New York, United States, July 26, 2024 (GLOBE NEWSWIRE) — The global space tourism market size is expected to expand from USD 881.56 Million in 2023 to USD 351.087 Million by 2033, growing at a CAGR of 44.55% during the forecast period (2023-2033).
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Space tourism refers to traveling in space for entertainment, leisure, or adventure. The burgeoning space business sector has made space travel, previously only available to scientists and astronauts, available to the general public. The industry includes suborbital and orbital flights, with SpaceX, Virgin Galactic, and Blue Origin being the top companies offering commercial space travel services. Currently, suborbital flights offer a short period of weightlessness and orbital views of the Earth, and are more affordable and accessible than orbital flights, which require longer stays in space. Astronomical tourism is expected to become increasingly accessible to the general public during the forecast period as a result of continued interest from the wealthy and changes in regulations and technologies. This rapidly expanding industry has the power to transform the travel experience and open up new travel possibilities for both business and leisure. However, satellite debris can remain in orbit for years, and the number of debris generated will increase as satellite launches increase. Even small pieces can cause harm and disrupt other missions.
Browse 213 pages of key industry insights with 110 market data tables and figures from the “Global Space Tourism Market Size, Share, COVID-19 Impact Analysis, By Type (Orbital, Suborbital), By End User (Government, Commercial), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2023-2033” report.
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The extraorbital segment is expected to account for the largest share of the space tourism market during the forecast period.
Based on its type, the space tourism market is categorized into orbital and suborbital. Of these, the suborbital segment is expected to account for the largest share of the space tourism market during the forecast period. Suborbital tourism allows one to experience weightlessness, visit the edge of space without going into orbit, and observe space without leaving Earth’s orbit. Orbital and suborbital flight are differentiated based on the speed of the vehicle. Suborbital flight is slower and involves non-orbital flight.
The commercial segment is expected to grow at the fastest CAGR during the forecast period.
Based on end user, the space tourism market is categorized into government and commercial. Of these, the commercial segment is expected to grow at the fastest CAGR during the forecast period. The commercial space tourism sector is growing rapidly and developments in this sector have made space travel possible. The construction of necessary infrastructure such as spacecraft and space terminals is laying the foundation for the expansion of the industry.
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North America is expected to account for the largest share of the space tourism market during the forecast period.
North America is projected to account for the largest share of the space tourism market during the forecast period. The region is expected to generate the largest revenue in the global market during the forecast period, owing to its advanced infrastructure and large research and development base. Such advanced infrastructure facilitates the rapid adoption of latest technologies. Another factor driving the market growth is the significant number of small and medium-sized enterprises in North America.
The space tourism market is expected to grow at the fastest CAGR in Europe during the forecast period. European governments and agencies, including the European Space Agency (ESA), are increasingly supporting space tourism efforts. However, the involvement of private companies such as Virgin Galactic, Blue Origin, and SpaceX is accelerating the space tourism industry.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market and a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. It also provides a detailed analysis focusing on the current news and developments of the companies such as product development, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances, which allows to evaluate the overall competition within the market. The key 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, etc.
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Recent developments
In March 2024, Blue Origin demonstrated the operational capabilities of its Blue Ring spacecraft on the Defense Innovation Unit’s Dark Sky 1 mission, verifying its flight systems and in-space handling. Improving Blue Ring’s accessibility to multiple orbits is the objective of this public-private collaboration, intended to support the concept of increased human space exploration. The operation took place on the top deck of an undisclosed national security space launch provider, with the exact launch time unknown.
Market Segments
The study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights segments the global space tourism market based on the following segments:
Global space tourism market, by type
Global space tourism market (by end user)
Global space tourism market, by region
North America 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 and Africa United Arab Emirates Saudi Arabia Qatar South Africa Rest of Middle East and Africa
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