Increasing focus on the research and development activities and the efforts to make space tourism an affordable activity is expected to drive the global space tourism market in the forecast period.
According to TechSci Research report, “Global Space Tourism Market By Type (Suborbital and Orbital) By Product Type (High Altitude Jet Fighter Flights, Atmospheric Zero-Gravity Flights, Aircraft Replacement Flights and Others) By Destination (Mars, Earth Orbit, Venus, Moon, Ceres and Others) By Customer (Civilians, Enterprise and Others) By Service Provider (Government, Commercial Institutions and Others), By Region, Company Forecast & Opportunities, 2027”, The global Space Tourism Market is expected to witness steady growth in the forecast period. Space tourism is human space travel that tends to provide tourists with the ability to become astronauts and experience space travel for recreational or business purposes. There are several kinds of space tourism including orbital tourism, suborbital tourism, and lunar tourism. Space tourism is considered expensive so now only the people with high expenditure capacity can afford it. Commercial space tourism operators are offering sub-orbital tourism to tourists as a means of delivering the experience of weightlessness to tourists who are willing to pay the premium fees. The ability to see the earth from outer space and to satisfy the curiosity of the consumer is influencing the demand for the space tourism market. The experience of traveling at high speed and having unusual experience is the driving factor for the growth of the space tourism market in the next five years.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities around the globe imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. The non-essential activities were temporarily suspended, and the full focus and resources were devoted to curing the coronavirus. Import and export activities were restricted which disrupted the supply chain involved in the process of space tourism. Therefore, the COVID-19 adversely impacted the space tourism market. However, the market is expected to properly function again after the lifting of lockdown restrictions and is expected to pick up the pace eventually.
The presence of uncertainty in the regulatory framework and issuance of human space-flight regulations may restrain the growth of the global space tourism market in the forecast period.
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Global space tourism market is segmented into type, product type, destination, customer, service provider, regional distribution, and company. Based on the service provider, the market can be divided into government, commercial institutions, and others. The commercial institutions segment is expected to witness growth in the forecast period, 2022-2027 as a large number of commercial intuitions are offering space tourism services and the rise in the number of start-ups offering the sub-orbital tourism facility to the consumers. Based on the customer, the market can be divided into civilians, enterprise, and others. The civilians segment is expected to dominate the space tourism market in the next five years. The increase in the expenditure capacity of the consumers and the huge number of individuals interested in space travel is expected to fuel the growth of this segment.
Blue Origin, Virgin Galactic, SpaceX, Space Adventures Inc., EADS Astrium, Armadillo Aerospace, Excalibur Almaz, Space Island Group, Boeing, Zero 2 Infinity, Starchaser Industries are the leading players operating in global space tourism market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several space tourism manufacturers are coming up with their technologically advanced offerings.
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“Currently, the space tourism activities are based on the extensions of the current rocket launch and rocket plane development activities and to create opportunities in the future the market players have to invest in technologies for the development of safer ways to lift humans into the earth orbit and the space for tourism activities. Advanced methods including the use of tethers, advanced ion engine thrusters, solar electric propulsion, solar sail technology are expected to create lucrative opportunities for the space tourism market growth. Investments and efforts made by the market players to make space tourism a commercially profitable market is expected to propel market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Space Tourism Market By Type (Suborbital and Orbital) By Product Type (High Altitude Jet Fighter Flights, Atmospheric Zero-Gravity Flights, Aircraft Replacement Flights and Others) By Destination (Mars, Earth Orbit, Venus, Moon, Ceres and Others) By Customer (Civilians, Enterprise and Others) By Service Provider (Government, Commercial Institutions and Others), By Region, Company Forecast & Opportunities, 2027” has evaluated the future growth potential of global space tourism market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global space tourism market.
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