USD 623.62 million
Space Tourism Market Size, Share, Growth Analysis, By End User (Commercial, Government), By Tourism Type (Stratospheric, Suborbital), By Tour Type (Individual Travel, Professional Groups), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20S2010 |
Region:
Global |
Published Date: November, 2024
Pages:
221
|Tables:
63
|Figures:
75
Space Tourism Market Insights
Global Space Tourism Market size was valued at USD 623.62 million in 2022 and is poised to grow from USD 747.10 million in 2023 to USD 3169.81 million by 2031, growing at a CAGR of 19.80% during 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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Orbital
Fastest Growth
Orbital
Growth Rate
19.80% CAGR
Global Space Tourism Market ($ Mn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Space Tourism Market Segmental Analysis
Global Space Tourism Market is segmented by End Use, Tourism Type, Tour Type, and Region. Based on End User, the market is segmented into Commercial, Government, and Others. Based on Tourism Type, the market is segmented into stratospheric, suborbital, orbital, and others. Based on Tour Type, the market is segmented into individual travel, professional groups, and group travels. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Space Tourism Market Analysis by Type
The market is classified into three categories orbital, suborbital, and others. Individuals can experience weightlessness and witness space without actually leaving Earth's orbit through suborbital tourism. This allows human spaceflight to reach the edge of space without entering orbit. The orbital and suborbital trips are separated based on the vehicle's speed. Suborbital flight occurs at slower speeds than orbital flight. As a result, these trips lack sufficient acceleration to achieve orbit. These flights ascend to a specific altitude before descending to the ground when the engines shut down. Companies are focused more on suborbital flights because they can reuse the rockets, lowering manufacturing costs.
Global Space Tourism Market By Type
To get detailed analysis on other segments, Request For Free Sample Report
Space Tourism Market Regional Insights
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.
Global Space Tourism Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Space Tourism Market Dynamics
Space Tourism Market Driver
- 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.
Space Tourism Market Restraint
- Higher costs associated with space tourism along with the lack of awareness and skills in the people are the major aspects that are likely to hinder the growth of the global space tourism market.
Request Free Customization of this report to help us to meet your business objectives.
Space Tourism Market Competitive Landscape
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.
Space Tourism Market Top Company Profiles
- Airbus Group SE (Netherlands)
- Astroscale Holdings Inc. (Japan)
- Axiom Space, Inc. (US)
- Bigelow Aerospace (US)
- Blue Origin Enterprises, L.P. (US)
- Elysium Space (US)
- Excalibur Almaz (Isle of Man)
- Isar Aerospace (Germany)
- Orion Span (US)
- Rocket Lab USA, Inc. (US)
- Space Adventures, Inc. (US)
- Space Island Group (US)
- Space Perspective (US)
- SpaceX (US)
- The Boeing Company (US)
- Virgin Galactic Holdings, Inc. (US)
- World View Enterprises, Inc. (US)
- Zero 2 Infinity (Spain)
- Zero Gravity Corporation (US)
- Arianespace (France)
Space Tourism Market Recent Developments
- In January 2022, SpaceX aanounced that SpaceX's Starship, which will be used as a human lunar lander in around 2025, is key to NASA's aspirations to return humans to the moon. It will be the agency's first lunar surface astronaut mission since 1972. Starship, which is designed as a totally reusable rocket system, is also key to Elon Musk's eventual objective of ferrying humans to Mars and will be critical to SpaceX's revenue-generating satellite launch business. But first, the Starship must enter orbit. That test flight, also without passengers, might take place in mid-2022.
Space Tourism Key Market Trends
- 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.
Space Tourism Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, based on the type, the sub orbital segment of the market is projected to grow at a substantial rate in the market. Based on the end user, the commercial segment of the market is projected to grow at a substantial rate in the market. Based on the region, the North American region of the market is projected to grow at a substantial rate in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 623.62 million |
| Market size value in 2031 | USD 3169.81 million |
| Growth Rate | 19.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Space Tourism Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Space Tourism Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Space Tourism Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Space Tourism Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Space Tourism Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Space Tourism Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
