Space Tourism Market Size, Share, Growth, and Industry Analysis by Type (Suborbital and Orbital) By Application (Civilians and The Rich), Regional Forecast To 2032

Updated On: 01 April 2024

Space Tourism Market REPORT OVERVIEW

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The global space tourism market size was USD 1059.5 million in 2021 and market is projected to touch USD 5219.3 million by 2032, exhibiting a CAGR of 15.6% during the forecast period.

Space tourism is human space tourism for leisure purposes. There are numerous diverse kinds of space tourism, comprising suborbital, lunar space tourism, and orbital. Orbital space tourism has been occupied by the Russian Space Agency, though work continues to increase sub-orbital space tourism automobiles by Blue Origin and Virgin Galactic. Moreover, SpaceX announced in 2017 that they are scheduling on directing two space travelers on a lunar free arrival trajectory in 2018 on board their Dragon V2 spacecraft launched by the Falcon Heavy rocket.

COVID-19 Impact: Halt on Production and Supply Chain Disruption to Impede Sales

The occurrence of the COVID-19 pandemic has significantly hindered the operations of almost all businesses, including the sub-orbital transport and space tourism market. R&D activities were stopped during the lockdown, which in turn, adversely affected development in the sub-orbital transportation and space tourism sector. Space launch actions and analysis were also halted to detain the spread of infections and to safeguard the health of laborers. 

LATEST TRENDS

"Private Companies to Seek Opportunities to Bolster Market Progress"

Private firms lead space exploration projects when the human spaceflight era began 60 years ago in April 1961. But such corporations have now established the security and presentation of their structures for a full range of processes. Strategies to bid on private flights are a suitable reality. These current projects have engendered enthusiasm and made captions, motivating even more ventures into private space corporations. For instance, many special-purpose acquisition companies (SPACs) are directing space companies for procurement, established on their predictable future profits, permitting them to go public. There are three recent uncrewed operations to Mars, comprising the landing of NASA’s "Perseverance "rover, which are also building a sense that we’re in a new stage of investigation and prospect.

Space Tourism Market SEGMENTATION

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• By Type

According to type; the market is divided into Suborbital and Orbital.

• By Application

Based on the application; the market is divided into Civilians and the Rich.

DRIVING FACTORS

"R&D Activities to Foster Market Growth"

Multiple commercial suborbital spacecraft with a series of abilities are presently under progress. The National Aerospace Training and Research Center (NASTAR), working with the Southwest Research Institute (SwRI), implemented a suborbital space expert preparation course in expectation of human-tended trials on commercial suborbital vehicles. The Commercial Spaceflight Federation established the Suborbital Applications Research Group (SARG) to educate for the research and education possible of the suborbital reusable launch automobiles under progress. These initiatives are probable to completely influence the global space tourism market.

"Increasing Investments to Boost Market Growth"

The growing expenditure on travel and tourism is anticipated to improve the global demand for the space tourism market over the forecast period. The increasing funds in space tourism are estimated to enhance the space tourism market. Moreover, the people with an interest in space investigation and advanced occasions in space exploration are projected to advance produce new occasions for the space tourism market during the forecast period. The investment associations for a more available, less costly reach into outer space might be substantial, with probable prospects in grounds such as satellite broadband, high-speed product delivery and maybe even human space travel.

RESTRAINING FACTORS

"High Cost to Impede Market Progress"

The space nomads are expected to get exposed to damaging emissions from the sun and the high prices for space tourism are expected to act as a restraint towards the growth of the market whereas the dangers such as lack of proper guidelines and insufficient safety rules are likely to be challenging for the growth of the market.

Space Tourism Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Growing Infrastructural Developments "

North America has the largest part of the global space tourism market share. The US is one of the main market places for space tourism in the region due to the maximum number of commercial tourists and space stations in the US will simplify the space tourism market growth. The number of growing effective demos and test flights approved by key companies in this market has produced a prospect for new entrants in the global market. These successful demonstrations have verified the practicability of these organizations and may drive these companies to commercialize their product offerings.

Europe is expected to have a sizable market share. This is owing to growing government initiatives for space surveys in urbanized countries. Moreover, the increasing requirement for satellite disposition, remote detecting, and earth remark in countries such as Russia, is anticipated to drive market growth.  

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The leading players in the global space tourism market who have a significant impact on market profitability are assessed based on their product and service revenue, sales, business plans, innovations, and growth rate. Market events or market happenings, new product launches, mergers and acquisitions, benchmarking, regional expansions, and technical advancements all influence a company's final place in the market.

List of Market Players Profiled

• Space Adventures (U.S.)
• EADS Astrium (France)
• Virgin Galactic (U.S.)
• Armadillo Aerospace (U.S.)
• Space Island Group (U.S.)
• Excalibur Almaz (European Union)
• SpaceX (U.S.)
• Boeing (U.S.)
• Zero 2 Infinity (Spain)

INDUSTRY DEVELOPMENT-

• March 2022: NASA declared that its first crewed landing stage of the Artemis package was postponed to 2026 owing to the time desired to improve and test the human landing method and NASA's next-generation spacesuits.