New York, NY, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Space Tourism Market Share, Size, Trends, Industry Analysis Report, By Type (Sub-Orbital, Orbital, Others); By End-User; By Region; Segment Forecast, 2024 - 2032" published by Polaris Market Research in its research repository.
The global space tourism market size and share is currently valued at USD 848.28 million in 2023. It is anticipated to generate an estimated revenue of USD 27,861.99 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 47.4% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What is Space Tourism? How Big is Space Tourism Market Size & Share?
Space tourism is a commercial activity related to sending humans to space for adventure, recreational, or leisure purposes. While once the stuff of science fiction, space tourism has rapidly become a reality, thanks to pioneering companies in the space industry. Space tourism primarily involves going to space as a tourist, watching rocket launches, stargazing, or traveling to a space-centric destination. It consists of a range of activities, including deep space or lunar missions and orbital or suborbital flights.
Space tourism also includes other space-related adventures that allow humans to travel near the Earth’s atmosphere. It’s an emerging sector that has gained significant traction in recent times, primarily due to the increasing number of suborbital space offerings from industry players. Besides, rising awareness about moon exploration and rising efforts by space agencies to send people to the moon are projected to create further possibilities for the space tourism market growth.
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Space Tourism Market Key Companies:
- Airbus
- Axiom Space
- Blue Origin
- Boeing
- Rocket Lab USA
- Space Adventures
- SpaceX
- Space Perspective
- Virgin Galactic
- World View Enterprises, Inc.
- Zero 2 Infinity
- Zero Gravity Corporation
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Key Highlights of the Report
- Technological advancements in space tourism and rising interest in various types of space tourism are the primary factors driving the space tourism market demand.
- The market segmentation is primarily based on type, end-user, and region.
- North America dominated the market in 2023.
Market Developments
Growth Drivers:
- Rising technological advancements: Advances in spacecraft design and engineering have led to significant improvements in the efficiency, safety, and overall experience of these vehicles. Besides, the advent of reusable rockets and spacecraft has significantly lowered the costs associated with space launches and transportation. This, in turn, has made space travel more viable and economically attractive to a large group of audience. Furthermore, improved life support systems and advanced onboard medical facilities are making prospective space tourists more confident about their comfort and safety during space travel.
- Increased interest in various space tourism types: Another factor impacting the space tourism market size favorably is the growing demand for various space tourism types among millionaires and billionaires. Suborbital space tourism, which offers short but exciting trips near the Earth’s atmosphere, attracts people who wish to experience space exploration without committing to long journeys. Orbital space tourism, which offers longer stays on space stations, appeals to wealthy individuals who want to advance research and enhance their space-traveling experiences.
Industry Trends:
- Mergers and collaborations: Companies in the space tourism sector are increasingly seeking strategic partnerships and collaborations to share resources and expertise and mitigate technological and financial challenges. Acquisitions and mergers provide companies the opportunities to improve operational efficiency, leverage synergies, and promote knowledge and technology exchange. This dynamic landscape highlights the dedication of the space tourism market to create a collaborative environment that supports innovation.
Restraints:
- Environmental concerns: There has been a growing concern among environmentally conscious consumers about the impact of space launches on the environment. Environmental concerns such as air and water pollution and greenhouse gas emissions are forcing the sector to prioritize the adoption of environmentally friendly practices. With regulations concerning environmental sustainability becoming more stringent, industry players must prioritize R&D initiatives that minimize the environmental impact of their launches.
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Segmental Overview
- The Sub-Orbital Segment Witnessed the Largest Market Share
With the sub-orbital segment in the space tourism market, individuals can see space and experience weightlessness while staying within the Earth’s orbit. This expands the possibility of space travel without needing spacecraft to leave orbit. Suborbital flights are slower and need comparatively higher acceleration to get into the orbit. As such, they move up to a certain altitude and then come back after the main engines are shut off. The ability of suborbital flights to reuse rockets significantly reduces manufacturing costs, impacting the segment’s growth favorably.
- The Commercial Segment Dominates the Market
By end-user, the commercial segment accounted for the highest space tourism market share. In 2021, government space agencies and private organizations undertook thirteen commercial spaceflight missions. Out of these thirteen missions, seven were executed successfully. The space tourism sector is witnessing growth, and technological advancements are supporting the expansion of commercial space tourism. Industry players are going the extra mile to increase the accessibility of space tourism and reduce the barriers associated with it.
Space Tourism Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 27,861.99 Million |
| Market size value in 2024 | USD 1,248.32 Million |
| Expected CAGR Growth | 47.4% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | Airbus, Axiom Space, Blue Origin, Boeing, Rocket Lab USA, Space Adventures, SpaceX, Space Perspective, Virgin Galactic, etc, among others |
| Segments Covered | By Type, By End-User, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Read Full Press Release: Space Tourism Market Size Worth USD 27,861.99 Million By 2032 | CAGR: 47.4%
Regional Insights
North America: North America leads the market for space tourism. This is primarily because North America has a large research and development base and is equipped with a hugely developed infrastructure. This makes it a top revenue contributor in the space tourism market sales over the forecast period. Other factors supporting the region’s growth are rising technological advancements and growing interest in space tourism among wealthy individuals.
Asia Pacific: APAC has experienced the fastest growth in the space tourism sector. In Asia Pacific, China has been producing rockets for commercial space vehicles in large numbers. Besides, leading space agencies such as the Indian Space Research Organization (ISRO), China National Space Administration (CNSA), and Japan Aerospace Exploration Agency (JAXA) are other major contributors to the market growth in the region.
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Key Questions Addressed in the Report:
What is the projected industry size of the space tourism market?
Ans: The market for space tourism is projected to reach USD 27,861.99 million at the end of the forecast period.
What will be the expected CAGR for the space tourism industry?
Ans: The space tourism industry is anticipated to exhibit a robust CAGR of 47.4%.
Which region contributes notably towards the market growth?
Ans: North America contributes notably towards the growth of the industry.
What are the key segments in the market?
Ans: The space tourism market segmentation is primarily based on type, end-user, and region.
Polaris Market Research has segmented the space tourism market report based on type, end-user, and region:
By Type Outlook
- Sub-Orbital
- Orbital
- Others
By End-User Outlook
- Commercial
- Government
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, Australia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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