The space tourism market size was $598.4 million in 2021 and is expected to reach $12,690.6 million by 2031, registering a CAGR of 36.4% from 2022 to 2031.
Space tourism is human space travel for recreational purposes. There are several different types of space tourism, including orbital and suborbital. Space tourism is a type of vacation where travelers pay to fly into space. The phrase "space tourism" has evolved to refer to the practice of regular people purchasing tickets for trips to and from space. This concept is considered futuristic by many. But since more and more expert work has been done on the topic in recent years, it is now evident that establishing commercial space tourism services is a viable business goal in the present day.
The space tourism industry is projected to be fueled by the rise in technological advancements, consistent transformations in technology are proliferating the demand for the space tourism market globally. Moreover, technological advancements in the field of space travel are fueling the development of spacecraft and superior rockets at a robust pace. This way, space tourists are allowed to travel into space and gain the expected experience. Moreover, major emerging economies across the globe are exploring space programs, which, in turn, is anticipated to fuel the space tourism market growth.
Moreover, the rising trend of space tourism is the major driver which propels the Space tourism market demand. The market for space tourism is expected to grow faster than expected throughout the projected period as the practice becomes more widely accepted in international markets. In addition, it is anticipated that increasing competition in the space tourism sector will drive down prices. Furthermore, as the orbit is reached by the next-generation space planes, the cost of entering space is anticipated to fall sharply. As a result, the price of launching satellites is probably going to drop significantly, which would lower the overall cost of space exploration operations. Such factors are propelling the space tourism market growth.
Additionally, a decline in the costs of space tourism flights is also a key factor boosting market growth. The downfall in the ticket prices of space tourism is attracting a large number of consumers. A journey into space now costs only $250,000 overall, down from its initial price of roughly $600,000. Customers that typically fall among the top 1% of income earners make up the entire client base for this market.
Moreover, the focus on Research and Development (R&D) initiatives by market players is creating many opportunities in the space tourism market. There are numerous commercial suborbital spacecraft being developed right now, each with a different set of characteristics. The Suborbital Applications Research Group (SARG), founded by the Commercial Spaceflight Federation, aims to increase public awareness of the research and educational possibilities of the suborbital reusable launch vehicles now under development.
However, technical risks with these types of activities are a factor hampering the growth of the market. Despite the fact that space missions have been successfully conducted for more than 50 years, there are many technical dangers associated with commercial, high-volume space flights employed for space tourism.
Additionally, Strict Government rules related to spaceships are restraining the market growth.
The Space tourism market forecast is segmented on the basis of type, end use, and region. On the basis of type, the market is classified into orbital and sub orbital. By end use, the market is bifurcated into Government, and commercial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Type
The Orbital segment would witness the fastest growth, registering a CAGR of 37.2% during the forecast period.
By Type, the Space tourism market is segmented into orbital, and sub orbital. The sub orbital segment accounted for a major space tourism market share in 2021, and is expected to grow at a significant CAGR during the forecast period. Sub orbital tourism packages that can provide the longest duration of zero-gravity and the most thrilling Earth view from space to its consumer can be considered superior than the others. Suborbital tourism is on the rise as it allows individuals to experience weightlessness and observe space without actually exiting the Earth's orbit. As a result, human spaceflight can reach the edge of the universe without entering orbit.
By End Use
The government segment would witness the fastest growth, registering a CAGR of 37.2% during the forecast period.
By end use, the Space tourism market is segmented into Government, and commercial. The commercial segment accounted for a major share in the Space tourism market in 2021, and is expected to grow at a significant CAGR during the forecast period. Commercial space tourism means the private companies in the space industry such as space x, blue origin, and others. The commercial space tourism market is rising and expected to dominate the market. There were thirteen commercial spaceflight missions undertaken by several private and government organizations, of which seven missions were executed successfully. Billionaires have invested considerable sums in traveling to space and witnessing the Earth from above. Such factors are surging the demand for this segment in the near future.
By Region
The LAMEA region would witness the fastest growth, registering a CAGR of 68.1% during the forecast period.
By region, the space tourism market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The North America Space tourism market is accounted for a major share in the Space tourism market in 2021 and is expected to grow at a significant CAGR during the forecast period. The area has a highly developed infrastructure and a sizable research and development base, which will enable it to dominate the global market in terms of revenue throughout the anticipated time. Modern technology has been implemented more quickly thanks to an established infrastructure.
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the Space tourism market include Blue Origin, Virgin Galactic, SpaceX, Airbus Group SE, Boeing, ZERO-G, Axiom Space, Bigelow Aerospace, Orion Span, Space Adventures, Space Perspective, World View Enterprises, Zero2Infinity.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Space tourism market analysis from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and Space tourism market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Space tourism market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global Space tourism industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Space tourism market trends, key players, market segments, distribution channel areas, and Space tourism market growth strategies.
Space Tourism Market Report Highlights
| Aspects | Details |
 By Type |
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 By End Use |
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 By Region |
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 Key Market Players | Bigelow Aerospace, Virgin Galactic, Space Adventures, World View Enterprises, Blue Origin, Airbus Group SE, Axiom Space, Zero2Infinity, Space Perspective, SpaceX, ZERO-G, Boeing, Orion Span |
Analyst Review
According to the insights of the CXOs, the global space tourism market is expected to witness robust growth during the forecast period. This is attributed to the rising trend of space tourism across the globe. The trend of space tourism is gradually gaining recognition in the global markets and is anticipated to accelerate the growth of the global space tourism market during the forecast timeframe. In addition, the growing completion in the space tourism industry is expected to decrease the cost of space tourism. Furthermore, to attract consumers around the globe, key players in the market are focused on Research and Development (R&D) initiatives.
CXOs further added about the increase in technological advancements. Global demand for space tourism is growing as a result of ongoing technological advancements. Moreover, the construction of spacecraft and better rockets is advancing at a rapid rate thanks to technological developments in the field of space travel. Space tourists are able to go into space in this fashion and have the experience they desire. Major growing economies all around the world are also investigating space projects, which is expected to promote the expansion of the space tourism industry globally. However, despite the fact that space missions have been successfully conducted for more than 50 years, there are many technical dangers associated with commercial, high-volume space flights employed for space tourism. Thus, such factors are hampering the market growth.
The space tourism market size was $598.4 million in 2021 and is expected to reach $12,690.6 million by 2031, registering a CAGR of 36.4% from 2022 to 2031.
The CAGR of Space Tourism Market is 36.4%.
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2021 is the base year calculated in the Space Tourism Market report.
The key players profiled in the report include Blue Origin, Virgin Galactic, SpaceX, Airbus Group SE, Boeing, ZERO-G, Axiom Space, Bigelow Aerospace, Orion Span, Space Adventures, Space Perspective, World View Enterprises, Zero2Infinity.
Type and end use are the segments of Space Tourism Market.
Increasing competition in the space tourism sector and rise in technological advancements, consistent transformations in technology are the key trends in the Space Tourism Market report.
North America has the highest Space Tourism market share in 2021.
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