Global Space Tourism Market By Type (Suborbital, Orbital), By End-User (Common People, Upper Rich People), By Region And Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends And Forecast 2019-2028

Global space tourism market is anticipated to be driven by increasing R&D investments by several government and non-government players towards the development of space exploration programs

Market.US announces publication of its most recently generated research report titled, “Global Space Tourism Market by Type (Suborbital, and Orbital), By End-User (Common People, and Upper Rich People), and by Region – Global Forecast to 2028.”, which offers a holistic view of the global space tourism market through systematic segmentation that covers every aspect of the target market.

The global space tourism market is projected to be US$ 627.9 Mn in 2021 to reach US$ 1,566.5 Mn by 2028 at a CAGR of 13.7%.

Space tourism, as the term suggest, (travel) for recreational as well as for leisure purpose in to the space. This type of travel encompasses orbital, suborbital and lunar space tourism. Earlier, it was only rigorously trained astronauts that made space missions outside of the Earth’s surface, however, now with a strong evolution of technology, non-qualified people are also able to travel beyond Earth into the space. Several companies have pioneered space tourism including Virgin Galactic, SpaceX, and Blue Origin, among others.

During early 2000’s the Russian Space Agency took seven paying members into space. While the Russian Space Agency let a handful of ‘space tourists’ join flights that were already planned, Virgin Galactic, SpaceX and Blue Origin are all private companies, set up with the sole purpose of taking paying members of the public into space for purely tourism purposes.

Individuals in developed economies are generally aware of the emerging space tourism industry from initiatives that are already in the making. Fast developing economies such as India and China have their space programs and there is some awareness in these countries too, although it is difficult to evaluate the level of awareness.

Global space tourism market is anticipated to grow steadily over the forecast period. Major factors affecting the market positively include rising enthusiasm pertaining to space travel amongst adventure travelers, evolution of technology regarding space aircrafts, lower requirement for training, and others.

However, high cost of investment and risk associated with space tourism are factors likely to restrain growth of the market. In terms of geography, North America dominates a majority share of the global space tourism market, owing to presence of several key players in the region.

The global space tourism market can be segmented based on type, end-user, and regions. Based on the type, the global space tourism market can be segmented into suborbital, and orbital. Based on the end-user, the global space tourism market can be segmented into common people, and upper rich people.

Based on the region, the global space tourism market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among the type segments, the orbital segment is expected to account for a majority revenue share of the global space tourism market and is projected to register the highest CAGR over the forecast period.

Among the end-user segments, the upper rich people segment is expected to index a relatively higher CAGR in the foreseeable future.

Global Space Tourism Market Revenue (US$ Mn), 2021–2028

Rising research & development investments by several government and non-government players towards the development of space exploration programs in major countries including Russia, the US, India, China, etc. are likely to propel projected revenues for the global space tourism market.

However, significant number of regulations from government authorities related to space travel and tourism, resulting in cutting back on funding for such projects is likely to hamper revenue growth of the target market over the forecast period.

Competitions involving millions of price money for development of such spaceflights has resulted in notable innovations. Introduction and development of several private spacecraft such as SpaceShipTwo by The Spaceship Company and others is anticipated to bolster revenue growth of the global space tourism market significantly in the coming years. This in turn is expected to create lucrative opportunities for major players in the global space tourism market.

Global Space Tourism Market Attractiveness Analysis by Type, 2012–2018

The research report on the global space tourism market includes profiles of some of the major companies such as Airbus SE., The Boeing Company, Space Exploration Technologies Corp., Virgin Galactic, LLC, Blue Origin, LLC, Bigelow Aerospace, LLC, Space Adventures, Ltd., Zero 2 Infinity, Orion Span, Inc., Exos Aerospace Systems & Technologies, and Space Island Group (SIG), among others.

The target market is segmented by Type, End-User, Key Players and by Region

Type:

• Suborbital
• Orbital

By End-User:

• Common People
• Upper Rich People

By Key Players:

• Airbus SE.
• The Boeing Company
• Space Exploration Technologies Corp.
• Virgin Galactic
• Blue Origin
• Bigelow Aerospace
• Space Adventures
• Zero 2 Infinity
• Orion Span
• Exos Aerospace Systems & Technologies
• Space Island Group (SIG)
• among others

Region

• North America
• Europe
• Asia Pacific
• South America
• MEA

For the Space Tourism Market research study, the following years have been considered to estimate the market size: