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Space Tourism Market

Space Tourism Market

Space Tourism Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

146

Base Year:

2023

Date

Nov - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1834

Segments Covered
  • By Tourism Type By Tourism Type Orbital, Sub-Orbital, Others
  • By End User By End User Government, Commercials
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2023
Forecast YearsForecast Years: 2024 - 2032
Historical YearsHistorical Years: 2018 - 2022
Revenue 2023Revenue 2023: USD 1198.5 Million
Revenue 2032Revenue 2032: USD 16500 Million
Revenue CAGRRevenue CAGR (2024 - 2032): 31.6%
Fastest Growing Region Fastest Growing Region (2024 - 2032) Europe
Largest Region Largest Region (2023): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Space Tourism Market Share

The global Space Tourism Market is valued at USD 1198.5 Million in 2023 and is projected to reach a value of USD 16500 Million by 2032 at a CAGR (Compound Annual Growth Rate) of 31.6% between 2024 and 2032.

Key Highlights

  • North America predominantly led the Space Tourism market in 2023, with 84% of the total market share
  • Europe is projected to remain the second most revenue-generating region during the forecast period
  • The Orbital segment significantly contributed to the market’s expansion, constituting over 63.5% of the overall revenue share in 2023
  • The Commercials segment took the lead in the market in 2023, constituting over 91.8% of the market share
  • In the United States, the FAA plays a central role in regulating commercial space activities, including Space Tourism. The FAA's Office of Commercial Space Transportation (AST) issues licenses and permits for Space Tourism operations, ensuring that they comply with safety and environmental standards. Companies like Virgin Galactic and Blue Origin have obtained licenses from the FAA for their suborbital spaceflights
  • Space Tourism technology has applications beyond tourism itself. Remote sensing and Earth observation technologies allow Space Tourism companies to offer services to industries such as agriculture, forestry, and climate monitoring

Space Tourism Market Size, 2023 To 2032 (USD Million)

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Regional Overview

In 2023, North America's Space Tourism market holds a significant share of the revenue with 84%. The U.S. plays an important role in developing and commercializing this sector, with North America being a major hub for the emerging space tourist market. North America is home to some of the world's biggest Space Tourism companies, like Virgin Galactic, Blue Origin and SpaceX. Several spaceports, which are essential for launching Space Tourism missions, are located in the United States. Spaceport America in New Mexico and Mojave Air and Space Port in California are key facilities for suborbital flights.

U.S. Space Tourism Market Overview

The Space Tourism market in the United States, with a valuation of USD 1003.6 Million in 2023, is projected to reach around USD 8980 Million by 2032. A significant Compound Annual Growth Rate (CAGR) of 27.5% from 2024 to 2032 is projected in this forecast. The U.S. is at the forefront of spacecraft development, spaceports, regulations and market innovation when it comes to global Space Tourism. Some of the most influential Space Tourism companies, including Virgin Galactic founded by Sir Richard Branson and one of the leading operators in suborbital space travel, are located in the United States. The company's SpaceShipTwo offers suborbital experiences for paying passengers, with its spaceflights taking off from Spaceport America in New Mexico.

U.S. Space Tourism Market

The global Space Tourism market can be categorized as Tourism Type, End-User, and Region.

Parameter Details
Segments Covered

By Tourism Type

  • Orbital
  • Sub-Orbital
  • Others

By End User

  • Government
  • Commercials

By Region

  • North America
    • U.S.
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Airbus SE
  • Axiom Space Inc.
  • Virgin Galactic
  • Blue Origin LLC
  • The Boeing Company
  • Space Exploration Technologies Corp.
  • Zero 2 Infinity
  • Space Perspective
  • World View Enterprises Inc.
  • Space Adventures Inc.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Tourism Type Overview

In 2023, substantial expansion was observed in the Global Space Tourism market within the Orbital category, i.e., 63.5%. Based on the Tourism Type, the Space Tourism market is divided into Orbital, Sub-Orbital, and Others.Orbital tourism, often considered the zenith of Space Tourism experiences, offers travelers the opportunity to embark on an extraordinary journey to Earth's orbit and even make their way to the International Space Station (ISS). Distinguished by its venture far beyond the Earth's stratosphere, reaching altitudes exceeding 160 kilometers, orbital tourism provides passengers with an extended sojourn in the boundless realm of space, characterized by weightlessness and an authentic space station experience.

End-User Overview

In 2023, the global Space Tourism market experienced significant growth, with a 91.8% share in the Commercials segment. Based on the End-User, the Space Tourism market is segmented into Government and Commercials. In this area, the commercial sector has an important role to play, which includes a wide range of businesses that support and enhance the experience of space travel. They are also responsible for contributing to the growth and development of this sector, not only providing access to Space Tourism. In the Space Tourism sector, a dynamic and thriving segment characterized by private companies that are at the forefront of providing such experiences in space travel is commercial Space Tourism. This sector is defined by the involvement of commercial enterprises that offer sub-orbital, orbital, and other space journeys to private individuals and entities.

