Space Tourism Market

Market Synopsis:

The Global Space Tourism Market was valued at USD 765.44 Million in 2022 and is expected to reach a value of USD 9064.19 Million by 2030. Over the forecast period, the Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 36.20%.

Traveling into space for leisure and entertainment is known as Space Tourism. Tourism in orbital, suborbital, and lunar space falls under this category. Initially, only astronauts, who underwent extensive training, were sent on space missions; however, as time passed, the trend shifted to make Space Tourism seem like a leisure activity. Additionally, the rapid advancement of technology has made it possible for even unskilled individuals to go outside the solar system. To carry out these tourism missions and improve the visitor experience, the key market participants in the Global Space Tourism sector have invested enormous sums of money. It is anticipated that rising travel and tourist costs will increase demand for Space Tourism as a whole throughout the projected period. Therefore, the industry for Space Tourism is expected to grow due to rising investments.

Additionally, it is anticipated that individuals interested in enhanced space exploration will continue to create new potential for the Space Tourism industry during the projection period.

On the other hand, the high involvement costs in the Space Tourism are expected to restrain the market's growth. At the same time, risks like a lack of proper regulation and insufficient safety protocols are likely to make it difficult for the market to expand. Moreover, space tourists are likely exposed to the sun's harmful radiation.

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Competitive benchmarking
• Historical data & forecasts
• Company revenue shares
• Regional opportunities
• Latest trends & dynamics
• Power BI Report (Dashboard)

Speak To Analyst

Market Segmentation:

The Space Tourism Market is segmented based on Space Tourism Types, End Users, and Region. Based on the Space Tourism Types, the market is further segmented into Orbital, Sub-Orbital, and Other Space Tourism Types. Furthermore, based on the End Users, the market is further bifurcated into Government, Commercial, and Other End Users.

Based on Type:

The Sub-Orbital category dominated the market in 2021 and is expected to continue its dominance in the Type segment of the Global Space Tourism Market. Using Sub-Orbital tourism, human spaceflight can reach the edge of the Earth's orbit without exiting it. In this travel, the voyagers can observe space without leaving the Earth's orbit. In addition, they can feel a natural weightlessness feeling by experiencing space travel in the Sub-Orbital category. On the other hand, the Orbital segment too will see the fastest Compound Annual Growth Rate (CAGR) throughout the projected period. Depending on the destination, such as the International Space Station (ISS), the moon, or Mars, an orbital voyage may span a few days or weeks. While SpaceX and Orion Span strive for orbital flights, companies like Virgin Galactic and Blue Origin primarily focus on launching suborbital missions.

Based on End Users:

The Commercial category segment dominated the market in 2021 and continues to dominate as it is anticipated that the Commercial space travel market will rule. Seven commercial spaceflight flights launched in 2021 by various private and governmental entities were successful. Billionaires have spent a lot of money going to space to view the Earth from above. Spaceflight missions have been launched by Virgin Galactic, SpaceX, Blue Origin, and NASA to carry non-astronauts across the universe and return them to Earth after a certain amount of time. The first feature film shot in space and the oldest person to travel to space are just two of the milestones that these explorations have accomplished.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is anticipated to grow exponentially and will account for the highest Compound Annual Growth Rate (CAGR) during the forecast period. The China National Space Administration (CNSA), the Japan Aerospace Exploration Agency (JAXA), and the Indian Space Research Organization (ISRO) are significant contributors to the expansion of the Asia-Pacific market. In addition, CAS Space has been creating rockets for commercial satellite launches. CAS Space is the Chinese Academy of Sciences (CAS) spinoff. By 2024, the business hopes to fly travelers into space after a full suborbital flight in 2023 and a demo trip in 2022. According to a Chinese University of Hong Kong survey, young Chinese respondents showed far more interest in space travel and accommodations than American respondents.

Recent Developments:

• In May 2020, the US-based aerospace company SpaceX launched two humans into orbit using a previously used Falcon 9 rocket. Since rocket reuse significantly reduces the cost of space exploration, this is regarded by the company as a significant technological advancement.
• In February 2019, Virgin Galactic launched Beth Moses as a test passenger into orbit. The cost of each spaceship, which has a capacity for six passengers and two pilots, is $250,000.

Competitive Landscape:

The key 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 others.

Segmentation of the Global Space Tourism Market: