Space Tourism Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)
Get a Comprehensive Overview of the Space Tourism Market Report Prepared by P&S Intelligence, Segmented by Type (Orbital, Sub-Orbital), End User (Commercial, Government), and Geographic Regions. This Report Provides Insights From 2017 to 2030.
Space Tourism Market Size
Market Statistics
Study Period | 2017 - 2030 |
2023 Market Size | USD 921.4 Million |
2024 Market Size | USD 1,329.6 Million |
2030 Forecast | USD 12,355.7 Million |
Growth Rate (CAGR) | 45.0% |
Largest Market | North America |
Fastest Growing Market | Asia-Pacific |
Nature of the Market | Consolidated |
Market Size Comparison
Key Players
Key Report Highlights
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Space Tourism Market Analysis
The space tourism market generated revenue of USD 921.4 million in 2023, it is predicted to witness a CAGR of 45.0% during 2024–2030, to reach USD 12,355.7 million by 2030. The key drivers for the market are the evolution of the technologies being used for space exploration and the increasing curiosity of people about the cosmos.
This subindustry of the aerospace sector aims to provide amusement, leisure, and adventure to individuals by sending them into space. However, the market is in its initial stage, but shows the potential of becoming a multi-billion-dollar market. The growth of the market solely depends on technological advancements and price reduction, which will lead space tourism to become accessible and affordable for consumers.
The market space for space tourism has a relatively small customer base, which includes both affluent people looking for unique experiences and organizations funding scientific research and promotional activities. The market is heavily dependent on one group of consumers, but businesses nevertheless need to periodically assess and adjust their products according to the shifting demands and preferences of a wide range of clients.
Space Tourism Market Trends & Drivers
Technological Advancements Are Trending in Market
The continuous technological advancements are the key trend in the space tourism market. The significant advancements in space technology over time have increased the viability, safety, and accessibility of space travel.
- The creation of reusable rockets and spacecraft, pioneered by companies such as SpaceX is one of the major breakthroughs. Reusing launch vehicles results in a major reduction in space travel costs, making commercial space tourism ventures more financially feasible.
- Furthermore, the improvements in materials science, propulsion technology, and spaceship design have raised the overall efficiency and safety of space travel. Moreover, while developments in navigation and communication technologies improve the entire experience and safety of space travelers, innovations in life support systems guarantee the wellbeing of passengers during their journey. These advancements have greatly impacted the market by increasing the interest in space tourism.
- Momentus, a U.S.-based firm, uses reusable rockets to lower the cost of travel. The reusable vehicles de-orbit to another orbit, following the last drop-off. Robust robotic arms enable the ship to execute docking, refueling, and proximity maneuvers.
Growing Interest in Experimental Tourism Is Major Market Driver
Experimental tourism is becoming increasingly popular, which is driving the growth of the market.
- Space tourism offers a once-in-a-lifetime chance to explore the cosmos and offer the experience of being an astronaut, which is something modern-day travelers are increasingly looking for, without undergoing the physically and psychologically demanding training of most national space agencies.
- One of the biggest factors that drive The market is the desire to see earth from space and become a part of a select group of individuals who have traveled beyond earth, which was not possible in the past even for the uber rich.
- The popularity of space travel has also been aided by the growth of social media and experience sharing. People have the chance to capture breathtaking photos and videos, sharing them on social networks, and making enduring memories. This market has a great chance to extend its clientele and draw in a wider spectrum of tourists due to rising demand for immersive travel.
Space Tourism Industry Outlook
Safety and Regulatory Hurdles Restraint Market Growth
After more than 50 years’ experience of space exploration, meeting regulatory obstacles and guaranteeing passenger safety are still major challenges for the industry.
- These challenges are because of the inherent hazards in a space flight, wherein it is critical to ensure space tourists’ safety. Strict safety guidelines and procedures must be followed by businesses in the space tourism sector in order to reduce risks and guarantee the successful completion of every mission.
- Governments and international agencies set such policies and require valid licenses, which are granted only to companies once they demonstrate adherence to the safety mandates.
- Finding the ideal balance between promoting industry growth and safety is the problem. Governments, regulatory agencies, and industry stakeholders must work together to create strong, transparent frameworks that address safety issues and support innovation and expansion in the space tourism sector.
Type Insights
- The orbital category is predicted to experience the faster growth, with a CAGR of 45.3%, during the forecast period. This is because orbital tourism would provide a better experience of space, by taking individuals to earth’s orbit by achieving the ideal escape velocity.
- The sub-orbital category will hold the dominant market position, with a share of around 70%, in 2030.
- As these spacecrafts will travel with a velocity lower than that of an orbital variant, it will be feasible, less complex, and, most of all, safer. The affordability of sub-orbital flights makes them more appealing for consumers with a lower safety risk.
