I believe the market will self regulate and balance itself.
That is what most people believe in with regards to the model of block rewards bitcoin has. The market will eventually adjust, or the market value of bitcoin will continuously appreciate as block rewards continue decreasing. A basic working thought of supply and demand, but we all know that it's a bit more complicated than that so we are not entirely sure what will happen within the next 120+ years until the mining reward is completely exhausted and all that we have left are fees.
If the incentive is too low to mine, less people will mine, less hashrate. Then it will be profitable again (people will not pay to mine).
Also, with the increase of bitcoin adoption and demand, blocks will have more transactions and more money will come from fees. We are talking about something like 2050 and beyond. So I believe it is quite possible.
True, and we've seen the hash rate dropped when the rewards are not promising, and so people with larger facilities and more rigs tend to reap the benefits on the absence of most miners. Also, interest from the masses and companies are catching up, too, so there's that.