Global Space Tourism Market Size By Type (Orbital, Suborbital), By End User (Government, Commercial), By Geographic Scope And Forecast

Space Tourism Market Size And Forecast

Space Tourism Market size was valued at around USD 638 Million in 2021 and is projected to reach USD 2022 Million by 2030, growing at a CAGR of 13.66% from 2023 to 2030.

We're expecting a real boost for space tourism as tech keeps getting better. All the cool new gadgets and gizmos are making people worldwide even more excited about taking a trip to space! And it's not just hype – the rapid progress in space travel tech means we're seeing faster spacecraft and more powerful rockets being developed. This lets space tourists actually get out there and have the incredible experience they've been dreaming of. Plus, major emerging economies around the globe are getting in on the action and exploring their own space programs, which will likely help the space tourism industry take off even more. If you're looking for the full picture, the Global Space Tourism Market report gives you the rundown. It's got a complete analysis of all the important pieceskey segments, trends, what's driving the market, what's holding it back, who the big players are, and all the different things that are having a big impact on the market.

Global Space Tourism Market Definition

Space tourism aims to allow visitors to take on the role of astronauts and experience space travel for leisure, business, or other reasons. Since space tourism is so expensive, only a very small portion of consumers are able and willing to spend money on an experience in space.While the idea of space travel may still seem far-fetched, it actually has a long history. However, only one business has so far been successful in facilitating orbital space tourism—the Russian Space Agency.

Seven space travelers were launched into space during this, which mainly happened in the early 2000s. In 2010, the Russian Space Agency stopped offering space tourism. Since that time, a number of commercial businesses have begun to explore space flight, leading to a number of proposals in this field.

Global Space Tourism Market Overview

Private space tourism businesses have been constructing spacecraft to transport passengers on suborbital flights for the past ten years. These relatively brief “hops” can last anywhere from a few minutes to a few hours and carry them to the edge of space and back down to Earth.  Each corporation has a different flying strategy. For instance, although Virgin Galactic launches its rocket-powered spacecraft from the belly of a carrier aircraft, Blue Origin shoots its rockets vertically, as do the majority of rockets.

Although these two companies—each of which has actually launched passengers into space—are the only suborbital enterprises approved by the Federal Aviation Administration (FAA) for launches, other businesses are gearing up for takeoff. The space industry is very expensive. A typical communications satellite’s construction and launch would set back more than USD 150 million. A reusable launch vehicle or an on-orbit manufacturing plant would certainly cost several billion dollars to establish. In particular for small and/or start-up enterprises, the requirement to acquire a very high level of start-up investment* constitutes a barrier to entry into the space industry.

Space tourism? It's still a baby, really, with a lot of growing up to do. Some companies are just itching to take you on suborbital hops, but they're still waiting for the FAA to give them the green light. Others are already flying, but they're tweaking their rockets and trying to launch more often – aiming for something like a normal schedule. The big dream is for cheaper tickets, so more of us can go. But hey, a lot of companies are already looking ahead to space tourism in low-Earth orbit (LEO). NASA is even throwing money at this through its Commercial LEO Development Program, helping build private space stations. Imaginetraveling inside and around Earth’s orbit, whether it's for fun, for work, or both! Thanks to amazing tech and people’s hunger to explore, this industry is taking off like a… well, like a rocket!

Global Space Tourism Market Segmentation Analysis

The Global Space Tourism Market is Segmented on the basis of Type, End User, And Geography.

Space Tourism Market, By Type

• Orbital
• Suborbital

When we look at the space tourism market, it really breaks down by typeyou've got your orbital and your suborbital adventures. Now, all signs point to suborbital flights grabbing the biggest piece of the pie in the coming years. Why? Well, it mostly comes down to price. Suborbital hops are way easier on the wallet than those full-blown orbital trips. Think about ityou get to experience the thrill of zero-g and catch a glimpse of space without actually having to escape Earth's pull. We're talking about zipping up to the edge of space, without a full orbit. On the other hand, an orbital journey – maybe to the International Space Station, the moon, or even Mars – could keep you out there for days, or even weeks!

Space Tourism Market, By End User

• Government
• Commercial
• Others

Based on the End User, the market for space tourism is bifurcated into Government, Commercial, and Others. The commercial space tourism industry is anticipated to lead throughout the projected period. Seven of the thirteen commercial spaceflight flights that were launched in 2021 by various private and governmental entities were successful.

Spaceflight missions have been launched by Blue Origin, Virgin Galactic, and SpaceX to carry non-astronauts across the universe and return them to Earth after a certain amount of time. The first feature film made in space and the oldest person to travel to space are only two of the milestones that these explorations have accomplished.

Space Tourism Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

So, when we look at where space tourism is happening around the world, based on Geography, we're talking about places like North America, Europe, the Asia Pacific region, Latin America, and even the Middle East and Africa. But, North America, especially the United States, really takes the lead. It's kind of the birthplace of the whole space tourism thing, with most of the big players located there. And a big reason why space tourism is taking off in the US is because people, on average, have more money to spend. Think companies like SpaceX, Virgin Galactic, and Blue Origin – they're all American and a huge part of what's going on.

Key Players

The “Global Space Tourism Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Virgin Galactic, Blue Origin, Orion Span Hotel, Space X, Zero 2 Infinity S. L., Space Adventures, Inc., Boeing Company, Space Island Group, Excalibur Almaz, Limited, and amongst others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight to the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In May 2020, the US-based aerospace company SpaceX launched two humans into orbit using a previously-used Falcon 9 rocket.
• In 2020, due to the COVID-19 pandemic, Blue Origin decided to delay starting customer test flights.
• In 2022, The world’s first all-civilian mission to the ISS, Axiom mission 1 (Ax-1), which featured four crew members spending eight days on the orbiting research facility, was launched with a launch vehicle provided by SpaceX.
• In 2018, Orion Span Inc., a US-based company, is launching a modular space station that would orbit 200 miles above Earth and provide six visitors with 384 sunrises and sunsets as they travel around the planet for 12 days at extremely high speeds.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Space Tourism market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in global Space Tourism market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

We dig into the market, looking at both the money side (economics!) and the stuff that's harder to measure. Think qualitative and quantitative analysis, slicing things up into segments. We'll tell you the market value (in good ol' USD Billion) for each of those segments. You'll find out which regions and slices are going to grow the fastest and be the biggest. Plus, we break down each region, showing where the product is being used and what's influencing things there. Expect a full competitive picture, including market rankings of the top dogs, what new stuff they're launching, who they're partnering with, and who's buying who – all from the last five years. We've got extensive company profiles, packed with overviews, insights, benchmarking, and even SWOT analyses. We'll also give you our take on where the market's headed, considering recent events, growth possibilities, what's driving it, and the challenges ahead in both new and established areas. We even throw in a Porter's Five Forces analysis to give you different angles on the market, plus a look at the Value Chain. Finally, we'll explore market dynamics, growth opportunities in the coming years, and throw in six months of analyst support after you get the report.

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