Market Snapshot:
Space tourism is a space travel for recreation, leisure, or business purposes. Space tourism is an emerging trend due to the growing expenditure on travel and tourism around the globe. This adventure tourism includes a higher degree of risk coupled with high demand for the enthusiasts for space tourism. Current reduction in the cost of spending of space tourism is expected to gain traction for the global space tourism market over coming years. In space tourism, an optimal spaceflight is established that will facilitate passengers to travel to outer space, Mars as well as the Moon. Growing number of passengers signing up for space tourism together with the growing investment from passengers is likely to drive the demand for space tourism in the upcoming years. Research and development to develop orbital space tourism is expected to stimulate the growth of the global space tourism market in coming years.The research analyst at AMA estimates Space Tourism market to grow at a compounded annual growth rate of 12.98%, currently pegged at USD475.0 Million.
Segment Analysis
AMA Research have segmented the market of Global Space Tourism market by Type, Application and Region. On the basis of Type, Suborbital are dominating the market in the year 2020
On the basis of geography, the market of Space Tourism has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Drivers
Experience Travel Boom driving space tourism market growth and New Space Technologies Fuel Markets and Add Choice
Opportunities
Emerging markets and Technological advancements
Restraints
- High risk associated with space tourism
In addition to the aforementioned factor, Experience Travel Boom driving space tourism market growth
is expected to propel the growth of the market over the forecast period.
Competitive Landscape
On September 17, 2018, SPACE EXPLORATION TECHNOLOGIES CORP. has announced that fashion innovator and globally recognized art curator Yusaku Maezawa will be the company’s first private passenger to fly around the Moon in 2023.
The key Vendors profiled in the study are SPACE ADVENTURES, INC. (United States), EADS Astrium (France), Virgin Galactic (United States), Excalibur Almaz (United Kingdom), Space Island Group (United States), SPACE EXPLORATION TECHNOLOGIES CORP. (United States) and The Boeing Company (United States). A lot of United States players are profiled in the research study indicating a strong market dependence.