During the study, we have analyzed two types in the report:
- Orbital (Faster-Growing Category)
- Sub-Orbital (Larger Category)
End User Insights
- The commercial category holds the dominant position in the market, with a more than 65% share in 2023. This is because of the stiff competition between private space exploration companies resulting in technological advancement, cost reduction, and increased accessibility.
- Additionally, the economic potential of space tourism has benefitted the business sector. Private companies operating in this domain have made large expenditures in spacecraft and testing & launch infrastructure development.
- The government bifurcation will witness the higher CAGR, of 45.4%, over the forecast period. This will be because governments have recognized the potential economic benefits of the market.
- Governments will invest heavily in this market as it is a profitable business and can also help countries growth.
During the study, we have analyzed two end users in the report:
- Commercial (Larger category)
- Government (Faster-Growing Category)
Regional Insights
- Geographically, North America dominated the space tourism market, with a revenue share of around 55%, in 2023. The fact that U.S. is the home of the foremost space exploration agency and numerous established aerospace firms makes it largest market worldwide.
- Most prominent private players in the market, including SpaceX, Blue Origin, and Virgin Galactic, are headquartered the region, and they have been at the forefront of technological development.
- The region’s dominance on the sector is also due to the strong financial support of the U.S. government for space-related projects. Space technology and tourism ventures witness an intense desire among investors to provide vital funding for research and development as well as operational scaling.
- In addition, the region has a long tradition of space exploration and a well-established aerospace infrastructure. This is because NASA has already acquired advanced technology and created a culture that is strongly in favor of space exploration activities.
- APAC is predicted to become the fastest-growing region in the forecast period, with a CAGR of 45.7%. India and China are heavily investing in this sector for tourism purposes and to advance national interests.
- China has invested heavily in space infrastructure, including the development of its own space station and lunar exploration missions. Companies such as Galactic Energy and iSpace are investing in its space sector.
The regions and countries analyzed in this report include:
- North America (Largest Regional Market)
- U.S. (Larger Country Market)
- Canada
- Europe
- Germany
- U.K. (Largest Country Market)
- France (Fastest-Growing Country Market)
- Italy
- Spain
- Rest of Europe
- Asia-Pacific (APAC) (Fastest-Growing Regional Market)
- China (Largest Country Market)
- Japan (Fastest-Growing Country Market)
- India
- South Korea
- Australia
- Rest of APAC
- Latin America (LATAM)
- Brazil (Largest Country Market)
- Mexico
- Rest of LATAM
- Middle East and Africa (MEA)
- Saudi Arabia (Fastest-Growing Country Market)
- South Africa (Largest Country Market)
- U.A.E.
- Rest of MEA
Space Tourism Market Share
The main companies operating in the industry are concentrating on new product launches, mergers, collaboration, partnerships, and acquisitions. They are also focusing on expanding their market reach to keep their reputation in the business.
Moreover, the key players are investing significantly in R&D in order to integrate advanced technologies in spacecraft to give consumers the best experience at reasonable prices and with increased safety.
Major Space Tourism Offering Companies:
- Space Exploration Technology Corp.
- Blue Origin Enterprises L.P.
- Virgin Galactic
- Airbus Group SE
- The Boeing Company
- Zero Gravity Corporation
- Axiom Space Inc.
- Zero 2 Infinity S.L.
- Axiom Space Inc.
- Zero 2 Infinity S.L.
- World View Enterprises Inc.
- Space Adventures Inc.
Space Tourism Industry News
- Virgin Galactic operated its first commercial spaceflight, Galactic 01, on June 29, 2023. Moreover, the second ever commercial spaceflight, Galactic 02, operated on August 10, 2023.
- NASA awarded Blue Origin a sustaining lunar development contract in May 2023, under NextSTEP-2 Appendix P. Under the terms of the deal, Blue Origin is in charge of creating and operating a lunar lander that can land anywhere on the moon, as well as creating a cislunar transporter.
- The Axiom Space Access Program, which enables nations to recognize the potential of permanent economic and scientific benefits of microgravity, was unveiled by Axiom Space in April 2023.
Frequently Asked Questions About This Report
During the forecast period (2024-2030), the market for space tourism will propel at a CAGR of 45.0%.
The major players in the market for space tourism are focused on mergers, new product launches, partnerships, acquisitions, and collaboration. They are also concentrating on increasing their market reach to enhance their presence.
The space tourism industry will reach a value of USD 12,355.7 million in 2030.
Commercial is the leading end-user in the space tourism industry, with a share of 65% in 2023.
APAC is the fastest-growing regional industry for space tourism.
The major drivers in the space tourism market are the development of the technologies being employed for space exploration and the increasing interest in experimental tourism.
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