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

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.