Space Tourism Market Analysis And Forecast To 2032: By Type (Suborbital, Orbital, Others), End-user (Government, Commercial Institutions, Others) Region

Space Tourism Market Analysis And Forecast To 2032: By Type (Suborbital, Orbital, Others), End-user (Government, Commercial Institutions, Others) Region

The global Space Tourism market was valued at USD 2.4 Billion in 2022 and it is anticipated to grow up to USD 12.0 Billion by 20324, at a CAGR of 17.4% during the forecast period.

Space tourism is the practice of traveling to and staying in space for leisure purposes. The term generally refers to space travel for private individuals, rather than professional astronauts or trained cosmonauts. Space tourism is a relatively new concept, and it is still in the early stages of development. There are a limited number of companies offering space tourism services, and the industry is still working to develop the infrastructure and technology needed to make space travel more accessible and safe for the general public.
Global Space Tourism Market Scope and Report Structure
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Market Trends and Drivers
Increase in Technological Advancements in the Space Tourism Market to Drive the Market Growth

Space Tourism Market lets travelers travel in and across the Earth’s orbit for leisure, recreation, or significant business purposes. In addition, it will probably make travel accessible to the lay and the non-astronaut populace during the forecast period. Furthermore, the technological innovations and the users’ preference for space adventures are intensifying at a remarkable growth pace in the future. Therefore, the growth in the Global Space Tourism Market can be attributable to the surge in technological advancements. Moreover, the High Net Worth of Income individuals toward spaceflight and the growth in the inclination of adventure travelers are propelling the growth of the Space Tourism Market. Besides, the augmented focus on research and development activities by government and private research organizations are other vital aspects expected to drive market expansion. The market is strengthening, with vital players dominating and capturing a significant market share. These market players are also planning on R&D to build orbital and suborbital vehicles to travel to space during the forecast period. Also, these players have been investing a considerable number, which will observe rapid growth in the future.
Market Restraints and Challenges
The key restraints and challenges in space tourism market are as follows:

High cost: One of the major restraints for space tourism is the high cost associated with it. The cost of launching a single person into space can range from $10,000 to $40,000. This high cost limits the number of people who can afford to experience space tourism.

Safety concerns: Another key restraint for space tourism is safety concerns. There have been a number of accidents involving space tourism vehicles, which has raised concerns about the safety of space tourism.

Lack of infrastructure: A lack of infrastructure is another challenge facing the space tourism industry. There are currently no space tourism facilities on Earth, which means that space tourists have to travel to remote locations to experience space tourism. These are the key restraints and challenges facing the space tourism industry.
Global Space Tourism Market Segmental Overview
The report analyses the global Space Tourism market based on type, end-user, and region

Global Space Tourism Market by Type

In terms of type, the market is classified into orbital, suborbital, and others. The sub-orbital segment dominated the overall market, gaining a largest market share in 2022. Suborbital tourism allows individuals to experience weightlessness and observe space without actually exiting the Earth's orbit. This enables human spaceflight to reach the edge of space without sending the vehicle into orbit. The orbital and suborbital flights are distinguished based on the vehicle's speed. A suborbital flight is operated at lower speeds than an orbital flight. Hence, these flights do not have sufficient acceleration to reach orbit. These flights fly up to a certain height and descend to the ground when the engines shut down. Companies are focusing more on commencing suborbital flights as they can reuse the rockets, thus saving on their manufacturing costs.

The orbital segment is anticipated to witness the fastest CAGR throughout the forecast period. Orbital flights can last for a few days or several weeks, depending upon the destination, such as the International Space Station (ISS), the moon, or Mars. Companies, including Virgin Galactic and Blue Origin, primarily focus on launching suborbital flights, whereas SpaceX and Orion Span aims for orbital flights. For instance, Orion Span, a U.S.-based space travel company, is planning on deploying a private commercial space station that is expected to function as a space hotel. The Aurora Space Station will be placed in Low Earth Orbit (LEO) and will host up to six tourists at once.

Global Space Tourism Market by End-user

Based on end-user, the market is segmented as Government, Commercial Institutions, and Others. The commercial space tourism market is expected to dominate in 2022. In 2021, there were thirteen commercial spaceflight missions undertaken by several private and government organizations, of which seven missions were executed successfully. Billionaires have invested considerable sums in traveling to space and witnessing the Earth from above. Virgin Galactic, Blue Origin, SpaceX, and NASA have undertaken spaceflight missions to transport non-astronaut individuals across space and bring them back to Earth after a certain period. These explorations have achieved several milestones, including the first feature film shot in space and the oldest person to go to space.

The government segment is anticipated to grow at a considerable CAGR throughout the forecast period. Space agencies and global government organizations have sent astronauts into space, and NASA has opened the ISS for non-astronauts. NASA has entered into a three-way partnership with Axiom and SpaceX to commercialize space tourism in Low Earth Orbit. For instance, in April 2022, NASA, Axiom, and SpaceX launched three civilians and a former NASA astronaut to the ISS in a SpaceX Dragon spacecraft. The week-long travel has cost USD 55 million each, and these individuals have conducted scientific research, outreach, and commercial activities.
Geographical Analysis of Global Space Tourism Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2022, In 2022, the North America region led the Space Tourism market by generating the largest revenue share. The region is equipped with a highly developed infrastructure and owns an extensive research and development base, allowing the region to be the top revenue contributor in the worldwide market during the projected period. A well-established infrastructure has allowed the speedier implementation of modern technologies.

The significant presence of small and medium players in North America, which offer components and services to the giants such as SpaceX, Blue Origin, and Virgin Galactic, has also propelled the market growth. The U.S. is expected to retain its dominance over the forecast period owing to the inclination of high-net-worth individuals towards space tourism and growing technological investments in the region.
Major Players in the Global Space Tourism Market
The key players in the market  Airbus Group SE, Boeing Company, Excalibur Almaz Limited, Space Adventures, Inc., Space Island Group, Spacex, Virgin Galactic, LLC, Zero 2 Infinity S.L., EADS Astrium, and Starchaser Industries, among others.
COVID-19 Impact
The COVID-19 pandemic has highly affected the commercial aviation industry, restraining individuals from traveling for leisure and business purposes. The setback in the travel and tourism industry has also affected the development of the space tourism market. This impact is anticipated to prolong space missions and temporarily halt long-haul travel missions. The growth in travel by business jets and in-flight connectivity has opened up new possibilities for supersonic/hypersonic flights. It has allowed the companies to achieve the potential of time-saving on long-haul flights when compared to other mediums.

SMEs have been primarily impacted by the space industry as these enterprises largely depend on the government as their source of revenue. The SMEs and government contractors operating in America, Europe, and Asia have benefitted from the financial and administrative support offered by the space agencies in terms of advance payments and liaising with regional and local authorities, enabling the smooth operation of facilities. Rising concerns regarding the short-term and long-term consequences of the COVID-19 pandemic on customer demand and government budgets have deteriorated the growth for a short period.
Recent Developments

In April 2022, NASA, Axiom, and SpaceX launched three civilians and a former NASA astronaut to the ISS in a SpaceX Dragon spacecraft. The week-long travel has cost USD 55 million each, and these individuals have conducted scientific research, outreach, and commercial activities.
In March 2022, Blue Origin launched its suborbital vehicle, New Shepard, on its first flight of the year, which carried six people on a short-term trip to space and back. The launch was deferred for nearly one hour by several countdown holds, including one that continued for more than 45 minutes.
In January 2021, Glavkosmos, Roscosmos' commercial arm, announced that it would sell four seats on the Soyuz MS spacecraft, with launches scheduled for 2022 and 2023, respectively.
In November 2020, SpaceX launched non-astronauts to the International Space Station (ISS), which marked a new era of space exploration.
In May 2020, U.S. based SpaceX sent two people into orbit, reusing the Falcon 9 rocket that had delivered the crew into orbit. This is an amazing technological breakthrough for the company, as rocket reuse results in significant cost savings for space exploration.



Frequently Asked Questions
Q1. How big is the Space Tourism Market?

Ans. The global Space Tourism market was valued at USD 2.4 Billion in 2022 and it is anticipated to grow up to USD 12.0 Billion by 20324, at a CAGR of 17.4% during the forecast period.

Q2. What is the Space Tourism Market growth rate?

Ans. The growth rate of the Space Tourism Market is 17.4%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Space Tourism Market in 2022.

Q4. Which segment accounted for the largest Space Tourism Market share?

Ans. By end-user, the government segment accounted for the largest Space Tourism Market share.

Q5. Who are the key players in the Space Tourism Market?

Ans. The global Space Tourism Market report includes players such as Airbus Group SE, Boeing Company, Excalibur Almaz Limited, Space Adventures, Inc., Space Island Group, Spacex, Virgin Galactic, LLC, Zero 2 Infinity S.L., EADS Astrium, and Starchaser Industries, among others.

Q6. What are the factors driving the Space Tourism Market growth?

Ans. The major factors driving the growth of the market are major players are spending heavily on R&D activities to integrate advanced technologies in spacecraft used for tourism and deploying space hotels.

Q7. What are the key growth strategies of Space Tourism Market players?

Ans. The key growth strategies of Space Tourism Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Space Tourism Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Space Tourism Market during the forecast period.

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