- Britain leading the space race with world's first non-American spaceport
- New venture provokes interest of space tourism giants Virgin Galactic and XCOR
- Space travel looks to be an increasingly attainable dream for consumers as prices look to fall
Editor's note: The 49th Farnborough International Airshow takes place in Hampshire, England between 14-20 July 2014. Considered one of the biggest aviation events in the world, CNN will be there talking to all the big industry names.
(CNN) -- Britain has stolen a march in the space race with plans for the world's first spaceport outside the U.S., which is hoping to be operational by 2018.
An official announcement will be made Tuesday at the Farnborough Air Show in Hampshire, England.
The UK government has expressed the ambitious target of capturing 10% of the global space sector, quadrupling the value of the nation's industry to $68 billion a year.
"We have worked out the regulatory regime we need to launch spaceships in Britain and assessed what kind of aviation checks will have to be imposed when we put craft into space," said the UK's science minister David Willetts.
"We have now created a shortlist of locations for the first British spaceport."
He added: "My benchmark is to ensure the UK space sector is growing faster than the Chinese economy".
Until now, the UK had limited its involvements in space programs, launching rockets from Australia rather than constructing its own facility.
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But the announcement has sparked fierce competition to become the base of the new venture.
Several locations in Scotland have been mooted despite the possibility of the country breaking away from the UK in an imminent referendum.
The news is a reflection of growth and confidence in British space companies.
One such group, Reaction Engines, recently announced a revolutionary new design for a pilotless reusable spacecraft, and intends for this to take off and land like planes, offering an indication of the consumer experience as and when plans come to fruition.
David Willetts, Science Minister
In addition, international leaders in space tourism Virgin Galactic and XCOR would also be expected to make use of the new base, with Richard Branson having expressed interest in a UK site.
The growing competition and infrastructure should see the price of a trip to space decline sharply from the current $204,000 quoted by Virgin Galactic, with flights to launch from New Mexico later this year.
Prices could fall by as much as 80% ahead of the 2018 launch of the UK spaceport, according to the Space Innovation and Growth Strategy board.
The UK's statement of intent could spark a competitive rush as rivals stake claims for a piece of the new sector. Consumers look set to be the winners as the one-time dream of space travel for all becomes an ever more accessible reality.
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