In terms of revenue, the Global Space Tourism Market is expected to reach USD 3622.5 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 36.20% from 2022 to 2028.
A sort of space travel called "Space Tourism" enables people to explore the solar system for fun or pleasure. The demand for the Global Space Tourism Market is driven by factors like the shift in consumer inclination to spend on once-in-a-lifetime experiences and the growing commercialization of the Space Tourism industry. The market is being driven by the expanding applications of Space Tourism across multiple end-use industries. Technological advancement is a significant trend gaining popularity in the Space Tourism industry. The most important firms in this market are developing cutting-edge technology to lead it. This will provide the reader an edge over other readers because it will allow them to make an informed choice by considering the market.
Key Highlights from Report:
- The Commercial segment is accounted to drive the highest growth in the market during the forecast period. Space Tourism is still in its early phases, and only a few businesses are now engaged. Commercial organizations, space rockets, and space stations are lowering the cost of orbital access, enabling countries, corporations, and even private citizens to go to the farthest regions of the cosmos. As the demand for Space Tourism increased, more companies joined the market to take advantage of the rekindled public interest in space.
- Market share was gained by the Sub-Orbital segment, which dominated the entire market during the forecast period. People can observe space and feel weightless without really leaving the Earth's orbit, thanks to suborbital tourism. As a result, human spaceflight can reach the edge of the universe without entering orbit. The speed of a Sub-Orbital flight is lower than that of an orbital trip. As a result, these trips lack the necessary acceleration to enter orbit. When the motors are turned off, these flights descend to the ground after ascending to a certain height.
- The market is dominated by North America, especially by the United States. Most well-known industry operators are situated in the United States, where the Space Tourism industry was founded. Two important factors influencing the growth of the Space Tourism industry in the United States are the high average disposable income and the presence of most billionaires. Grow throughout the forecast.
Traveling to space for leisure is known as Space Tourism. Up until recently, only the richest people could travel to space. High Net Worth Persons (HNWI) individuals' interest in spaceflight, rising technological breakthroughs, expanding tendency of adventure travelers, and greater attention to R&D activities by public and private research institutions are some of the factors driving the market's expansion. People can travel within and across Earth's orbit through Space Tourism for pleasure, business, or both. Travel will likely become more accessible to laypeople and people who are not astronauts in the next years, thanks to Space Tourism. Due to technology advancements and consumer preferences for space exploration, the sector is growing at a phenomenal rate.
North America is expected to continue to dominate the market. The area has a highly developed infrastructure and a sizable research and development base, enabling it to dominate the global market in terms of revenue throughout the anticipated time. Modern technology has been implemented more quickly thanks to established infrastructure. The substantial presence of small and medium-sized businesses in North America that provide goods and services to the industry giants.
The Global Space Tourism Market is Segmented as follows:
- Space Tourism Types
- Other Space Tourism Types
- End Users
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Space Tourism Market is:
Airbus Group SE, Axiom Space, Blue Origin, Boeing, Orion Span, Space Adventures, SpaceX, Virgin Galactic, Zero2Infinity, ZERO-G
The Global Space Tourism Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|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|