Space Tourism Market Size To Worth Around USD 21.17 Bn By 2030

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Table of Content

The global space tourism market size is expected to be worth around USD 21.17 billion by 2032 from USD 876.51 million in 2022, growing at a CAGR of 37.50% during the forecast period 2023 to 2032.

Key Insights:

• North America has accounted largest market share of over 39.4% in 2021.
• The Asia-Pacific is projected to reach at a CAGR of 37.1% in 2021.
• By type, U.S. space tourism market was valued at USD 197.52 million in 2021.
• By type, the sub-orbital segment accounted highest revenue share of 50% in 2021 with a CAGR of 35.7% from 2022 to 2030.
• The orbital type segment is projected to reach at a CAGR of 36.5% from 2022 to 2030.
• The commercial segment has contributed 57% market share in 2021 and poised to grow at a CAGR of 35% from 2022 to 2030.
• The government end user segment is expected to grow at a CAGR of 37% from 2022 to 2030.

Previously, the space economy was limited to satellites and their subsystems, but the willingness of wealthy individuals and forward-thinking corporations to venture beyond Earth has allowed tourism to enter this embryonic industry. Satellites, space debris, space mining, space exploration, space tourism, and space infrastructure manufacturing will comprise the future space economy. Furthermore, high-profile commercial missions have prompted some to refer to the current stage of the space industry as the "billionaire space race." The launches of Richard Branson's Virgin Galactic and Jeff Bezos' Blue Origin missions, respectively, emphasised the possibilities for space travel. However, the cancellation of Space Adventures' Crew Dragon mission revealed that pricing, time, and the present experience must be regularly reassessed. Although space tourism will be limited to a few, new players will likely enter the market offering lower-cost options. One such example is Space Perspective's stratospheric ballooning service. Until major businesses like SpaceX, Virgin Galactic, and Blue Origin can scale their technology to make it affordable to non-millionaires, they will have a small target market of about 1% of the world population.

The United States will be the primary source market for space tourism enterprises. When advertising their excursions and hotels, all participants in the space tourism sector should focus on the US source market, since efforts geared at this market are likely to have the most impact. China and Japan have the second and third most high-net-worth and ultra-high-net-worth persons, respectively, making these source markets potential alternatives for space tourism enterprises. Japan's richest inhabitants may have a desire for space exploration, as demonstrated in 2021. Yusaku Maezawa, a Japanese businessman, returned to Earth in December 2021 following a 12-day flight to the International Space Station, completing a trial run for his planned trip around the moon with SpaceX in 2023.

Regional Snapshots

Among other geographical markets, the sub-orbital transportation and space tourism industry in North America is predicted to account for the greatest revenue share throughout the projection period. The growing number of effective demos and rocket launches done by significant corporations in this field has created new and more profitable and high-potential prospects, not only for such companies, but also for other businesses looking to enter the market. Furthermore, such successful testing have proved the viability of these systems, allowing firms to sell their particular offers. Furthermore, numerous space ports, such as the West Texas Launch Site and the Spaceport America launch site, which permit sub-orbital spaceflights, are likely to promote sub-orbital transportation and space tourism operations, hence driving North American market growth.

Due to rising endeavours by enterprises to provide tourists trips to space, Asia Pacific is predicted to achieve a very robust revenue growth rate throughout the projection period. CAS Space, a commercial offshoot of the Chinese Academy of Sciences (CAS), has been building rockets for commercial satellite launches and has stated its desire to carry humans into space. CAS Space is developing a single-stage reusable rocket that can take up to seven passengers on a 10-minute voyage above the Kármán line, which is recognized as the border between Earth's atmosphere and outer space.

Space Tourism Market Report Scope

Report Highlights:

• In 2021, the space tourism category accounted for the most revenue share of the worldwide sub-orbital transportation and space tourism industry.
• In 2021, the government segment accounted for the most revenue share in the worldwide sub-orbital transportation and space tourism industry.
• In 2021, North America had a higher revenue share than other regional markets in the worldwide sub-orbital transportation and space tourism business.

Market Dynamics

Drivers

In recent years, several space business firms have demonstrated strong interest in space transportation.

Previously, space transportation was focused on cargo delivery to the International Space Station (ISS) and launch services. The emphasis has turned, however, to in-space transit, interplanetary expeditions, crewed operations, sub-orbital transportation, and space tourism. Companies like Blue Origin, SpaceX, and Virgin Galactic have already been working on creating vehicles like rocket-powered sub-orbital vehicles, which will allow them to offer sub-orbital transportation and space tourism. Billionaires are also keen on the creation and testing of spacecraft that may be used for space tourism.

Blue Origin, for example, just flew New Shepard, NS-17, the second trip employing NASA's lunar landing technology. New Shepard, a rocket-and-capsule combination, is fully automated and so does not require human control. Such breakthroughs are projected to result in the creation and appearance of new and more advanced space tourism systems and ships. Space tourism will allow anybody to reserve a space voyage only for recreational purposes. Over the last decade, there has been a greater emphasis on various fuels and launch technologies, as well as spacecraft that can re-enter the atmosphere, land on Earth, and be reused.

Initiatives to launch a circumlunar voyage are likely to result in more advances in the future.

Restraints

Another argument against space tourism is that it is currently not environmentally benign, either on Earth or elsewhere. Opponents of the notion frequently point to evidence that we haven't done a good job of caring for our own planet and that we shouldn't be trusted to apply the same weak standards to other parts of space. The most conservative space tourism rockets in development require roughly 100,000 gallons of fuel, the majority of which originates from nonrenewable resources. As more of those resources are redirected to pay the demands of the affluent in space tourism, the rest of us may experience the economic consequence of decreased supply—and hence higher pricing.

Opportunities

The NewSpace sector is focusing on space tourism, which is anticipated to be valued at least $3 billion by 2030. While corporations like SpaceX experiment with reusable rocket technology to make human spaceflight more inexpensive and accessible, like any otherother private companies, such as and Blue Origin and Virgin Galactic are investing in suborbital space tourism to transport humans to the very periphery of space and back. While space tourism will initially be available mainly to the ultra-rich and private researchers, the long term holds potential for regular individuals.

Challenges

Extreme conditions can impact machine functioning and survival during space flight. Gravity, propulsive forces, radiation, gases, poisons, chemically caustic surroundings, static discharge, dust, severe temperatures, frequent temperature changes, and other factors all have an effect on machines. Further, A single pound of mass into low earth orbit now costs around $10,000. The design and construction of the launch system account for a major portion of this cost. Ground and launch processing accounts for around 40% of overall mission cost. To permit regular human and robotic operations in space, the total lifespan cost must be reduced by an order of magnitude.

At the moment, the infrastructure and integrated technologies required to support permanent, self-sufficient human communities beyond Earth do not exist. There are no effective closed-loop methods for replenishing consumable resources. Long-term stays are therefore prohibitively expensive, and there is a huge risk to people if resupply missions do not arrive on schedule.

Recent Developments

• In 2022, Jeff Bezos' firm sent six individuals into suborbital space, completing its sixth human spaceflight mission and passing many milestones along the way.
• A space balloon startup that wants to send paying passengers to the edge of space as early as 2024 has secured its 1,000th customer, making it the world's most sought-after space tourism operator.

Market Segmentation

By Type

• Orbital
• Sub orbital

By Customer

• Government
• Commercial
• Others

By Form

• Innovators Early adopters
• Early majority

By Product

• High altitude jet fighter flights
• Atmospheric zero-gravity flights
• Aircraft replacement flights
• Others

By Destination

• Mars
• Other Earth Destinations
• Earth Orbit
• Venus
• The Moon
• Ceres
• Others

By Customers

• Civilians
• Enterprise
• Others

By Service Provider

• The Government
• Commercial Institutions
• Others

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