As per Future Market Insights (FMI), the global space tourism market is set to reach US$ 678.3 million in 2023. Sales in space tourism are likely to increase at 38.6% CAGR between 2023 and 2033. Total market valuation is forecast to reach US$ 13,239.5 million by 2033.
Space tourism industry is a growing market with innovations and technological advancements. Several prominent companies such as SpaceX are introducing reusable rocket technology. This is making the space flights accessible and more affordable for humans.
With the launch of commercial suborbital travels, there is going to be a subsequent change in the experiences that these travels will offer in the future. There are speculations however, that high net income people or private researchers will get direct access to space tourism in the upcoming future but it brings certain limitations when it comes to ordinary citizens.
These suborbital trips and spaceflights will bring growth opportunities for space tourism. They will also aid in scientific research purpose. Besides this they will allow travel enthusiast to get new fascinating space experience.
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Rising popularity of space tourism across emerging countries will bring new opportunities. Reduction in prices due to integration of novel space technologies will boosts sales.
However, there could be a severe environmental impact of space tourism. Hence, proper solution needs to be implemented to avoid trouble in the future. Space tourism also presents itself with another challenge which is the affordability. It is still presented as luxury due to its cost.
New initiatives are being taken to ensure that there is a complete benefit of space tourism in the commercial market.
Key Takeaways for Space Tourism Market Report:
- The market for space tourism is forecast to reach a valuation of US$ 13,239.5 million by 2033.
- Global space tourism revenue is set to rise at 6% CAGR between 2023 and 2033.
- Online booking channel is likely to hold around 65% during the assessment period.
- By age group, 16 to 25 category will reflect a CAGR of 9% through 2033.
- By demographic, male segment generates most of the revenues in space tourism market.
- The United States space tourism market will exhibit marvellous growth through 2033.
- The space tourism industry in India is set to generate lucrative revenues.
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“Space tourism holds better opportunities for the expansion and growth. But, there are various areas which needs groundwork. There are emerging suborbital companies which are launching vehicles and new trips. There will be a surge in future for Low-Earth Orbit (LEO)”. Says an FMI analyst.
Who is Winning?
Leading players in the space tourism market are 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, and Zero2Infinity among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of space tourism market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study divulges compelling insights on space tourism by tourism type (stratospheric, suborbital, orbital, others), booking channel (phone booking, online booking & in person booking), tourist type (domestic & international), tour type (independent traveler, packaged travelers, tour group), and age group (under 15, 16 to 25, 26 to 35, 36 to 45, 46 to 55, over 55), across several countries.
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About Travel & Tourism Division at Future Market Insights
The travel & tourism team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the travel & tourism industry, the team is happy to help with every business intelligence research and consulting requirement.
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