Blogs-Space Tourism Market – Increase in Technological Advancements and Growing Net Worth of Income (HNWI) Individuals Regarding the Spaceflight is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 36.4% from 2022 to 2028

As stated in our extensive report; the Global Space Tourism Market accounted for USD 562.5 Million in 2021. 

The surge in Research and Development (R&D) activities by the government and private research centers, technological advancements in the Space Tourism, and an increasing number of adventure travelers are propelling the demand for Space Tourism. The Space Tourism allows the traveler to travel across the earth’s orbit, which could be for various purposes like leisure and other business. Based on the type, the Space Tourism is segmented into orbital and sub-orbital. The Sub-Orbital Type segment is anticipated to lead the Global Space Tourism Market in the forecasted period. 

Space Tourism is expected to allow non-astronaut people to travel in space. The high net worth of income (HNWI) is inclined towards Space Tourism and is anticipated to boost the Global Space Tourism Market in the future. Billionaires have invested in Space Tourism to travel in space and observe the earth from above. The research organizations such as NASA, space X, and blue origin took the initiative of spaceflight mission that allows non-astronaut people to travel in space. As stated in a study report, almost thirteen spaceflight missions were undertaken in 2021 by government organizations. Out of which, seven were successful. Owing to these initiatives, commercial Space Tourism is estimated to grow at an exponentially increasing Compound Annual Growth Rate (CAGR) in the forecasted period. 

The Global Space Tourism Market based on the region is divided into and the rest of the world. However, the has been dominating the Space Tourism Market over the past few years and is expected to grow more in the future. The Space Tourism Market has grown significantly in owing to the highly developed infrastructure, presence of prominent market players like Space X, blue origin, etc. apart from this, the is estimated to grow at considerably growing Compound Annual Growth Rate (CAGR) rate in the given forecasted period. 

Notable and prominent players in the Global Space Tourism Market include- Airbus Group SE, Axiom Space, Blue Origin, Boeing, Orion Span, Space Adventures, SpaceX, Virgin Galactic, Zero2Infinity, ZERO-G and 160;