Global Space Tourism Market

Space Tourism Market Size, Share, Growth Analysis, By Type(Orbital, Sub-Orbital, Others), By End-User(Government, Commercial, Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20S2010 | Region: Global | Published Date: July, 2001
Pages: 221 | Tables: 63 | Figures: 75

Space Tourism Market Insights

Space Tourism Market size was valued at USD 495.79 million in 2019 and is poised to grow from USD 695.1 million in 2023 to USD 14547.15 million by 2031, growing at a CAGR of 40.2% in the forecast period (2024-2031).

Rising technological improvements, a growing interest among adventure travelers and High Net Worth Individuals (HNWI) in spaceflight, and increased attention on research and development efforts by government and commercial research institutions are some of the reasons driving market expansion. Travelers can use space tourism to travel within and across the Earth's orbit for leisure, recreation, or business. Space tourism is expected to make space travel more accessible to non-astronauts and laypeople in the coming years. Because of technology advancements and users' interest in space experiences, the sector is expanding at a rapid pace.

In 2021, there will be 146 space launches, with 51 from the United States, 55 from China, and 25 from Russia. The number of launches is predicted to increase, which will damage the ozone layer and have a negative impact on the Earth's climate. Researchers from the Massachusetts Institute of Technology (MIT), the University of Cambridge, and the University College London (UCL) discovered in June 2022 that soot generated from rocket launches had influenced the atmosphere by generating more heat than other emitting sources.

US Space Tourism Market is poised to grow at a sustainable CAGR for the next forcast year.

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Space Tourism Market size was valued at USD 495.79 million in 2019 and is poised to grow from USD 695.1 million in 2023 to USD 14547.15 million by 2031, growing at a CAGR of 40.2% in the forecast period (2024-2031).

The market is consolidated in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Blue Origin LLC', 'Space Adventures, Inc.', 'Virgin Galactic Holdings, Inc.', 'SpaceX', 'Zero Gravity Corporation', 'Boeing Space Exploration', 'Bigelow Aerospace', 'EADS Astrium', 'Excalibur Almaz, Ltd.', 'Golden Spike Company', 'Masten Space Systems', 'Planetary Resources, Inc.', 'Rocket Lab USA, Inc.', 'Sierra Nevada Corporation', 'Space Island Group', 'SpaceDev, Inc.', 'Stratolaunch Systems', 'The Spaceship Company', 'XCOR Aerospace', 'Zero 2 Infinity'

Although space tourism will be confined to a few, new players offering lower-cost choices are likely to enter the market. Space Perspective's stratospheric ballooning service is one such example. Until large corporations such as SpaceX, Virgin Galactic, and Blue Origin can scale their technology to make it cheap to non-millionaires, they will have a small target market of around 1% of the world's population. The US will be the key source market for space tourism businesses. All participants in the space tourism sector should focus on the US source market when advertising their trips and hotels, as efforts aimed at this market are likely to have the largest impact. China and Japan have the second and third highest concentrations of high-net-worth and ultra-high-net-worth individuals, respectively, making these source markets viable options for space tourism businesses. Japan's wealthiest inhabitants may be interested in space exploration, as demonstrated in 2021. After a 12-day mission to the International Space Station, Japanese businessman Yusaku Maezawa returned to Earth in December 2021.

The expansion of the Space Tourism market was aided by the accessibility of launch facilities, commercial space launches, technological developments, and space tourism, the business has grown dramatically in the United States and Europe. The market is consolidated, with a few dominant players gaining a sizable portion. In the coming years, these players intend to conduct research and development to produce orbital and suborbital vehicles for space travel. As the business is expected to grow at an exponential rate, these companies have made significant investments.

In 2021, North America is expected to have the biggest market share of 42.0%. The area has a highly developed infrastructure and a large research and development base, allowing it to be the top revenue provider in the global market during the projected time. Modern technologies may now be implemented more quickly thanks to a well-established infrastructure. The large presence of small and medium-sized firms in North America, which provide components and services to industry heavyweights like SpaceX, Blue Origin, and Virgin Galactic, has also fueled market expansion. The United States is likely to maintain its dominance over the forecast period, owing to high-net-worth people' interest in space tourism and increased technical investments in the region.

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Global Space Tourism Market

Report ID: SQMIG20S2010

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