Last year, a total of 50 spacesuits were sold globally, amounting to a value of around $100 million. Spacesuits are currently a high margin, low volume business, but according to a report just released by the Space Angels Network, a VC firm that funds space ventures, change is around the corner.
As more private manned missions take off, there will be an increased demand for spacesuits. The report predicts that there will soon be a spike in spacesuit innovation, which will reduce the time to bring a new product to market.
And this is important because spacesuits have not improved significantly over the last 50 years. Suits must preserve atmospheric pressure to allow normal functions to continue, while also interfacing with the space vehicle.
But with companies like SpaceX and Virgin Galactic entering the space industry, the new generation of spacesuits will need to have new capabilities. The report says they will have to be more comfortable and aesthetically pleasing than what is currently on the market.
You can read the full report here.