The idea of a space elevator has been around for over a century. Using an elevator is a very basic idea of getting into Space.
Rockets are incredibly inefficient because they need huge amounts of power to get off the ground, using up most of their fuel fighting against inertia and atmospheric drag.
Space elevator can eliminate most of those problems. The work done is significantly less as no expulsion mass must be carried to do work against gravity, and lower ascent speeds in the lower atmosphere can virtually eliminate atmospheric drag.
The main problem with space elevators would be unfeasible, because no material exists which could support itself at such a height. Scientists say it might take many years to gain technological advancements to build a cable with such extreme capabilities.
To maintain the elevator to be stationary with respect to the Earth, the other end in space must reach 35,000 km and the weight at that end should be very heavy. You might ask that, are we taking that insanely heavy mass into the space to put it on the other? Even scientists are working on it. But the visible fact is, if we don’t take that heavy mass into space from earth, then definitely we need to have that in the outer space! Maybe an “Asteroid”!
Keeping all these complications in mind, some scientists suggest that, before building this on earth, they suggest to try building a space elevator on moon. Because the moons gravity is low, this make almost every thing easy. Kevlar can be used as a cable and the weight at the end in the outer space is low compared to the required weight form the earth.
A few companies are actually trying to make Space elevators happen. So, is this possible now? Right now it might not be possible. But maybe a 30-40 years later definitely possible.