The
global Space
Tourism Market size is expected to reach USD 8,669.2 million
by 2030, according to a new report by Grand View Research, Inc. It is
anticipated to expand at a CAGR of 40.2% from 2023 to 2030. Space tourism is
defined as human space travel for recreational, leisure, or business purposes.
A high-net-worth individual seeking a unique experience is willing to pay for
space tourism, increasing demand for space tourism.
As
space technology research, development, and commercialization accelerate, space
tourism is becoming a solid commercial pillar of the space industry. Only a few
governments and private players have recently entered the market, with the
Russian government consistently expressing interest in developing space tourism
capabilities. In January 2021, Glavkosmos, Roscosmos' commercial arm, announced
that it would sell four seats on the Soyuz MS spacecraft, with launches
scheduled for 2022 and 2023, respectively.
Space
tourism is expected to allow more space research, making space science more
accessible to individuals. Since space is costly at the moment, these flights
will offer a much lower cost to do some research. Space tourism will also help
in making new technologies. More space science implies new inventions, and most
technologies are based on the transformation that started in space. Running
shoes, bulletproof vests, foam mattresses, etc., are a few of the technologies
we got from a space visit to the moon.
Space
tourism can be divided into suborbital and orbital tourism. Suborbital tourism
allows human spaceflight to the space border without sending the vehicle into
orbit. In a suborbital flight, one never makes it into orbit. A flight duration
in suborbital flight ranges from 2 - 3 hours. Orbital tourism enables travelers
to experience orbit. Orbital flight implies staying in orbit, i.e., continually
going around the planet at a very high speed to not fall back on Earth. These
trips can long for several days or weeks.
Space
tourism is harmful to the environment. In general, rocket launches are
detrimental to the environment. Rocket engines, burning rocket fuels, release
black carbon (soot particles) and harmful gases into the upper atmosphere,
resulting in ozone depletion. However, a few space companies do not use black
carbon for fuel. Companies like Blue Origin’s New Shepard uses liquid
hydrogen-fueled gases in rockets. Hydrogen turns into water vapor when burning
and does not emit carbon.
The
reason why space tourism can be harmful to the environment is its potential
popularity. As rocket launches are rising, carbon footprints will also
increase. The company, Virgin Galactic is planning to launch 400 flights
annually. The black carbon released by 1,000 space tourism flights results in a
one-degree Celsius increase in the temperature of Antarctica.
A few
companies working in space tourism are SpaceX, Airbus Group SE, Blue Origin,
Boeing, ZERO-G, Virgin Galactic, and Axiom Space. In March 2022, Blue Origin
launched its suborbital vehicle, New Shepard, on its first flight of the year,
which carried six people on a short-term trip to space and back. The launch was
deferred for nearly one hour by several countdown holds, including one that
continued for more than 45 minutes. Later, Blue Origin said they required the
time to work out a problem with the radio system on the vehicle that networks
telemetry.
List of Key Players in the Space Tourism Market
- Blue Origin
- Virgin
Galactic
- SpaceX
- Airbus Group
SE
- Boeing
- ZERO-G
- Airbus Group
SE
- Axiom Space
- Bigelow
Aerospace
- Orion Span
- Space
Adventures
- Space
Perspective
- World View
Enterprises
- Zero2Infinity.
Related Press
Release@ Space
Tourism Market Report
Space Tourism Market Report Highlights
- Space
tourism is adopted by wealthy families, affluent individuals, or anyone
with enough money who wants a different experience and is eager to pay for
space tourism
- Space
tourism has increased overall space exploration activities. In November
2020, SpaceX launched non-astronauts to the International Space Station
(ISS), which marked a new era of space exploration
- The
suborbital segment is expected to dominate the market and expand at a CAGR
of 39.7% from 2023 to 2030
- The commercial
market for space tourism is projected to grow at the highest CAGR during
the forecast period
- The primary
source markets for space tourism are the U.S., Japan, China, India, the
U.K., Canada, Germany, Hong Kong, France, and Australia
- The U.S.
will be the primary source market for space tourism companies. When
promoting their expeditions and hotels, all players in the space tourism
sector focus on the U.S. market, as campaigns aimed at this market are
likely to have the most significant impact
Space Tourism Market Segmentation
Grand
View Research has segmented the global space tourism market based on type,
end-user, and region:
Space Tourism Type Outlook (Revenue, USD Million, 2017 -
2030)
- Orbital
- Sub-orbital
- Others
Space Tourism End-user Outlook (Revenue, USD Million,
2017 - 2030)
- Government
- Commercial
- Others
Space Tourism Regional Outlook (Revenue, USD Million,
2017 - 2030)
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin
America
- Brazil
- Middle East
& Africa
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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