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

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.