New York, United States , July 26, 2024 (GLOBE NEWSWIRE) -- The Global Space Tourism Market Size is Expected to Grow from USD 881.56 Million in 2023 to USD 35108.7 Million by 2033, at a CAGR of 44.55% during the forecast period 2023-2033.
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Space tourism refers to travelling into space for pleasure, leisure, or adventure. The burgeoning space business sector has made space travel possible for the general population, something previously exclusively available to scientists and astronauts. This industry includes suborbital and orbital travel, and SpaceX, Virgin Galactic, and Blue Origin are the top companies offering commercial space travel services. Currently, suborbital flights—which offer a brief duration of weightlessness and an orbiting view of Earth—are more affordable and more accessible than orbital flights, which necessitate spending longer times in space. Astronomical tourism is expected to become increasingly accessible to the general public during the predicted period as a result of continuous interest from wealthy individuals, as well as changes in rules and technology. This industry, which is expanding quickly, has the power to transform travel experiences and open up new travel prospects for both business and pleasure. However, satellite debris can linger in orbit for a number of years, and the number of debris generated increases as more satellite launches occur. Even tiny debris might cause harm and interfere with other missions.
Browse key industry insights spread across 213 pages with 110 Market data tables and figures & charts from the report on the "Global Space Tourism Market Size, Share, and COVID-19 Impact Analysis, By Type (Orbital, Sub-orbital), By End User (Government, Commercial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The sub-orbital segment is expected to hold the largest share of the space tourism market during the anticipation timeframe.
Based on the type, the space tourism market is categorized into orbital, and sub-orbital. Among these, the sub-orbital segment is expected to hold the largest share of the space tourism market during the anticipation timeframe. Suborbital tourism allows individuals to feel weightless, visit the edge of space without entering orbit, and observe space without ever leaving Earth's orbit. Orbital and suborbital flights are distinguished by the vehicle's speed; suborbital flights go at slower speeds and do not enter orbit.
The commercial segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the end user, the space tourism market is categorized into government, and commercial. Among these, the commercial segment is expected to grow at the fastest CAGR during the anticipation timeframe. The field of commercial space tourism is growing quickly, and developments in this field are making space travel a possibility. The construction of spaceships and space terminals, among other necessary infrastructure, is laying the groundwork for the industry's expansion.
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North America is projected to hold the largest share of the space tourism market over the forecast period.
North America is projected to hold the largest share of the space tourism market over the anticipation timeframe. The region is anticipated to generate the highest revenue for the global market over the course of the forecast period because to its sophisticated infrastructure and sizable base of research and development. Such sophisticated infrastructure facilitates the rapid adoption of modern technology. An additional factor driving market growth has been the significant number of small and medium-sized enterprises in North America.
Europe is expected to grow at the fastest CAGR growth of the space tourism market during the anticipation timeframe. Governments and agencies around Europe, including the European Space Agency (ESA), are increasingly supporting space tourism initiatives. However, the involvement of private companies like Virgin Galactic, Blue Origin, and SpaceX has accelerated the space tourism industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global space tourism market are SpaceX, Blue Origin, Orion Span, Boeing, Zero-G, Space Adventure, Zero 2 Infinity, World View, Space Perspective, Nanoracks, Axiom, and Others.
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Recent Developments
- In March 2024, Blue Origin demonstrated the operational capabilities of their Blue Ring spacecraft on the Defence Innovation Unit's DarkSky-1 mission, confirming flight systems and in-space processing. Enhancing Blue Ring's multi-orbit accessibility is the aim of this public-private collaboration, which aims to support the notion of increased human space exploration. The operation was carried out on the upper deck of an undisclosed National Security Space Launch provider, albeit the precise launch time was unknown.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global space tourism market based on the below-mentioned segments:
Global Space Tourism Market, By Type
- Orbital
- Sub-orbital
Global Space Tourism Market, By End User
- Government
- Commercial
Global Space Tourism Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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