Key Trends

  1. Sustainable Space Travel: Sustainability is becoming a paramount concern in the Space Tourism market. The impact of the sector on the environment is also an issue as it grows. Space Tourism operators are becoming more and more concerned with the development of greener propulsion systems, better reusability of rockets as well as addressing issues like space debris. It is not only a moral obligation to promote sustainable tourism, but also an answer to the increasing demand for ecoconscious tourism.
  2. Evolving Regulations and Safety Standards: With the commercial Space Tourism sector gaining momentum, there is a pressing need for well-defined regulations and safety standards. The development of guidelines to ensure the safety of passengers and the security of space assets is being actively pursued by government agencies and international organizations. Negotiations are ongoing on issues relating to liability, crew training and accident investigations. Effective rules need to be developed which are consistent in order to strengthen the confidence of the industry and establish a framework for its further development.
  3. Expanding Accessibility and Competition: A major trend in Space Tourism is the drive to enhance accessibility and competitiveness. This includes efforts to reduce the cost of space travel, so that it can be made more accessible. With more competition, technology and business approaches are being improved as a result of an influx of new players. The space industry is expected to revolutionize with greater availability of orbit and orbital flights, allowing companies to compete more effectively for reduced costs, better customer experience as well as an increase in service.

Premium Insights

R&D The research and development industry is playing a key role in the Space Tourism market, driven by innovation, safety improvements, cost reduction as well as overall growth of this sector. One of the main research and development areas is developing spacecraft that can be used for Space Tourism. The creation of suborbital and orbital vehicles that can safely transport passengers into space and back to Earth is also part of this. Companies like Virgin Galactic, Blue Origin, and SpaceX invest heavily in R&D to design and build reliable and reusable spacecraft. Advances in propulsion technology are essential for improving the efficiency and safety of space travel. R&D efforts focus on developing more powerful and eco-friendly engines, such as reusable rocket engines. This can reduce the cost of launches and enhance the environmental sustainability of Space Tourism. Safety is paramount in the Space Tourism industry. R&D is directed at enhancing safety measures, improving crew training, and developing emergency response protocols.

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

  • Real-Time Data Updates:
  • Competitor Benchmarking
  • Market Trends Heatmap
  • Custom Research Queries
  • Market Sentiment Analysis
  • Demographic and Geographic Insights

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Market Dynamics

A technological wave, which has changed our perception of how people travel in outer space, is driving exponential growth within the Space Tourism Industry. Innovation in the design of spacecraft, propulsion systems and launch platforms has been facilitated by technical progress at the heart of this industry. This discovery is at the heart of space travel becoming more accessible, safe and cost effective. The development of modern spaceships has been a major achievement. With their cutting-edge spaceplanes, SpaceShipTwo and New Shepard, companies such as Virgin Galactic and Blue Origin innovated the way we travel in outer space. Using the latest techniques in materials and aeronautics, this spacecraft is constructed with precision.

Spaceports are terrestrial gateway to the universe, and they're a crucial element in the success of space travel. These facilities are used by space travellers as departure and return points. In order to ensure the safety and effectiveness of space travel, it is essential that we build Spaceports which are both well-equipped and modernised. Space Tourism companies can provide passengers with a seamless and secure experience from preparation of the first flight to its launch and return, by investing in spaceport developments. These facilities in regions with favourable weather conditions and airspace are often situated at strategic locations to facilitate regular and reliable launches.

Competitive Landscape

A key factor influencing the competitive dynamics in this sector is the intensity of competition within the Space Tourism market. The number of competitors, their strategies and overall market conditions influence rivalry. There are currently only a limited number of established players in the Space Tourism market, such as Blue Origin, Virgin Galactic, SpaceX, Axiom Space and so on. The first mover advantage was granted to companies such as Virgin Galactic and Blue Origin, which entered the market immediately. They've created a reputation and made themselves known, making it difficult for new entrants to be directly competitive with them. The pace of technological innovation has an impact on competition.

Recent Market Developments

  • In January, 2023 SpaceX unveiled another drone ship named A Shortfall of Gravitas, landing a booster from CRS-23.
  • In January, 2023 World View announced that it had agreed to go public through a SPAC merger later that year. The company would be listed at New York Stock Exchange. The merger would value the company at $350 million.
  • In December, 2022 SpaceX's Falcon 9 became the world record holder for the most launches of a single vehicle type in a single year. SpaceX launched a rocket approximately every six days in 2022, with 61 launches in total. All but one (a Falcon Heavy in November) was on a Falcon 9 rocket.

FAQ
Frequently Asked Question
  • The global Space Tourism valued at USD 1198.5 Million in 2023 and is expected to reach USD 16500 Million in 2032 growing at a CAGR of 31.6%.

  • The prominent players in the market are Airbus SE, Axiom Space Inc., Virgin Galactic, Blue Origin LLC, The Boeing Company, Space Exploration Technologies Corp., Zero 2 Infinity, Space Perspective, World View Enterprises Inc., Space Adventures Inc..

  • The market is project to grow at a CAGR of 31.6% between 2024 and 2032.

  • The driving factors of the Space Tourism include

    • growing inclination of adventure travelers

  • North America was the leading regional segment of the Space Tourism in 2023.