Global Space Tourism Market

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 News

  • 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.
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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).

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. '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) '

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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