the fleet plan would result in lower unit costs, surpassing any potential decline in unit revenue in the long run.

Furthermore, the report emphasized the importance of deleveraging, which would be dependent on market recovery and fleet growth. RFC’s assessment indicated that Wizz Air’s funds from operations adjusted net leverage would remain weak in the near future but could improve beyond the negative sensitivity threshold by FYE24. To safeguard the company’s position as a market leader, Wizz Air implemented cost-reduction measures and focused on growth, postponing dividends in FY22-FY24. RFC’s leadership consulting services empowered Wizz Air to address financial challenges, optimize growth opportunities, and enhance its competitive position in the dynamic aviation industry. With a clear roadmap for risk mitigation and growth, Wizz Air remains poised for success and continued market leadership under the guidance of RFC.

European Space Agency

Ruskin Felix Consulting LLC prepared a strategic plan for COVID-19 response by European Space Agency (ESA), while also assessing the strategies and the current scenario. The report lays emphasis on the current COVID-19 issue and assesses the duration of impact in the long-term and short-term. A clear understanding of the behavioral aspects and the global measures taken by other agencies is highlighted in the report. The response to the current COVID-19 situation and strategies post COVID-19 is highlighted in the report. 

During the COVID-19 pandemic, all industries, worldwide, were striving to ameliorate the impact of the coronavirus pandemic. That was a particularly sensitive issue for the space activity industry, which must be proactive to safeguard the high value and influence it has on the world economy. The sector will continue to bear some significant consequences from this global crisis. Space science, its operations, missions, research practices, and so on are mostly conceived for face-to-face work. As an immediate consequence, confinement impedes efficient collaboration and forces engineers, scientists, and other personnel to work remotely. It is unprecedented for space agencies or sophisticated engineering organizations to work this way. There are security and privacy risks, as well as an ongoing process of troubleshooting that arises from a culture of face-to-face employment.

Given the COVID-19 situation, European Space Agency was forced to temporarily scale down and even stop some of its key operations and missions, the recent four-spacecraft Cluster mission, for example. This led to a real, pressing dilemma for the upper management of the ESA and other agencies. They have taken concrete measures to minimize risks to employees, but the question is whether the measures should continue as they are or if there are ways to improve the productivity of the agency. Under the unprecedented conditions, a research-based road map that outlines potential solutions and best practices could be especially helpful. The goal of this report is to highlight and address this issue for bringing efficiency and effectiveness into existing systems and procedures.

The aim of the whole strategy is not just to prevent damage to the operations of the agency in the present and from similar epidemics in the future, but also to create an environment to sustain growth, bring in innovation and designing and assembling machines and technology. Innovation should be at the forefront of the agency and should hold the main responsibility for taking ESA to the next level. A special cell should be created for design innovation, its strategic implementation, creating technologies to monitor them. 

ESA should aim to become the agency of the future by bringing a higher sense of conviction in its operations and efficiency. The Digital etiquette of all stakeholders must be bettered to introduce more reliance and sustenance of operations during any collapse. A disaster management unit should be made to set up policies and procedures taking all aspects into account – Biohazard, Epidemics, Natural Disasters, etc. ESA should be the most prepared when it comes to its response against any odds and should have contingencies to guide itself through each storm. 

By 2025, in a short span of 5 years, ESA should demonstrate successful project completions with proper integration of technology, additive manufacturing, A controlled use of AI, and partial virtual co-working.

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