Space Travel or Tourism Market Research Report Information By Destination (Orbital Spaceflight, Sub-orbital Spaceflight, and Lunar Spaceflight), By Duration (Up to 8 Days, and More than 8 Days), By End-users (Billionaires & Ultra-High-Net-Worth Individual (UHNWI), and Adventure Seekers & Science Enthusiast), By End-users Gender (Men, and Women) And By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) –Industry Forecast Till 2032
In 2022, the space travel or tourism market was estimated to be worth USD 186.3 million. The market for space travel and tourism is expected to increase at a compound annual growth rate (CAGR) of 55.3% from 2024 to 2032, from USD 60.9 million in 2023 to USD 110.7 billion in 2024 to USD 3,743.4 million by 2032.
Traveling outside of Earth's atmosphere for pleasure, commerce, or recreation is referred to as space travel or tourism. Civilians can now experience spaceflight and observe the special conditions of space, such as microgravity, the Earth from a distance, and the empty space beyond our planet's atmosphere, thanks to this new area of the space industry. Suborbital and lunar spaceflights are two examples of space tourism.
Due to rising interest and technical developments, space tourism is growing quickly. Suborbital flights provided by market participants support market expansion. But safety issues and regulatory barriers still exist. With a variety of experiences like space treks and hotels on the horizon, market expansion is driven by growing income and interest in lunar exploration. Industry companies working together spur innovation and technological advancements in space observation. Despite difficulties in emerging economies, long-term market viability is ensured by sustainable practices and international cooperation.
Perspectives on Market SegmentsThe space travel or tourism market is divided into three segments based on the destination: orbital spaceflight, sub-orbital spaceflight, and lunar spaceflight.
The market for space travel or tourism is divided into two segments based on duration: up to eight days and more than eight days.
Local PerspectivesNorth America, Europe, Asia-Pacific, the Middle East & Africa, and South America are the regions for which the study offers market information. The study covers the following regions: South America, Asia-Pacific, Europe, North America, and the Middle East and Africa. Asia Pacific is expected to show the largest compound annual growth rate (CAGR) over the projection period, while North America is expected to dominate the space travel or tourism market in 2023.
With a market share of 59.9% in 2023, North America leads the region in the space travel or tourism sector. The North American market was valued at USD 36.5 million in 2023 and is expected to increase at a compound annual growth rate (CAGR) of 55.0% to reach USD 2,254.2 million in 2032.
Companies like Virgin Galactic and Space Adventures are observing the market as space tourism gains traction in Europe. For example, Virgin Galactic has partnered with European spaceports to provide passengers with suborbital flights. Commercial spaceflight operations are hampered by regulatory obstacles, such as airspace laws and liability concerns.
With the entire area also getting more involved, the United Arab Emirates and Israel are spearheading the Middle East's commitment to international space cooperation. Since its establishment by the UAE Space Agency and Mohammed Bin Rashid Space Centre (MBRSC), the UAE space program has made tremendous strides. Hope Mars expedition launched successfully last year, marking the first interplanetary expedition for the Arab world. This country is expected to establish a human settlement on Mars by 2117, demonstrating their dedication to space exploration for many years to come.
Key PlayersSpace Adventure Limited, Blue Origin, SpaceX, Axiom Space, Inc., Virgin Galactic, SpaceVIP, Boeing, Zero 2 Infinity S.L., Rocket Lab USA Inc., and Skyroot Aerospace Pvt. Ltd. are the leading companies in the space travel or tourism market.