The rise in technological advancements, consistent transformations in technology, and the rising trend of space tourism drive the growth of the global space tourism market.
PORTLAND, Ore., Jan. 10, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Space Tourism Market by Type (Orbital and Sub Orbital), End Use (Government and Commercial): Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global space tourism industry generated $598.4 million in 2021, and is anticipated to generate $12.6 billion by 2031, witnessing a CAGR of 36.4% from 2022 to 2031.
Prime determinants of growth
The rise in technological advancements, consistent transformations in technology, and the rising trend of space tourism drive the growth of the global space tourism market. However, the technical risks with these types of activities restrict the market growth. Moreover, the focus on research and development (R&D) initiatives by market players is creating many opportunities for the market growth in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global space tourism market, owing to the implementation of the global lockdown.
- The growth of the space tourism market was hampered by setbacks in the travel and tourism sector. It was believed that this could lengthen space missions and momentarily halt long-haul missions. There are now more options for supersonic and hypersonic flights because of the expansion of corporate jet travel and in-flight connectivity. When compared to other mediums, it has enabled the companies to realize the potential for time savings on long-haul flights.
The sub orbital segment to maintain its leadership status throughout the forecast period
Based on type, the sub orbital segment held the highest market share in 2021, accounting for nearly three-fifths of the global space tourism market, and is estimated to maintain its leadership status throughout the forecast period, as it allows individuals to experience weightlessness and observe space without actually exiting the Earth’s orbit. However, the orbital segment is projected to manifest the highest CAGR of 37.2% from 2022 to 2031. As more people become interested in space activity, there is a growing demand for orbital space tourism.
The commercial segment to maintain its leadership status throughout the forecast period
Based on end use, the commercial segment held the highest market share in 2021, accounting for nearly three-fifths of the global space tourism market, and is estimated to maintain its leadership status throughout the forecast period. Seven out of the thirteen commercial spaceflight flights, which were carried out by various private and governmental entities, were completed successfully, thereby boosting the segment. However, the government segment is projected to manifest the highest CAGR of 37.2% from 2022 to 2031. The International Space Station (ISS) is now open to non-astronauts thanks to NASA and other space agencies and international governmental entities. To promote space tourism in Low Earth Orbit, NASA has joined forces with Axiom and SpaceX in a triangular alliance. Such efforts boost the government segment.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global space tourism market, and is likely to dominate the market during the forecast period. The area has a highly developed infrastructure and a sizable research and development base, which will enable it to dominate the global market in terms of revenue throughout the anticipated time. The market expansion has also been fueled by the sizeable presence of small and medium-sized businesses in North America that supply goods and services to industry titans like SpaceX, Blue Origin, and Virgin Galactic. Due to high-net-worth individuals’ preference for space tourism and the expansion of technology investments in the area, the U.S. is anticipated to maintain its supremacy over the projection period. However, the LAMEA region is expected to witness the fastest CAGR of 68.1% from 2022 to 2031. Factors such as growth in space activities and government initiatives & investments drive growth in LAMEA space industries.
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Leading Market Players: –
- Blue Origin,
- Virgin Galactic,
- SpaceX,
- Airbus Group SE,
- Boeing,
- ZERO-G,
- Axiom Space,
- Bigelow Aerospace,
- Orion Span,
- Space Adventures,
- Space Perspective,
- World View Enterprises,
- Zero2Infinity
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